This is the second and concluding part of the article “10 behaviours of successful start ups”. In case you missed the first part click here to read
6. Understand the concept of needs and wants
Elementary economics teaches that needs are must-haves, to live. While, wants are things that you wish to have, to add comforts in your life. Needs represents the necessities while Wants to indicate desires. Needs are important for the human being to survive.
Success start-ups don’t buy what you don’t need other you might realise you have misspent the money you ought to have used doing marketing Most of the time allow the wants take the place of the things that make up our needs. It is not wrong to want to
7. Successful Startup build Network
Successful start-ups leverage on growing their human capital. Networking involves building long-term relationships with a good reputation over time. It involves meeting and getting to know people who you can assist, and who can potentially help you in return.
Successful start-ups always welcome the opportunity to meet new people and see how the relationship can be beneficial to both parties.
On the other end, failed start-ups don’t often build or grow networks that matter. They don’t share ideas, they shy aware from partnership and collaborations – they are who you call ‘Omni-knoweth’.
Networking is also the key to sustaining a business, especially when it comes to business management. It will be difficult to grow your customer base if you don’t have a relationship with your clients
8. They are happy to fail
Business in itself involves risks, if you must succeed at it you must learn to take the risk: this was one of the principles of successful start-ups. People don’t take the risk because they are scared to fail. They are scared to face the reality of failure.
The successful entrepreneur sees failure as motivation, they learn from their failures and go back to re-strategize on how to overcome their failings. We are scared to fail because what people will say, of how our ideas would be mocked if we don’t succeed.
Virtually all the discoveries and inventions you see around came to be after several failed attempt. If you see a successful start-up, first ask how they coped with failure, they will always have a story to tell.
9. They are unbiased
Successful startups are not impartial, they don’t take decision based on familiarity, and rather they look at track record/quality of work that has been done by a prospective client before engaging. Failed startups often allow themselves to be biased towards a friend or a relative.
In the area of recruitment, if you want to get it right, let your recruitment be based on skill and qualifications instead of your emotional connection. It is always difficult to maintain a good level of discipline and dedication towards work if you have people who you are too familiar with, particularly close family and friends.
Mentors are the ‘guardian angels’ for startups, these people help founders to avoid pitfalls, especially if they have gone through similar challenges. Experience is the best teacher, this is the reason why all the successful founders you see all have one or more persons they run to for advice on issues relating to their businesses or start-ups.
It is good to be a good reader, but with an experienced person as your mentor, especially if he or she is doing something similar, that will be the icing on the cake for your start-up.
Failed start-ups could have been due to ill-advice for mentors, or the arrogance of the founder to lean on his or her understanding. The impact of mentors cannot be overemphasised; good mentoring gives start-ups access to a good network of professionals one can work with.
Oprah Winfrey ones said about a mentor “A mentor is someone who allows you to see the hope inside yourself”. A good mentor will help you discover limitless potentials in your start-ups.
We have only listed 10 out of the numerous behaviours of successful start-ups, we hope this will prepare you for the vision you are looking to bring to fruition with your start-ups and grow it to become a sustainable enterprise.
In summary, you must be humble enough to learn from mentors and brave enough to take risks when it matters. Feel free to chat with us; we have a bunch of professionals from various field of the economy that can help with some mentoring class.