Here‘s What You Need To Know About The 10% Of Startups That Succeed
Most startups fail. The majority will never be heard of. They are bust and out of business before anyone knows their name, or will have seen them enough to remember them. Even of those who do get traction in customers and raising money, many will fail. What is it that separates the top 10% that really make it, make it big and stay up there?
Most startups fail. The majority will never be heard of. They are bust and out of business before anyone knows their name, or will have seen them enough to remember them. Even of those who do get traction in customers and raising money, many will fail. What is it that separates the top 10% that really make it, make it big and stay up there?
Here is the content that we will cover in this post. Let’s get started.
- 1. They Put Customers First
- 2. They Solve Real Problems & Pains
- 3. They Stay Hungry
- 4. They Learn to Manage Money Well
- 5. They Scale Big
- 6. They are Always Testing
- 7. They Prize Great Advice
- 8. They Learn How to Use the Media
- 9. They Hire Great Teams
They Put Customers First
A look at the biggest startup success stories reveals companies who led with putting customers first. It’s how companies like Metro PCS managed to grow and get acquired by T-Mobile. It’s how Uber and Airbnb managed to scale and change the laws, despite effectively being illegal when they started. It’s how
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Jon Stein managed to launch Betterment during a major financial crisis and has grown to managing 5B (listen to the full episode on the DealMakers Podcast here).
They Solve Real Problems & Pains
In order to have a viable startup entrepreneurs must be solving a real problem. Not just a problem that the entrepreneur perceives, but which is a real pain point that they target customer is struggling with right now, and has a sense of urgency about fixing. One that they are willing to pay money for.
If you’re not sure, try selling it. Ask what people don’t like about your idea and all the reasons it could fail. Use that data to make it better and to re-risk your startup.
They Stay Hungry
Hunger is what drives entrepreneurs to stay passionate, keep hustling and to really make an effort. This hunger is not only essential to force you off your behind and into the game, but to keep growing and to stay a brand leader at the top.
There have been plenty of great ideas that entrepreneurs slept on, until someone else ran with it. There have been many big companies that once led their industries, only to collapse miserably by getting lazy.
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