The Secret to Startup Success

To some, building a startup company is the dream of a lifetime. To others, it’s an insurmountable challenge.

When people talk about startups they often tell stories of failure, of why so many startups go wrong and of why starting a company is a risky and dangerous decision to make. In this article, we’d like to flip that trend on its head and talk about what the successful startups are getting right and which lessons you can take on board.

Today we’ll be saying goodbye to negativity and hello to the can-do attitude that builds great companies as we discuss the secrets of startup company success.

Building a Startup Company

Let’s start with the basics – how to build a startup company.

If you want to start your own company you’ll need three crucial ingredients:

• A great idea
• A great team
• A source of funding

The first of these is, believe it or not, the easiest. Ideas are cheap. Everyone has ideas and while many people have bad ideas most people also have plenty of good ones. The challenge is knowing which is which and finding the resources to make your good idea a reality.

For example, did you know that when Milton. S. Hershey founded The Hershey Chocolate Company, it was his fourth attempt to start a business? His first two businesses both failed and while his third – the Lancaster Caramel Company – was a success, he ultimately sold it to start his chocolate company.

So why did it take him so long to have his winning idea? What was it about chocolate that was so much more successful than his previous companies?

In Hershey’s case, the secret to success was innovation. The Hershey bar was the first chocolate that wouldn’t melt at room temperature, meaning that it could be stacked on shop shelves. This changed the market and made his company a lot of money in the process.

But it wasn’t the idea that made Hershey a success. Anyone could have had the idea of making chocolate that wouldn’t melt. What Hershey had was enough startup capital from his previous company to invest in developing his formula. What Hershey also had was a family who could help support him through his earlier ventures, ultimately allowing him to build up that capital.

In other words, Hershey’s success didn’t come from having better ideas. It came from having a great team and the money to make his winning idea a reality.

Finding Funding

Let’s assume that you’re not already the owner of a $1 million company as Hershey was (if you are, then feel free to ignore the following). In that case, you’re going to need to persuade someone to invest in you.

Finding investors is a complicated process and you’ll want to spend lots of time researching the right people for your company. Once you’ve found some potential investors, you’ll then need to persuade them that your company has merit and, more importantly, that you’re the person they should be investing in.

This is where you’ll need to prove that that idea really is as great as you believe it is and you’ve got what it takes to make it happen. This, believe it or not, is one of the biggest startup bottlenecks. In fact it’s the place where many startups simply fail to start up. After all, persuading someone to part with their money is no easy task.

But how do the experts do it? And what can you do to mirror their success?

Learning From Experience

Here is where we come to our silver bullet and the real startup company secret that could catapult you to success – find a mentor. Entering into the world of business is a minefield, especially for the inexperienced and while you’re trying to develop your product and get your team working, the last thing you need is to be constantly facing new challenges every day.

By working with an entrepreneurial mentor, you’ll be bringing someone onto your team who’s managed to avoid all the common startup pitfalls and who can give you expert help in navigating this world. Furthermore, they’ll have a network of contacts they can speak with, helping to introduce you to potential investors.

When all’s said and done, it’s the people around you – your great team – who’ll help you carry that startup to success. Where most startups fail it’s in failing to learn from other companies but with a great mentor, you’ll already be ahead of the game.

Are you ready to make your startup dreams a reality? Join Career Navig8r today and find your entrepreneurial mentor!