When everything runs smoothly in the initial phases of starting up your business, you might think: “are we on the right way?” Although it is important to always keep an eye on all pitfalls, but we’ll examine four signs your startup is well on the way to long-term success.
1. Clear strategy
Many entrepreneurs adapt the strategy based on past experiences. Often the “brilliant idea” was not exactly appropriate for the market. It is therefore important to continue ask for early feedback so you can adapt your strategy to the needs of the market. This must always be clearly communicated. This requires a vision. Let the wisdom of the market guide you.
2. Consumers find you first
New products and services are often spread via word of mouth. If you got a lot of early traction from your users, not just from an excited press, that’s an excellent sign of marketplace validation. Part of any successful launch is consistently thinking in the frame of the end-user and getting your product or service into their world as quickly as possible.
3. A great team
A great team is one of the most important factors. Engaged employees are productive and will not leave your startup quickly. To create this involvement, it is important to be transparent and to carry out good mutual communication. Share victories and be honest. As your startup grows and develops, the wishes and ambitions of your team increase.
4. Focus on why
Thanks to people like Simon Sinek, asking about a company’s “why” has become a general question for investors. Anyone can do a “what” and many can help with “how”, but it’s those startups that clearly articulate their “why” and show that “why“ through every level of the startup, will become truly successful. If there’s a clear why, a strategy naturally follows — hopefully one aligned with profitability.
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