The Top 5 Qualities of Successful Startups

Flexibility

Most startups make at least a few changes along the path to success. Your business may only need a few minor adjustments, or you may need to pivot more than once before you finally find your niche. For example, PayPal needed a small adjustment: moving toward online payments after focusing on transferring money between PDA devices. Twitter required a far bigger pivot: It began as a podcast subscription service called Odeo before succeeding as a micro-blogging platform. With a startup, flexibility and willingness to change are essential keys to making your venture profitable.

Market Knowledge

Let's say you're passionate about building the widgets of the future. You have solid design plans and a tested sample product. You can expect record sales once you launch, right? Not necessarily. Even if you think your widget is the best thing since sliced bread, you can only build a successful startup around it if there's a market for your new design.

Having a clear understanding of your target audience and how your product fits in the existing market is vital. In fact, some studies show that lack of market need is the most common reason for business failure. So before you decide to base your entire strategy on your widget, spend some time doing serious research to make sure there's a market for your product. Remember that your initial success doesn't necessarily indicate long-term sales. Be willing to make modifications to your design to evolve with changing market needs.

Forward Thinking Innovation

While it's nearly impossible to launch a successful startup without at least a small group of potential customers who value your product or idea, that's not to say you have to depend entirely on the existing market for your long-term success. Some of the most revered startup founders are those who were willing to think way outside the box and actually develop a market for their ideas that eventually replaced the existing value network. Ideally, you should balance passion for creating a new market for your ideas with the ability to target your concepts to existing customers who value them.

Excellent Teamwork

It may seem like it's always the startup founder who gets the credit for success, but profitable businesses rely on passionate, effective team members. Most people forget about how many team members it actually takes to create a business from the ground up, but the fact is you can't go it alone. Famous founders didn't achieve their success by themselves, even if it seems their names are the only ones people remember. From launch to daily operation, you need to surround yourself with team members who share your passion, vision, and values and who can bring essential wisdom and skills to the table.

Strategic Planning

It's not enough to just have an innovative idea; you must have a realistic and logical plan to bring your vision to fruition. What does good strategic planning and execution look like? It may be slightly different for each company, but the keys are focus, motivation, and well-defined goals. Once you have these elements, you can plan a detailed and actionable strategy that every member of your team can understand and follow.

Give Your Startup the Best Chance of Success

While there's nothing that can guarantee your startup is a success, following these principles can give you the best chance of making your idea work. You can also benefit for bringing key partners in along the way, from valuable team members to consultants and outside vendors. When you're ready to take the next step to incorporate or form an LLC, MyLLC.com makes it easy. Find priceless resources for your business, and use the contact form to get started.