3 Things Every Successful Startup Does

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July 26, 2017

 Whether you’re already in the trenches fighting to launch your dream company or contemplating quitting your job to start your own venture, it’s important to remember you don’t need to reinvent the wheel. While your idea may be revolutionary, the keys to success are universal. Every successful startup does the following very well.

1. Timing

Ever heard of “shareyourworld.com”? We didn’t think so. It was the first video hosting service, which even came before YouTube. While the idea was obviously amazing, the timing wasn’t right and the website never became a household name. Just because you have a great idea, doesn’t mean it will change the world. It’s important to pick the best moment to begin.

2. Budget

Before you spend a dime on your company, you need to have a clean and detailed budget, and stick to it. Even if you have funding, you don’t want to waste any money on unnecessary expenses, as you may need cash down the road to avert an unforeseen crisis. Keeping your business financially sound requires self-discipline and expertise from either you, or someone you can trust.

3. Flexibility

Speaking of unforeseen crises, it’s imperative for startups and their founders to be flexible. While having a strong belief in yourself and your plans is crucial, most likely not everything about your plan is perfect, whether it’s something as specific as your branding or possibly even your entire business structure. So be willing to change if the evidence points to you adapting! After all, it worked for Steve Jobs and Pixar.

These aren’t the only things that matter when it comes to success in the business world, but every great company has mastered the above. We recognize doing so isn’t easy! To learn more, keep devouring information and seek guidance from the right places.