The business world is tough and has lots of unexpected twists. While there is no secret formula for succeeding in starting a business still there are some very important tips that can greatly increase the chance of survival of a new business and that can dramatically improve the success chance of newly introduced products.
According to statistics more than 90% of startups fail, most product launches don’t work and most businesses don’t survive the third year of operation. This article is the summary of my experience starting more than 10 business (and many of them failed).
Here are 5 Business Tips that can Increase the Chance of Your Success.
1. Targeting a strong unmet need.
So many entrepreneurs make the mistake of launching products that the market doesn’t really need. Some entrepreneurs create products that they personally need only to discover that others don’t really need them.
The most essential step in business success is creating a product that is needed by enough number of people.
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2. The right team is as important as the right idea.
Some people mistakenly think that a great idea will always work without being aware of the fact that execution is as important as the idea.
If the right people were assembled to execute the idea then it’s chance of success will become very high. If however the wrong people were on board then the chance of failure will be very high even if the product was great.
3. Me too products usually fail.
So many people start businesses just because they saw someone else succeeding at a certain field.
The problem with that approach is that it usually ignores the step of checking if there is a real need for the new business and this is why it usually fails. When Microsoft released it’s Zune in response to Apple’s IPOD it failed because no one needed it
4. It’s very hard to survive without passion.
While many people can do extra effort and work on things they don’t like still the chance of failure becomes very high when the person doesn’t like what he does.
When a person starts a business he is passionate about then his chance of continuing to the end will become much higher even when things get really bad. People who aren’t passionate about their businesses usually quit when things go wrong.
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5. You do not have to come with a new idea.
So many people mistakenly think that in order for them to create a successful business they need to come up with a new idea. This is a popular misconception and the truth is that a similar product to the ones in the market can still succeed if it satisfies customer needs in a better way.
If a fast food restaurant that delivers food in 20 minutes was successfully established in a certain neighborhood then a new business that delivers the food in 10 minutes can still succeed even if it had the same food quality.
Those were just five of the important things you need to know about the business world however in order to succeed in business you must educate yourself well about the business world, the target market you are after and the needs of the people you are trying to sell to.
What is holding you back from starting your business, or growin it further?
M. Farouk Radwan is a motivational speaker and a serial entrepreneur. His latest project is Speeli.com, a website that can help you find fast answers to your questions.