Why do some start-ups succeed and others don’t? Here’s a hint: It doesn’t have to do with if an idea is good or bad. Indeed, the successful entrepreneurs are able to run with amazing concepts and pivot others when needed.
There are a few more tried and true principles that can contribute to the success of your new company.
Among other things, these are four things remarkable start-ups have in common.
1. Founders are insanely passionate about the idea.
Don’t start a business without passion. You won’t be able to see it through if you are not really into your idea. Founders of most successful start-ups started searching for solutions to a problem they cared about and made it their focus.
“You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out,” Steve Jobs has said.
Founders with great passion tend to inspire others to greater success, and they look out for those traits in new hires. According to best-selling authors and workplace strategists Kevin and Jackie Freiberg, passion enables innovation and creativity and makes employees want to stay in their jobs and contribute, even when they’re not feeling their best.
2. They don’t try to do too much at once.
Laser focus is immensely crucial for the success of every new business. What is the one thing your start-up is known for? Your start-up should be focusing on the one thing that makes you stand out. All the successful and well-known start-ups you know today are doing the one thing that makes them stand out.
For instance, Snapchat knows a picture is worth a million words and have allowed users to send photos and videos that disappear a few moments. Dropbox wants to be the go-to solution for uploading and sharing files in the world.
Most great start-ups start out to provide simple services or products, but as they grow customers and users tend to demand more, the company needs to improve and make solutions even better.
“The most important things for start-ups to do is to focus. Because there’s so many things you could be doing. One of them is the most important. You should be doing that. And not any of the others.” says founding partner of Y Combinator Paul Graham.
3. They value their customers and take great care of them.
Does your start-up know how to design and deliver great customer service? Successful start-ups are constantly seeking to satisfy their customers. The importance of reinforcing awesome customer service should be made clear among your employees.
Strive to make your customers feel that signing up with you was one of the best decisions they ever made, and you will likely have their business for a very long time.
As your product changes, the best opportunity you have at delivering the best service is a close relationship with your customers that value their feedback and user experience.
Your customers are the people that support you, trust you and most importantly, rely on you for the service or product you offer. They could have chosen your competitors, but they chose you. Make them a part of your evolving development process. Start-ups that grow with their customers ultimately win.
Related: The Start-Up Crash Diet
4. Entrepreneurs don’t forget the importance of culture.
Successful start-ups establish and maintain some the best company cultures that promotes and motivates employees. The team behind a product or service is one of the most important factors for a successful business.
The first people you hire for your start-up are critical to your start-up’s success. And cultural fit is as equally important as competence when hiring your best people.
It is well known that Google has a unique culture and some of the company’s success can be attributed to this culture.