This archive report was first published on 26 July 2019.
10 Tips for Startup Success ¶
Published on July 26, 2019, by Mofoluke Ayoola, CEO and founder of RedViolet Company, an on-demand interior design company based in Lagos, Nigeria.
As an entrepreneur, you are saddled with the responsibility of designing and creating solutions that meet the needs of your target audience. This process is often filled with twists and turns, leading to sometimes expected and sometimes unexpected realities.
According to Ayoola, there are five categories of people in the entrepreneurial world: those who dream of being entrepreneurs but are saddled with excuses and fears, those who start but fail before they launch, those who regress or fail after achieving some form of traction, the small percentage that succeeds but never goes big, and the very few elites that grow to become giant corporations.
Ayoola has compiled a list of powerful tips to equip yourself with if your startup idea is going to bloom into a successful business.
1. Transcend and Start ¶
Don't let fears, excuses, and procrastination hold you back. You need to transcend them and start somewhere. Otherwise, your new idea is going nowhere.
2. Be a Solution ¶
Don't invest in a business idea just because it's cool or you feel a sudden emotional impulse to do so. First, understand the business behind your idea and the market behind the business. Ask yourself what problem your startup will solve, what needs it will meet, and what value it will add to people's lives.
3. Simple Is Wise ¶
Don't get too carried away with your brilliant ideas. Start small and simple, and then inject new features as your business grows. This is called a minimum viable product (MVP).
4. Passion and Wisdom Are Couples ¶
Love what you do, cherish it, and live it. Passion is what energizes and compels you to keep going, but it's also important to learn to tame your passion with wisdom.
5. Always Listen ¶
Be like a sponge and learn to absorb information. Talk to real people about your startup, read books, attend seminars and webinars, and learn from your and others' mistakes.
6. Filter and Adapt ¶
Don't inject misinformation and misconceptions into your business. Filter away the chaff and adapt to trends as quickly as possible.
7. You Are Not an Island ¶
Every entrepreneur needs help. Surround yourself with people who can provide support, whether it's an employee, moral support, inspiration, mentorship, financial support, or something else.
8. What About Legal Requirements? ¶
Understand the rules surrounding the starting and running of a business. You could face ugly penalties if you fail to adhere to government regulations.
9. Project the Costs ¶
Factor in how much the venture will cost, including location and rental costs, supplies, and marketing. Once you have arrived at the most educated number, quadruple that number to be over-prepared.
10. Earn as You Build ¶
It takes time for a new business to start pulling in a steady income. Keep your day job while you develop your startup idea, and then transition to a full-time entrepreneur as your business becomes steady.
