90% of startups fail and we have previously mentioned the reasons why they do. But what does it take to succeed as a startup? Let’s take a look at the following:

DISCIPLINE

Discipline starts with self-control and is a product of a strong self-imposed personal standard. Without discipline, startups fail to succeed in business even if situated in the best economy. Self-discipline leads to positive work ethic, and work ethic leads to getting things done effectively and efficiently. It is critical to have all the team members aligned and working together to get to the finish line.

SPEED

Getting things done in a quick manner is one of the many reasons why startups are able to reach their goals and milestones. It makes a difference when a startup is able to launch on time or when it’s able to move much faster than competitors. Successful startups never delay the process of getting things done, and have to work as much as needed until something is complete. The most productive people are the ones who make the most of their time. Regarding speed, having knowledgable people in-house really makes a difference. The faster you can make the mistakes, learn from them and improve your offering, the better.

TRACTION

Acquiring funding is “easy” if a company has gained enough traction in the market. People often believe that if they have a great idea, someone will come along to back it. That’s a rarity. On the other hand, not all investors look for significant profits before they consider funding a startup. You can de-risk your investment opportunity by demonstrating market engagement.

FUNDRAISING SKILLS

The business owner, CEO or the leader of the startup should have the skills to be able to raise sufficient funds for the company. With so much technological advances, one can easily find plenty of crowdsourcing sites for fundraising on the internet and that too in a short period of time.

FLEXIBILITY

The best startups are always willing to adapt to new technologies. Adapting to change can lead to major breakthroughs. During the early years, the startup will need to iterate the product plenty of times until they are able to find the secret sauce and get it right.

GRIT

Strong determination or “grit” is always necessary for success to take place. A successful startup emphasizes the significance of determination when building a business and never quits, especially when the road gets bumpy and scary. There are many challenges that will arise and the startup team needs determination to overcome these challenges.

Source credit : Forbes