Things of great value, which make a difference, take time and patience to be created. Building a profitable company is a long journey, paved with many obstacles. The path often gets rocky and many entrepreneurs can’t overcome the obstacles, which leads to the failure of the company. The statistics show that about 50% of the newly-established companies fail within the first 3 to 5 years. By concentrating on the success factors for startups, here we aim to help entrepreneurs focus on the things that not only can save their companies, but can accelerate their businesses to the top.
During his TEDxGlasgow talk, Mark Payton talks about his work with high-growth, high-valued startups that have managed to expand their teams from 2-3 people to, in some cases, over 700 employees. He shares with the audience some of the observations and lessons that he has learned, summarizing them as “the four success factors”.
Forming the right team increases the chances of startup success tremendously. Having talented, well-educated and passionate people working together and combining their knowledge and expertise, leads to better results and extraordinary work outcomes. The best teams work more productively and achieve more in less time and we all know how important of an asset time is for starting companies.
Investors receive impressive amount of business plans to evaluate every year. It is important to have a strong business plan, which will help you to win their attention and stand out from the crowd. To make sure that your business plan is successfully crafted, you should pay attention to the way your business model is presented. Investors want to know how you are going to put your product, your technology, your service into the market and how you are going to grow and become profitable.
Defining the market share and the way your product fits there is extremely important when you build a company. Knowing your place in the market and how your product is positioned in it, gives you the opportunity to capture better the opportunities and advantages that you may have over the competition.
Not many people believe in luck. They often say that every person creates their own luck by putting their efforts in the right direction and aiming to achieve their goals. Mark Payton is one of those people. He believes that by surrounding themselves with the right people and establishing strong networks the entrepreneurs are increasing their chances to be more successful. The most successful entrepreneurs are fierce networkers and this fact highlights once again the importance of attending networking and pitching events for all startup founders and team members.