What Does It Take to Be a Successful Entrepreneur?
There may be as many reasons people become entrepreneurs as there are new ventures being launched. And although your experience will be specific to you, it can help to know what gave the others success. The good news is, everything you you need to know are learnable and possible.
It is a must to sell a product or service that customers will actually want to buy. The should have the money and the willingness to pay for it. This may seem too obvious, yet a lot of startups have difficulty defining their product-market need. Almost half of failed startups blame their failure on poor market fit. A smart entrepreneur will first make sure that their innovation meets a solid market demand and that people would actually want to pay for it.
Truth is, just a little passion can make a huge difference in terms of the success or failure of any entrepreneur. Passion for your innovation will make it much easier for you to motivate not only your team but also your customers. In addition, if you can convince an investor that you have that particular quality they're looking for, and that you are determined to succeed, then you have a greater chance of attracting investment.
A Powerful Team
Investors want the next BIG THING - ground-breaking innovations that can build empires. But they are not likely to bank on ideas alone. They want a solid and well-balanced team that is is fully capable of handling both the challenges and victories of running a startup. It is just as important to make sure that proper agreements among the founders are in place regarding issues that are crucial to the success of new business and its technology. Such agreements should cover all key issues such as roles and responsibilities, things can only work when the right people are behind them.
Every tech entrepreneur, investor and market craves growth. Quick growth - or traction - signifies a great idea in a hot market. A tech entrepreneur who shows traction is very desirable to investors and is poised for continued growth. And, a growing startup is more equipped to handle early challenges to success, like losing customers.
Get Limited Liability Protection for Yourself
Forming a Limited Company (LLC) gives liability protection for any type of business, and should be a step you take when you are a new business owner. Starting an LLC can help you protect personal assets, as well as establishing legal credibility for your company.