Friday, July 9, 2010

What does it take to create a successful startup?

Startup companies come in many flavors and styles. From solo ventures that power ahead despite the usual odds to dream teams that manage to fail despite the expectations, what do you need to make your startup dream a success?

Here are the key factors for a startup company that will make the bank—or break you in the process.

Ability: Although most people know Einstein’s famous quote that inspiration is 99% perspiration, in reality if you don’t have the 1% spark of some kind of genius there’s nothing build on a goal worth the perspiration. And right now is a great time to take your talent and build on it. Lots of smart, valuable people simply can’t find work.

2010 is a powerful startup environment for this reason. And the same basic idea applies: add to your personal genius strength. Whatever it is about your drive to do this business that is different and unique can be used to attract others with compatible genius you need. In fact, it’s best to work with others who are talented in ways you are not. You can create the phonebook-strength rather than reinforcing only your own abilities.

Entrepreneurial Attitude: Have you ever worked for a company where your co-workers were great and the rules of the company made everyone crazy? Well one of the secrets to creating a successful startup is creating an environment, a way of doing business, which allows entrepreneurial success. Valuing attributes such as creativity, inspiration, discussion, and testing ideas is key to having everyone support you in a powerful way.

Even if you outsource things rather than hiring employees, the attitude you instill into your entire process is still essential. It becomes nearly intangible and in turn gets other people excited about you and your business.

Oddness: The quality of oddness may be the hardest to explain and grasp. The idea encapsulates actions such as choosing and working within an area of the market that is either under-utilized or seen as too risky. You can literally take this in a couple directions. Perhaps you have a truly unique way to work with an existing market or product segment. In fact most innovate products come from updates of something that already exists and taking it in a completely different direction.

An oddity might be doing something this is completely counterintuitive to what’s happening in the market. When you know the rules, break them deliberately and do so in a way that creates success you create a very hot property. And lots of people will observe this and be sure you’ll fail. Is failure possible, of course. It is not however guaranteed.

Instinct: Entrepreneurs and startup companies typically need a lot of help. The question is who do you trust? Too often excitement overrules common sense and gut-smarts. If you’re considering an engagement with someone as a result of your startup, trust your senses. Seems too good to be true? It probably is. Something about this person gives you pause? Resolve that before moving forward. Developing your instincts on who to trust, how much and when makes a huge difference to your success.

What’s the most powerful way to create your startup? Combine these elements into one thing, one dream, one plan. Any one idea shared here increases your chance for success. Combined you move from addition to multiplication. We’re all looking for more powerful results.

Good luck with your venture—I look forward to hearing what you discover as you work these ideas into your startup.

Wishing you Success & Heart,

Heidi Sue

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