We live in an era of ideas, innovation, and endless possibilities. Unfortunately, coming up with these innovation ideas is not necessarily the hardest part when you have the desire to create something that positively impacts other people. We understand that making the ideas turn into action takes a great deal of grit and hard work, which is why we have compiled the top reasons startups and small businesses succeed.
1. They Take Advantage of Technology
Technology has changed our lives drastically. The constant development of new technology effects how we interact with other people, whether that be through business, socially, or otherwise. With the opportunities that technology has presented, anyone can begin building a startup almost as soon as an idea presents itself.
Many startups are focused on their abilities to impact their target audiences and future customers. In order to best serve your target audiences, you must understand the type of technology that your future customers currently use, could use, and should use. Not only will investing in great technology assist in ensuring that you reach your target audience, but it may also help with raising capital for your business. When a venture capitalist realizes that you have the ability to see past the present into the future advancement of technology and the best way to impact your market, you are much more likely to get a favorable result.
2. They Have A Plan, But Remain Open To Change
Businesses, particularly startups and small businesses, are nothing without their business plans. It is important for you to ensure that you have a plan written down somewhere. In a perfect world, before pursuing your business, you will have sat down with an objective third party who understands your business needs, understand the risks associated with it, and has a genuine desire for your business to succeed.
While sticking to the plan would typically be ideal, it rarely ends up being the reality for many startups and small businesses. Changes will arise quickly and unexpectedly, so you must be prepared to identify and address any changes that come up and customize your current plan accordingly. In fact, you might thank yourself later for having a plan B, plan C, plan D, etc. Whether these are changes in the law, industry, technology, economy, target audience, or investment opportunities, remaining flexible and unfettered by any unforeseen changes will benefit you and your business in the long run.
3. They Enjoy Their Work
More likely than not, the reason you began to pursue a startup was because you had some creativity and an innovative idea that you wanted to see put in place. As many entrepreneurs realize, putting those two qualities together into a tangible plan, if executed properly, can change the world. Unfortunately, the planning and the execution can be stressful and tenuous. This is why it is important for entrepreneurs to always keep the long-term goal in mind. Luckily, there are other individuals that can assist in the planning and execution of these goals.
As Steve Jobs, Apple Inc. co-founder, chairman and CEO, one said, “[y]our work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
At McAlpine PLLC, we want you to be able to do great work and love what you do. Contact us to achieve more than you think is possible. Call 704.287.6160.
Article written by Alexandria L. Andresen, Esq.
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