5 Ways to Increase Startup Success Rates

There is a wide variety of aspects that could make or break a startup company. In this week's newsletter, we will discuss the most important business tips and key points for startups.

5 things that make most successful startups

Idea

Idea, being the starting ground for developing a new business, is important. However, it's extremely hard, if not impossible, to come up with a unique idea that has not crossed some other entrepreneur's mind at some point over the years.

The more important step is to execute the idea in a way that contributes to your clients' needs and benefits your company at the same time. Execution, in turn, requires a dedicated team.

Team

A team of employees is what brings the idea(s) to life. Finding a great team of best talent could be hard work, and that's where we can step in to help you out.

Coresignal can provide you with high-quality?employee data?from multiple sources for unprecedented accuracy. With this #data, you no longer need to?source talent?on your own and waste precious time and resources that could be spent on actively building and improving your company and profits.

#Automatization of such process allows you to build a dream team in no time and fuel your startup's success.

Business model

Establishing a great business model right at the start is imperative to sustain long-term startup success. It's possible to change the business model along the way if it's not working out so well, but doing that will have certain consequences.

For example, it might put your #business to a stop for some time, or at least limit the operations until the model is back on track. After all, cash flow and revenue stream both rely on a defined business model.

Therefore, the business model should be well-adjusted to benefit your company instead of potentially damaging it.

Funding

Funding?is one of the main contributors that have defined success for some startups, however, not all startups that receive generous #funding tend to succeed.

Therefore, you should focus more on your business model and execution and think of funding not as the ultimate goal, but as means to an end. In other words, it should fuel your already existing business growth.

Timing

Last, but definitely not least, is timing. You may have a great idea and execution, but if the market is not ready for your product yet, the efforts are bound to fail.

One significant example of poor timing is Bill Gates' release of tablets.?In 2001, he revealed the first prototype?for the tablet and failed because the market wasn't ready for it. However, years later,?Apple?came out with its tablets and made a fortune.

Therefore, it's crucial to establish product-market fit and evaluate the situation before releasing new products.

4 stages to ensure a startup's success

Vision

Vision is the primary ground upon which a successful company can be built. It requires creativity and imagination and could be harder for some than others.

Assessment

The second step - assessment - relies less on imagination and more on critical thinking. Now it's time to scan your business landscape and see what's happening around you.

Here is a short list of how to proceed with the second step - assessment:

• Gather?as many ideas as you can?and single out a few best ones;
• Think about your?potential audience?and?different segments?of it;
• Establish who might be your?direct competitors?and learn what you can about them;
• Figure out the?competitive advantages?of your product or service;
• Identify the?potential obstacles?you're likely to face along the way;
• Estimate the funding?that you need to get to market.

These steps will help you find your product-market fit and establish the path you need to take.

Planning

Business success relies heavily on the planning aspect. It takes a considerable amount of time to plan funding, recruiting, sales & marketing, company growth, customer acquisition, and more.

It's important to prepare a business plan for difficulties and obstacles along the way instead of expecting smooth sailing. The more prepared you are for the adversities, the higher your chance of building a successful #startup.

Execution

Once you have established your vision, assessed the situation, and planned accordingly, you can proceed to execution.

Execution is the final step where your ideas are finally brought to life and materialized.

Read our blog post to find a few short stories about well-known #startups and successful business owners. Dive in and get some business advice or inspiration and entrepreneurial passion to start your own business. ??

Coresignal is a leading public business data provider in the web data sphere with an extensive focus on firmographic data and public employee profiles. Leveraging data of 703M professional profiles and 101M company records enables companies to build data-driven products and generate actionable insights. Coresignal is exceptional in terms of data freshness, with 357M records updated monthly for unprecedented accuracy and relevance.