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In the age of startups, having a good idea will only get you so far. You need to raise money, market your business, and attract customers, which is probably why 75% of venture-backed companies fail.
Though odds are stacked against entrepreneurs, there are some things you can do to help tip things in your favor. Here are the three things you should always keep in mind when launching a startup:
Invest in people
You’re only as good as the people on your team. Look for smart, motivated individuals who possess all the skills that you lack. (That way you can delegate more intelligently.) Invest in team members who are just as passionate as you are: Launching a startup means long hours at the office and a job that goes way beyond 9-to-5. Above all, they should believe in the company’s mission. They’ll be your first brand ambassadors, after all.
The key word to any successful startup? Pivot. Launching your own business is all about testing what works, taking calculated risks, and learning to fail better. You have to stay flexible in an environment like that and learn how to adjust when things don’t quite work out the way you thought. Remember: there are no mistakes, just learning opportunities.
Do your homework
Sometimes it pays to learn from folks who have already been there. Startups.co (a lifetime subscription is currently on sale for $39) is an educational service that provides entrepreneurial advice from the world’s top founders. It has some 600 videos with experts from companies like Netflix, LinkedIn, and Airbnb, sharing tips for creating a thriving business. If you’re looking for more personalized advice, you can join several moderated chats with founders and experts every Tuesday and Thursday. Startsup.co also offers complimentary access to BizPlan, one of the leading startup programs on the market.