When it is a startup, its always going to be tough to keep ourself up with the things related. Startups usually face many problems, from investment to profit, from production of products to their marketing, etc. Starting a business have always been a risky project. One can’t predict the exact measures for the success of a startup, As many important factors decide the fate of a startup. To be on the safer side one should be following these startup traits so that the percentage of failure may tends to low.
A recent survey shows that startups without these precautions are higher at a risk of failure. Its better to understand these traits before starting a business. And hence to save ourself from drifting on a wrong track. Most of the startups may fail within few months of their start, so its important to consider traits those matters. Because someone, somewhere said, precaution is better than cure.
The startups which have sincerely followed these traits have found to be more successful than compare to others. Statistics reveals that more than 80% startups with these prior precautions have made their business successful. So I strongly suggest all those startup entrepreneurs to follow these fruitful traits.
1) Regular Market research: Market research is the fore most task one need to perform before executing a business. One must study the market thoroughly to Know current demands and unmet expectations of the people. So its important to perform market research at least once in every three months.
2) Strong Business Plan: Business plan is nothing but a roadmap to your business. When you have a clear roadmap than its easier to go ahead. To know more about how to write a strong business plan, read our own article How to write a Professional Business Plan for startup.
3) Mentor: Startups have found to be more successful when they have mentor to suggest and guide their business. One should always choose a well experienced person to mentor your business, one who guides your business in the right way. Its good to have at least two mentors to mentor your business.