3 Ways To Help Prevent Your Startup From Failing

Julian Tiongson | May 29, 2017

3 Ways To Help Prevent Your Startup From Failing

How To Help Prevent Your Startup From Failing

Starting a business is a scary thought for many people as there is big potential for failure. We only hear about the successful startups but what about the ones who fail? They become the lost wolf and are never heard from again. So how can I put myself in a position to succeed? Here are 3 simple ways to help keep your startup from failing.

1. Take The Risks

This may sound counteractive but it's true. Your business will have a hard time growing if you are afraid to take risks. This is a huge part of being an entrepreneur. There will be many times you are content with where your business is and want to maybe play it safe. While playing it safe isn’t necessarily a bad thing, risks will have to be taken eventually. An analogy I always like to live by “risk = growth”. It will be nearly impossible for your company to take the next steps and become a leader in your industry without risks.

Are you afraid of failing? Then you are not fit to become an entrepreneur. Risks and failure is all apart of becoming your own boss. Do you think every successful entrepreneur just happen to become an overnight success? Definitely not. Big names like Oprah and Steve Jobs have all failed before. The important thing is they took those risks and continued to pursue their passion.

Related: 4 Questions To Ask Yourself Before Becoming An Entrepreneur

2. Be A Step Ahead

Do you understand where you business is headed? While it is important to take it one day at a time, you must also understand the bigger picture. Where do you see your business next year or even 5 years from now? You will face many roadblocks and speed bumps along the way that may throw your business plan off track but it’s important not to panic. Keep calm and analyze what the best solutions will be.

What are your competitors doing and how do they stand up against your startup? Be knowledgeable and up to date about what they are doing to be a step ahead of the game. You want to become the leader in your niche market. Set the bar and have people react to what you are doing instead of you being the one trying to counter them.

Related: Step 1 Of Your Business Model: Core Strategy

3. Play To Your Strengths

It’s simple. How did you get to where you are today? Whether it’s being a strong salesman, CEO, or even accountant. Whatever your startup business maybe, own it. Provide the thought leadership you know you can give and be the go to source for people’s needs.

Don’t necessarily worry about what this company is doing or that. Own up to what you know your team is capable of doing and stick with it. If your competition released a new feature or launched a new product, don’t panic. If you believe in what you are doing and have a strategy in place, things will be just fine. Adjustments will need to be made but don’t go changing your whole business strategy. The best entrepreneurs are the ones who understand and continue to grow within their niche markets.

If you are looking for more startup advice, check out our Startup section or simply comment below. We’d love to hear from you!