In a recent article on Fortune.com, Jim Yu (@jimyu) touches base on a few key points to prevent your startup from failing. One of the main concerns when creating a startup is the fear of failure. Specifically, the uncertainty of success, and risk of financial loss creates a block in the road for many entrepreneurs.
"When I started BrightEdge 8 years ago, I remember my biggest concern was losing my steady paycheck and flexible work hours once I left my job at Salesforce... It was a scary yet exhilarating decision to launch a company with only $5,000 in bootstrapped funds and a few servers from my kitchen table. But looking back, I’m so glad I didn’t allow the fear of taking risks hold me back. If you have a vision for something you’re truly passionate about, the reward will be so much greater than any risk."
To create a successful and flourishing business, Yu addresses three important steps to take into account for your startup. These steps include:
1. Do not avoid risks:
For many, leaving what is comfortable for something that is uncertain creates much ambiguity and doubt, preventing many from branching off towards the creation of their own startup.
2. Avoid being reactive:
Rather than attempting to continuously react towards frequent market changes or needs, take the time to consider sustainable choices such as hiring the right people with the correct experience and attributing personality your business. Take the extra time to improve a product or service. Every business should focus primarily on setting a long-term goal to better the overall success of the business.
3. Work hard:
Last but not least, be prepared to put in as much work as necessary to increase the success of your business. This may include working longer hours at the beginning of your business, or working on weekends. Success doesn't come easily.
We agree with Yu's advice to those looking to create their own startup. When developing your own startup, keep in mind it may take several years to reach success and see profit, but the long-term reward outweighs the insecurity and uncertainty you may feel now. Keep in mind, it took Steve Jobs two decades to become a billionaire, and it took Google a total of eight years to see immense success.