Monday, October 08, 2012

3 Things You Need for a Successful Start-Up

Kevin Systrom - Creator of mobile-hit Instagram
Start-ups are all the rage nowadays. From shows like Dragon’s Den, The Apprentice and all the success stories we’ve heard about mobile start-ups like Twitter, Instagram (recently bought for more than $700million) and Angry Birds, we all know that if you get a great idea then you can make a fortune almost overnight and take off in big ways. All it takes is an idea and a bit of hard work right? Not quite. Here are 3 essential things that every start-up CEO needs.

1. Passion
This is probably the most vital part of running a business. It’s not enough that you come up with an idea you think people will love anymore. Times are tough and starting your own company and launching a brand new product will be tough. You will need passion to get you through those times. You will need to believe in your company, your product and yourself to deliver the final version. Even after that, you will spend a large amount of time revising your product, developing new features and trying to gain as large an audience as possible. Passion for your product and your craft will give you the willpower to do so.

2. Flexibility
Chances are what you set out to do will not be where you end up. There are a million things that could go wrong, or change, during your development stage. The business world these days is incredibly fluid and forever changing and shifting. You must be prepared to deal with these changes as they come at you. “Not in my job description” does not exist in this world. Whether you are CEO or just an intern, every member of your start-up team must be prepared to go above and beyond to deliver a product that works within the marketplace. Inflexibility will leave you behind the times and possibly without a finished result.

3. Creativity and Risk-Taking
Remember that shifting marketplace I just mentioned? Well, you’ll need to be creative to make yourself known. Start-ups are becoming a big deal, and a lot of people are trying to get in on the action. Whether their ultimate goal is to produce a product and sell it to investors or to see the project all the way through, this is a crowded market you’re entering. You have to be creative, not only in your product idea but in how you present and offer it, in order to stand out from the madding crowds. This involves taking risks. You will have to try things that may not have been done before, there will be inherent risks in this and it could go catastrophically. But, as with all risks, it could pay off dividends if it works and gets you noticed.

Combine these three things and you’ll have a strong and decisive team that will rise to any challenge and hopefully make your start-up the next major success story of the decade.