Nothing has shaped the business world of the twentieth century as much as the rise of the startup. From Silicon Valley to Mumbai and Toronto to Tel Aviv, startup culture is now a global phenomenon, one that goes far beyond the tech world. No wonder so many young entrepreneurs are getting involved in them!
But building a successful startup is about a lot more than just a good idea. Here are four things every entrepreneur needs if they want to get ahead in the highly competitive world of global startups.
1. A Strong Team
One of the first problems that most startups run into is an insufficiently diverse portfolio of skills. You may understand your industry and know your products inside out, but without specialists who can handle issues like human resources and the law, you may run into problems as you build your company.
Making sure you have a strong team with the knowledge and skills you need to thrive is essential for both long and short term success, so make sure you hire people with abilities that are complementary to your own.
2. Access to Funding
This is probably the most important dimension of building a successful start up. If you don’t have the money to make your dreams a reality, you’re going to get left behind by better-funded competitors.
The question of how to raise funds is one that plagues many startups. Venture capital is increasingly hard to come by, and traditional funding sources like banks are often unwilling to take a chance on a startup.
Fortunately, there are other options available. Alternative funding companies like SharpShooter Funding specialize in short and long-term funding options like commercial funding and Merchant Capital Advances that provide fast and transparent funding to companies with promising ideas.
Check out their website to see what SharpShooter Funding can do for your startup this year, or start an application for funding through their website.
The world of startups can be intimidating and confusing for young entrepreneurs, which is why you should make sure that you have support in the business community, and a well of knowledge you can draw on in the form of experienced advisors.
If you choose to incorporate, make sure you stack your board of directors with allies and influencers who can help your startup make its mark. If you decide to stay a single owner company or partnership, develop an informal network of business leaders to help coach you, and join industry organizations so you can access their resources and advice.
No matter how much knowledge, talent, and financial support you have, none of it will matter if you aren’t passionate about your business.
Remember, small business owners on average put in at least fifty hours a week, and one-in-four actually works sixty hours a week — if you aren’t passionate about your business, it’s going to be hard to maintain that level of dedication.
If you want to go into business for yourself, you need to pick an industry you care about and which you can pour your heart and soul into. You also need a good team, business funding, and support, and passion.
Making sure that you have the human and financial capital you need before launching your startup is essential if you want to build a business that will continue to grow and expand for years to come.