One thing that may be preventing you from moving forward with your business idea is the fear of failure. It’s a fear most people have, jumping into the unknown and not being sure if it is a good investment. Is this a product people would want? What if I lose all my money? Is this going to be a waste of time? Not only that, but studies have shown that over 75% of startups fail, which doesn’t make the idea of creating your own online business any more appealing. But here at Travelprenuer, we want to address some reasons behind why some startups fail and why some startups succeed. Here are a few common examples we have found:
Startup Success: Implementing the Lean Startup System
The Lean Startup system focuses on eliminating wasted time and increasing valuable time spent on different practices that will take your business to the next level. By building, measuring, and learning you can make the changes necessary in order to adapt to what your consumer is looking for. Many successful startups today have followed the practices found in the Lean Startup System, and at our Travelpreneur Retreats, we provide guided workshops using this method.
Startup Fail: Lack of focus and going off course
It’s easy to get caught up in the numerous tasks and small details, and normal for many new business owners to go off course. The key to running a successful startup is focusing on measurable goals and to stop worrying about perfection. Measurable goals are goals that can be measured with a number, otherwise known as SMART goals. For example, sales could be measured with revenue and risk can be measured with probability and impact. Defining your measurable goals are a good way to guarantee success and could provide a clear vision in which direction you should head.
Startup Success: Having good mentorship
Finding a good mentor can make all the difference. Mentorship involves the activity of sharing skills and expertise, helping you and your business to surpass its limits. Many experts say it’s important not to follow the advice of just anyone, but to find a professional with experience, in whom you can confide in and trust. Mentorship is about establishing a healthy bond and relationship. At Travelpreneur Tribe, we only partner with business coaches and experts, with proven track records and results.
Startup Fail: Unwillingness to listen to others
Letting go of pride is the how most entrepreneurs succeed. In order to let go of pride, one must be open to receiving valuable feedback from their mentors and consumers. Consumers are going to provide you with the answers you may be looking for, such as what does the customer really want and what you could adjust in order to meet their needs.
Are you interested in learning more about what makes startups successful and how you can create your own success as an online business owner? Take a look at our upcoming retreats, start your business and travel the world while connecting with like-minded entrepreneurs. LEARN MORE