What It Takes To Be The Next StartUp Success Story

By ideapros 24th Jun, 2019

People who are destined to be the next startup success story will scoff at the list of potential barriers because they won’t let these things weaken their resolve. It takes a special person to become an entrepreneur. Simply put, being an entrepreneur, is not for the faint of heart.

Some of the bumps in the road might experience include:

  • Stepping out of your comfort zone to embark on, sometimes, foreign territory takes enormous guts, confidence, and bravery.
  • Well-meaning family, friends, and potential customers can crush your spirit unintentionally.
  • The paperwork, many revisions, and red tape can daunt even the most hearty person

What does it take to become a startup success?

  • Time
  • Team
  • Capital
  • Commitment
  • Heart

1. Time

Time can be an entrepreneur’s best friend or their worst enemy because it can make you impatient and force you to run headfirst into things without thinking it through. You have to learn when to invest your time, and when to preserve it.

Don’t Focus on the Clock

Generally speaking, the length of time it takes to launch a product is 3 to 4 years, but having a Super Venture Partner like IdeaPros can shorten that time to approximately 18 months, depending on the complexity of the product. Do not dwell on your preconceived thought of how long it SHOULD take you. Instead, focus on creating the best product possible and take your time in each phase of development. If your product is really good, then success will come.

You CAN make time work for you. Instead of treating it as an enemy you have to beat, do your best to use the time you have to methodically go through the necessary steps you need to take on the road to success.

What’s the Rush

As we previously mentioned in the What’s the Rush Facebook LIVE event, launching fast isn’t as important as launching right. Take your time and don’t rush.

“Launching fast isn’t as important as launching right.” Fred Cary

FACT: It’s easy for entrepreneurs to get distracted and be overwhelmed with all the business tasks.
ACTION: Use our checklist to guide you through the process if you find yourself going down rabbit holes.

2. Team

“No man is an island” as they say, and nowhere is this truer than when you launch a product. Recruitment is something you should be thinking about in the very beginning. If there are a couple of people in your immediate circle that you trust and know will work hard to realize your vision, share your ideas with them. See what they think and if it makes sense, recruit them to work with you.

“Startup Success doesn’t just happen by turning on the lights, sitting back, and waiting for everybody to show up. It’s your job to make them come to you – your most important job.” Fred Cary

There are a lot of steps involved in getting a product from idea to market-ready. You will need to delegate and organize who will take care of the various tasks – manufacturing, product development, research, distribution, marketing are just a few. As the owner, your time and attention are precious. If you can hire good people to help you, they can use their expertise to help build your product. Consequently, this will allow you to focus your efforts on other areas.

It’s Not About the Number

Remember, you don’t need a big team because most of the tasks can be done over the Internet nowadays. All you need is a small team who works hard and diligently. One of the great things about IdeaPros is that we are a pre-operational partner focusing on helping you with all the heavy lifting that needs to be done before launch.

FACT: There are a lot of tasks involved to get a product to market. You will need a team to achieve success.
ACTION: Start looking for people who are as passionate about your idea as you are.

3. Capital

Let me put it this way – if your business idea is a car, you are the driver, your team members are the passengers, and capital is the gas. You can’t run or even start without it.

So, how much money should you pour into the business anyway and how do you go about raising some? Each business will require a different amount of capital so there is not one answer to that, unfortunately.

There are multiple options available to you to raise money:

  • Approach your family and friends to invest in your idea and give them discounts or freebies in return.
  • Find an investor who will give you x amount in exchange for equity in your business.
  • Establish a line of credit.
  • Create a Kickstarter or GoFundMe campaign.

To be a successful startup, you have to establish a pipeline for your capital. You don’t only need it before you launch your product but you will need some during and after too. As the owner, it will be up to you to find sources for the capital you need to infuse into your business.

“Success doesn’t come to those who sit and wait. You have to work hard to find it.” Fred Cary

FACT: Without capital, your business idea won’t get far.
ACTION: Find out more about how to get the funding you need and then HUSTLE to secure it.

4. Commitment

You either have “commitment” or you don’t. If you don’t, entrepreneurship is not for you. Commitment is the guiding force in your gut that wakes you up in the middle of the night thinking over the things you’ve done and the things you’ve yet to do.

Your Why and How

That deep commitment is directly proportionate to your WHY. If you are very clear on why people need your product, then you will see how you are going to make your business successful. Your resolve to make it happen will be a natural byproduct of your belief in your idea. You will stick to it no matter how many of these roadblocks you encounter.

“Commitment is one of those things that you have or you don’t have. I can’t tell you how to have commitment, but I can tell you if you don’t, you might as well just pack it up and go home.” Fred Cary

FACT: Commitment is required to be a success.
ACTION: Get clear on your WHY so that you can have more resolve and commitment.

5. Heart

Believe in yourself and the startup success you are creating; it’s critical. Many people will try to chisel away at your self-esteem. You may even feel like you have failed at times but, like Thomas Edison said, “I haven’t failed. I’ve just discovered 10,000 ways that won’t work.”

Listen to our most recent Facebook Love about the dreaded “F” word and how to change your mindset around it!
“It’s what’s in your heart that is really going to give you the unfair advantage that you need…” Fred Cary
It’s All a Matter of Perspective

As much as we think success and failure are conflicting forces, they are actually two sides of the same coin. Sometimes, it really is just a matter of perspective. Each perceived setback is an opportunity – for improvement, change, or direction. Whenever people criticize you, you can either take it as a personal attack or as something constructive, which you can use to improve the idea that you initially thought of.

FACT: Startup success is predominantly based on YOUR perception of the circumstance and what you DO about it.
ACTION ITEM: Maintain your belief in yourself and remain focused on pursuing your success.

IdeaPros is a Super Venture Partner™ who has the resources, experience, and tools to help you be a startup success – – no matter what step in the entrepreneurial journey you are on right now.

We partner with entrepreneurs at any stage and who are ready to invest in the success of their idea. Apply for an interview and let’s explore partnering together.

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