Through the Startup Hustle podcast, we’ve interviewed over 500 founders. Many have had incredible success by virtually any metric – huge growth, funding, exits. What sets these businesses apart? How did they achieve such incredible success when 90% of startups fail?
Building a successful startup is immensely challenging. Every day brings new challenges, new distractions, and new mission-critical decisions. With so much always at stake, entrepreneurs should keep a watchful eye on operational inefficiencies to not drive the business downhill.
There are a few key strategies that great differentiate great startups from the rest. In this blog post, we will discuss common strategies of great startups so that you can learn from the best and adopt what makes them successful in your own business efforts!
What Makes A Successful Startup? 7 Key Strategies
We all have different definitions and parameters when describing something as “great.” In this context, it has less to do with the actual goals themselves but more with how someone can ace each individual goal with flying colors. Below are the top 7 strategies that great startups do differently that help them stay ahead of their competitors.
#1 Great startups focus on the needs of their customers
Let’s start with number one, which is focusing on the customer’s needs. As a business, you can’t succeed without customers. Most customers want to be happy with the service or product they purchase, and if they’re not, they eventually go somewhere that does make them happy. Great startups know this, and they always do their best to ensure their customers are happy.
They understand that the customer has valid inputs, demands, and feedback to share. So, great startups work hard to provide the best possible experience as a service or goods provider. This means creating a product or service that meets their needs and solving any problems that may arise.
At Full Scale, we provide software development services that fit our client’s needs. We ensure to fulfill the requirements that their software projects needs. As such, we talk with our clients about the software solution they want to build. Then, we identify the right software talent that best fits their requirements. We also offer a client-friendly billing system to offer more flexibility to our customers.
#2 Great startups advocate for constant innovation and improvement
The next thing that great startups do is continuously innovate. Startups must constantly explore innovative solutions to stay ahead of their competition. They are always looking for new ways to improve their products and services. They are also open to change and willing to try new things if that means a positive impact on their business.
For example, great startups invest in digital transformation. Digital transformation means investing in technology that would make your processes and services digitally accessible. In this way, employees experience the efficiency of working online while customers gain more options to reach you. This allows great startups to maintain a leadership position in their industry.
#3 Great startups establish a clear vision
Startups need to have a clear vision of what they want to achieve. It could start with simply having a vision statement. A vision statement is a declaration of a business purpose and meaning that becomes an end goal within a timeframe.
It helps startups stay focused and work together towards achieving company goals. Without establishing a clear vision, it’s easy to get sidetracked or surrender when things get tough.
#4 Great startups invest in building a great team
Behind every great startup is also a tremendous cohesive team. A startup can’t succeed without having talented people properly aligned and committed to excellence. As such, startups need to carefully select excellent employees who are passionate and dedicated to the company’s vision.
Equally as important, great startups have team members who work well together. It’s not just about being on the same page and working towards the same goal; building a team who enjoys being around each other is essential.
For example, at Full Scale, our cofounders are not only business partners but close friends, too. Matt DeCoursey was Matt Watson’s best man! Our organization is dedicated to helping our clients assemble the best software development teams through our pool of talented developers. Our clients get to welcome exceptional software developers to their startup teams any time they want!
#5 Great startups are resilient
Startups need to be able to change course quickly and easily if something isn’t working out. Flexible and adaptive can usually describe almost any great startup. They can’t be afraid to try new things or take risks. This flexibility allows great startups to pivot and make changes to better position the company for success.
During the onset of the COVID-19 pandemic, most businesses were forced to operate remotely. This situation tested which startups had the arsenal to adapt and survive the pandemic. Resilience is key! Startups should look for potential risks and be prepared for road bumps or hard stops along the way..
#6 Great startups hold work ethic paramount
As our own CEO often says,
“Success requires payment in advance.”Matt DeCoursey
Great startups understand and implement work ethic in all facets —from management to processes to taking out the trash. Early-stage companies need to be willing to put in the long hours and hard work required to make the business successful.
#7 Great startups remain relevant
In the spirit of innovation and resilience, strategy number 7 is about constantly learning and growing. Great startups stay in front of their competition by staying relevant in their space, keeping up with industry trends while continuing to push boundaries, adopting new technologies, and crushing sales goals month over month! Remember, great startups learn from their mistakes so that they don’t make them again in the future.
Do Great Things at Your Startup Today!
Adopting these seven strategies will help your startup business excel and reach new heights. Remember, it’s not about being perfect; it’s about progress.
Full Scale has the expertise to help startups grow and be successful. Our leaders, Matt DeCoursey and Matt Watson, led our company to earn recognition as Inc. 5000’s 878th fastest growing private company in the US.
We have been providing world-class software developers to our growing clientele for years. Our stringent hiring process ensures that we only hire the best developers. Plus, we have a capped and manageable billing system that makes it easier for our clients to track their expenses.
Ready to do great things with your startup?