The 10% Club: Cracking the Code of Startup Survival

By: A Staff Writer

Updated on: Jul 29, 2024

Let’s face it: most new businesses fail. It’s a harsh reality, but understanding why can dramatically improve your chances of making it into the elusive 10% that succeed.

Tips for Triumph:

Validate, Validate, Validate: Don’t just build something you think people want. Rigorously test your idea with real potential customers before investing too much.

Cash is King (and Queen): Underestimating financial needs is a common pitfall. Have a solid plan runway, and be prepared for lean times.

Adapt or Die: Markets change, and customer needs evolve. Be flexible and willing to pivot your business model if necessary.

The A-Team: Surround yourself with talented, passionate people who complement your skills and share your vision.

Customer Obsession: Your customers are your lifeline. Listen to their feedback, engage with them, and build relationships.

Marketing Magic: Don’t be shy about promoting your business. Find creative and cost-effective ways to get your message out there.

Starting a business is risky, but by being well-prepared, adaptable, and customer-focused, you can significantly increase your odds of success.