1) Address.
Every startup needs a leader with a vision. During tough times, the CEO needs a clear idea of the ultimate mission and how the company should get there. A good business leader keeps the long term in mind while dealing with the immediate needs of a new company.
2) Speed to market.
You can’t be second best when it comes to startups. Especially with the rate of technological development, the faster a startup can produce its service or product, the better chance it has of delivering it to customers. Young companies have to compete with established industries. One of the reasons companies are successful is that they reach consumers first.
3) Financial knowledge.
Successful startups know how to work within a budget. Managing finances and keeping a young business free of debt it can’t pay is key to success. Businesses just starting out need to do more with less.
4) Well connected.
Like early career builders, young companies can gain an advantage by meeting a few well-connected people. These companies use their social network for their first clients, investors and mentors. As the old adage goes, it’s not what you know, it’s who you know.
5) Dedication.
Startups need leaders who are willing to work hard and stick to their goals. This leadership inspires others to commit to a strict work ethic, aligned with the company’s mission. All employees must be committed and dedicated to the goal.
6) Perseverance.
Even when times get tough and the road to success offers bumps and roadblocks, startups must persevere to succeed. Most startups leave when money is tight or disagreements arise between the founders. Successful businesses excel in rough waters and remember their ultimate goal in tough times.
7) Quick to Adapt.
Successful startups are comfortable with change. Leaders who know how to make smart decisions without a clear roadmap can seize opportunities that more cautious companies may miss.
8) Know how to attract investors.
Money talks in the business world. Without start-up funds, businesses can never get off the ground. Smart business leaders know how to generate capital to give their million dollar ideas a try.
9) Trust.
Startups need an unwavering commitment to their mission and goals. Without the confidence that the company will succeed, the startup will dissolve in the face of initial obstacles.
10) Efficient time managers.
There is no downtime when it comes to startups. If the leaders of a company are not dedicated 24 hours a day, success is unlikely.
11) Execution.
Anyone can have a millionaire idea. It takes courage and strategy to put an idea into action. Knowing how to execute distinguishes successful businesses from those that fail.