Startup owners are always wondering what the secret to success is. What is that one thing that those entrepreneurs all have that allows them to become so prosperous? In reality there is no key trait or special knowledge. Entrepreneurs that have come before you may have had similarities but there is no secret recipe.
I recently attended a seminar where the 8 things that a startup needs to have in order to be successful were given. These reasons included knowing there is a better way, believing in what you are doing, making the sale, knowing the stages of a startup and more. As part of the seminar, we were broken up into teams to debate and come to a conclusion on which 3 of the 8 reasons were the most important to a startup. It quickly became apparent that it was nearly impossible to pick just 3.
Is it more important for you to believe in your innovation or is it more important to make the sale? Is it more important to be fast to market or to understand what stage of the startup process you are in? While you might have your own opinion on those, but that does not mean that there is not a solid argument for the other. Making the sale and getting cash coming in is important but can you make the sale if you don’t believe in what you are doing? On the other hand, you might believe completely in what you are doing but if you can’t make the sale then you don’t have much of a business.
In the end, there is no secret. There are a number of seminars and speakers out there that can give you the top-10 traits of a startup or the 5 reasons startups fail or even the 7 characteristics of a successful entrepreneur. None of these are right and none are wrong. They are all great resources to help you grow but none is perfect.
Knowing mistakes to be avoided, knowing your weaknesses, having a team that compliments your weaknesses, knowing when to take control, knowing when to let go, knowing what your business needs to understand, believing in yourself, and getting past planning and start doing. There hundreds, if not thousands, of traits you need, your startup needs, your team needs, your idea needs and then the negatives to those traits too. The real lesson is to continue to learn and better yourself and your business.
Partnering, teaming up with, or associating with someone or a team that can help you out is important. These individuals can assist you more than you will ever anticipate. Their experience can help you learn a lot of these lessons too. But nothing can replace learning these lessons yourself. Maybe that is the secret to the success of your Michigan startup: continuing education.
Source: “Innovation Thinking for a Start-Up” by NewNorth Center