Published on November 7th, 2017 | by Jose Vasquez0
The 7 Things Successful Startup Tech Companies Have (That Others Just Don’t)
What makes a successful startup tech company?
Have you ever wondered what makes one startup tech company a success, while others fizzle out in the first few months? There’s no one factor that’s capable of explaining the disparity between success and failure here, but there is a group of qualities that’s generally associated with more successful startups than failures. These are seven of the most important things your startup tech company can have:
- A brand. You need to have a company identity if you want to succeed, and that means creating an identifiable, relatable brand. Build an image and a voice that your target audience can identify with.
- A good profitability model. Unfortunately, it’s not enough to have a product or website that people like; you also need a way to make it profitable. How are you going to make money? Is it a sustainable way to make money? Is there enough demand to justify the model?
- Competitive differentiation. There are probably other businesses like yours already. How are you different from them? There are many options here, including better pricing and more features, but you need at least one to succeed.
- Consumer trust. Why should consumers trust you? If you don’t have a way to establish a foundation of consumer trust and admiration, you won’t be able to generate an initial customer base.
- A plan to scale. How are you going to grow? Not every startup needs to become massive, but you need to be able to operate on small, medium, and large scales to succeed.
- The right team. It’s nearly impossible to build a successful startup on your own. You’ll need partners, employees, and outside contacts to make everything work, and your success will depend on their commitment and abilities.
- Excellent timing. On top of everything else, you need to have phenomenal timing. Launch too early, and people won’t realize they need your service. Launch too late, and the competition will eat you up.
If you miss any of these seven important factors for success, you’ll immediately jeopardize your odds of succeeding. That doesn’t mean you’ll be destined for failure, but you will make things harder for yourself. I’d be lying if I said luck wasn’t at least a small factor in determining your success, but your job is to maximize your odds.