4 Success Factors for Startups at Early Stage

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As the founder of an early-stage startup, you’ll wear many hats. While it can make you feel overwhelmed at times, knowing each and every area of your business increases your chances of success in future.

Here are some essential success factors for early stage startups:

1. Your Growth Strategy

A well-fed business is one that will continue to grow. A business that is starved will die out, some more quickly than others. Paying yourself a lower salary and reinvesting in your business is the best way to accelerate growth.

2. Your Product

Just because your product is perfect in your mind doesn’t mean others will feel the same way. If you are too eager to launch, it could bite you in the back soon enough. Most founders would have jumped at the opportunity to push a product as soon as possible. But some take the other way. Perfect your product while shutting out the peeping eyes of the media before spreading the word.

3. Your Attitude

You and you alone are in control of your attitude. If you have a bad attitude, it’s on you. There will be times when you doubt your approach. With a positive outlook, the sky is the limit. With a negative outlook, you are holding yourself, as well as your business, back from reaching your goals.

4. Your Funding Strategy

When the time comes to raise money for your startup:

  • Get to know potential funders before you ask for money,
  • And build relationships with those who show interest.

There are countless venture capitalists and angel investors out there. Get to know who’s who to save time and increase the likelihood of quickly finding the right funders.

 

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