So, you have this amazing idea. You’ve run the idea over and over again in your head, imagining what will drive customers to your business, how to gain new customers and how much profit your new start up can potentially bring in during the first year. You’ve calculated a rough estimate of your start up costs, investments in infrastructure and technology and a new website and backend software. Thinking about your new start up venture twenty three hours a day, everything sounds great and logical and you are ready to take the plunge and start building. That is great! But, before you do, get brushed up on the key factors that will determine whether your start up is successful or not.

Clearly define your priority

What is the purpose behind your new business venture? Are you disregarding your customer needs? Does both the front end and the back end of your business work? There is no point in making major investments in a new business if you forget to address the needs of those who are searching out your product or service.

Focus, focus and more focus

These days, too many people give up if they don’t see immediate results and profits in the first year of operation. They think that there idea failed to work or attract customers and it is back to the drawing board. This is wrong! The majority of successful start ups don’t start seeing profits until the fifth year of operation. Keep your focus, buckle in for the short, often bumpy ride and stay focused on solving your customer’s problems.

Don’t be close-minded

Adaptability is key. Many start ups feel that they have the best idea since sliced bread and can’t imagine perfecting it in any way. This is an incorrect and close-minded approach to running a successful start up. You must have a period of time where you test your product or service, listen to customer feedback (both positive and negative) and switch some gears if something isn’t working.

Do you have the passion?

If you were to poll all of the most successful start up companies in the world, you would easily see that the number one reason why some companies succeed over others is based on one pure emotion: passion. Starting a new business can be extremely draining, time-consuming and challenging. In order to succeed, you must ensure that both yourself and any other team mates you have working for you share the same passion about the company’s mission and purpose. This passion will drive your business forward and will you to continue working despite the late hours and roller coaster ride you’re on.