What are the qualities of a successful start up?
One of the scariest things you learn when starting your own business is that 50% of start-ups fail after five years. Don’t let this statistic put you off achieving your dream. With your passion, the right planning and support, there’s no reason your idea won’t be one of the many success stories. To help you on your way, follow the below qualities investors look for when considering a new business proposal.
Passion and drive
Ask anyone who has started their own business and they will tell you it’s incredibly tough. One of the only things that will get you through the hard times will be the passion and drive you feel for your business. Define a clear vision and purpose Any business that is to be successful needs to know exactly what it’s working towards. Defining a clear vision and purpose, and a solid map of how you’re going to get there, not only gives you focus but also guides any employees you may have as well.
Manage your budget
One of the most obvious and important aspects of a successful start-up is knowing how to manage your finances. Every single aspect of your business must have an assigned budget and expected growth. This enables you to understand your cashflow and where any savings can be made.
Network network network
You’ve heard the age-old adage of it’s not what you know but who you know. Well, this is certainly true in the business world. Forging new connections and contacts will prove invaluable for any start up, opening many new and potentially profitable doors.
Effective time management
With limited resources and staff, new business owners and their team can easily get bogged down in the sheer amount of work that needs to be done. Planning and prioritising tasks is an important skill to ensure productivity and effectiveness.
Know your market inside out
Knowing your target audiences’ wants and needs, their habits and lifestyle, is essential to providing them with a product or service that they’ll actually want to part with their money for. This also helps create targeted marketing that reaches your audience with the right message, at the right time and in the right format. Are you an ambitious entrepreneur with a fantastic idea, product or service? Then get the investment and partnerships you need to take it to the next level with Wessex Dragons. Submit your video pitch today and see what possibilities await you.
