November 28, 2021

The 10 keys to startup success– Guide to William D King

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What are the keys to startup success? “I don’t know” is the correct answer, but there are many good guesses.

The measures of startup success are often based on an exit strategy. This might be acquired by a more prominent company, IPO, or bankrupt. A business plan would include these parameters if they were known at this point. But what about before this strategic decision is made? Can success be measured beforehand?

What makes successful entrepreneurship? 

The boom in accelerators and incubators promotes startups with training, exposure, mentoring, and seed money for potential future returns. They’re not just throwing money away when they do this! Many of these groups have strict criteria that must be met before being admitted into their programs. These criteria typically include assessing where you are vis a vis your business idea after a certain amount of time, several customers served, and other measures that indicate progress towards the goals set. 

They usually don’t provide feedback on these measures due to confidentiality agreements or similar reasons. If you aren’t getting in, maybe they feel there is little chance for success, so why bother?

The ten keys below are based on experience of William D King as an entrepreneur and what I’ve seen and read from others who have also walked this path before me:

1. Confidence: Be Confident! Don’t be overconfident, though. You may know how to code Python, but that doesn’t mean you will succeed when starting your own business.

2. Commitment: Be Committed! To your family, employees, and co-founders in particular. If you don’t have the complete buy-in from everyone working with you, that lack of alignment can derail even the best plans.

3. Resourcefulness: Be resourceful! In every way possible. Find mentors and advisors who know more than you do about what is vital to learn for this growth stage. It’s okay if they charge for this information because it will save you a ton of time which saves money. Use their knowledge wisely or seek your fortune elsewhere.

4. Flexibility: Be flexible! Even when everything seems to be going against you, always keep an eye out for a silver lining and new possibilities.

5. Tenacity: Be tenacious! When everything is going against you, don’t give up despite your circumstances of no capital, no customers, and so on. It’s only temporary. Keep pushing forward relentlessly.

6. Credibility: Be credible! If this means gaining trust from investors (and it always does at some point), then do whatever it takes to get that cash in the bank, which, let’s face it, gives you credibility! 

7. Reliability: Be reliable! One way to gain more credibility and thus raise more money for growth is to show up to work every day and do your best. Build a quality team so they can help you meet this goal.

8. Drive: Be driven! This is about passion for what you are doing because when the going gets rough, that drive will keep you going until success or failure is attained.

9. Charisma: Be charismatic! Although this trait isn’t necessary to succeed, it sure helps when others want to follow you on this journey. Who wouldn’t rather have a leader with charm?

10. Persistence: Be persistent! The most crucial key according to the book ” Good to Great ” by Jim Collins. You will need a lot of startup capital, a great idea, and much more before achieving success with your startup. But, if you work hard enough and follow the other nine keys I mentioned, you will find it easier to persist. 

You may not score high on all ten of these says William D King, but they are worth keeping in mind as you pursue your entrepreneurial journey.

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