The 5 key factors influencing 99% of startup’s success

Since I was in college, I believe that anyone can earn almost as many degrees as wanted by having only brain and money. But that is not the case with business because it is more complicated and has so many factors affecting its success. Especially, the startups with special new business model and structure have different factors to consider. In this article, I just want to share 5 key factors that influence 99% of every startup’s success.

1. Don’t make assumptions

Startup is a special kind of business that faces customer diversity and closely related to a lifestyle. Do your first homework before start doing anything else that is understand the problem you are planning to solve and all the related things with it through research and surveys. Do not take your and your team’s own opinion in every case. The users are the judge of your startup’s success.

2. Don’t get personal

Startup has more than one founders so that you have both internal and external challenges. Internally, there will likely be differences among founders in opinions and views, also annoying behaviors or attitude in the whole business processes. Here is the key to have a rule not to get personal to be outspokenly or openly discussing all the matters even if it is directly related to anybody personally. Being reluctant and not able to express your thoughts and feelings is like a time bomb to your team. Externally, there will be things from directly or indirectly interaction with people in your survey, investors, or partners. So be objective not subjective.

3. Do your best

Your best is possibly not good enough in some cases. But, at least it brings you to the next better level of achievement. By doing the best means also giving your total commitment in doing everything the best it should be not only the best you can do. In the world with such a highly competitive business environment, there is no option for second quality of work but the best.

4. Be loyal

Loyalty is the faithfulness to commitments or obligations. Do always what you have said or agreed to. Do not make excuses. Remember that everyone has an important role in the overall success of the startup. Maturity is the main reason why someone cannot be loyal. It is also the reason why some people believe that it needs years of working experience before someone can be successfully becoming an entrepreneur. It is all up to you whether it is true or not.

5. KISS

KISS stands for Keep It Simple Stupid which most software engineers must have heard during the study of software engineering. Technical people like us may have a tendency to be dissatisfied of making a software application that actually not technically superb. In this case, we have to consider the risk of failure in every new product’s release as well as the time opportunity that we might miss if the development takes too long of time.  Just be prepared to proceed to the next version if the situation or results are as expected. Be a software engineer with a business mind.