Any startup is unique, and any startup has a different definition of success. Regardless of what you consider success, there is something we all want: to create the necessary conditions to continue achieving the goals we set for ourselves.
During 12 years working side-by-side with entrepreneurs from different areas, we at BGI were able to verify a pattern of habits and strategies that (almost) all successful startups have and that you might want to replicate in your business.
Find out now 5 things that, in our opinion, the best startups do in a unique way.
1. Delegate and hire to address weaknesses in the company
A common scenario in startups: small teams made up of employees with very similar skills. In fact, you should prefer diversity, as people with different skills and talents will suppress different problems within the company. All startup entrepreneurs and founders must learn that sometimes it is necessary to leave their ego behind and outsource certain tasks that an expert could do better.
Take note: make your team unified in goals and values, and diverse in talents.
2. Maintain a work/life balance
Something we often do wrong is confusing quantity with quality. Eating a lot doesn't mean eating well, sleeping a lot doesn't mean sleeping well...Working hard doesn't mean working with quality. Overworking is not a long-term strategy for success, and studies prove it. Extra working hours don't add anything, because employees are not productive anymore. So make sure your team has a good balance between work and personal life.
Take note: Don't think that having a balance between work and personal life is a RESULT of success. In fact, it's a CAUSE of success.
3. Accept criticism and don't fight rejection
Those who understand the value of learning and growing know how to deal with constructive criticism and rejection. They use it to improve the company's flaws, or the way they present their vision. Still, rejection doesn't always mean that you have the wrong vision, or that your business doesn't have a foothold. In the last blog post we talked about the article "7 Rejections" by Brian Chesky, where he shows emails from investors who refused to help his startup - Airbnb. Today Airbnb is valued at about $130 billion. So the value was always there, it just wasn't seen by everyone.
Take note: Use criticism and rejection as fuel for success, have faith in yourself and don't waste time convincing the wrong people to follow your vision.
4. Motivate their team and empower them to succeed
You may have seen (or even lived) situations in which bosses make life difficult for employees, correcting them every 5 minutes, pointing out only the flaws and "punishing" them for each mistake. Well, if you've learned that this is correct, maybe you should learn an empowering approach instead. You'll find it works much better. You must be clear about your expectations, of course. But keep your cool, instruct your employees well, motivate them and drive them to success. We're not saying not to talk to your team when the job is poorly done. We're just saying the approach makes a difference.
Take note: you need your team - motivated and committed - to achieve what you want.
5. Listen and learn
Here's the way - talk less and listen more. This applies to several things. For example, listening to your customers, understanding what they want. Or listen to your mentors, and what they have to advise you. In an entrepreneurship environment, a lot goes into understanding the expectations of others: whether that of customers, partners, investors, your team... You won't know this if you don't listen.
Take note: understanding others is the key to being understood. And without that, you won't be successful.
Also read: 3 Medium articles for aspiring entrepreneurs