If you ask someone on the street what an entrepreneur is, more likely than not, they will respond by saying that an entrepreneur is a person who starts a business after getting an idea and finding listings of offices to let. While this is indeed true, there is more to an entrepreneur than just from a corporate perspective. Believe it or not, we are all entrepreneurs. We were born into this earth as innovative intellectuals who are always thinking about survival. Entrepreneurship is a mindset, not just a business strategy.
With this being said, many startup companies are entering the market with risky ideas in the hopes that they will take off and drive in a large profit. However, only 10% of startup companies actually make it in the big leagues. How do you succeed in a saturated market where everyone is trying to run with an idea that will instantly hit the jackpot? The answer is this: fail fast.
When you see your startup beginning to lose revenue, immediately track the source of the problem. Failing fast isn’t about the entire business that you created, but rather the approaches you take to running that company or creating that new product that takes a ton of trial and error. Not every idea you have is going to work impeccably. There will be times that your hypothesis may not come out as you expected it to be, but this is OK!
The 90% of startups who failed did not give up– they got right back on their high horse and tried again until they eventually succeeded. It may take years, but be patient! Patience is a virtue, and failing fast will speed up this process.
Here at HMG, we’ve partnered with a multitude of successful startup companies and have played an integral role in their growth and achievements. If you are seeking assistance in strategy, branding, and/or website design for your startup, we would love to see if we could help your company reach its goals. Check out our work done for Retail Me Not, Tango Health, Academic Works, and Pirate Energy Drinks.