The surprising secret behind why some startups succeed and rest fail

The Surprising Secret Behind Why Some Startups Succeed and Rest Fail

Among 1 million tech startups that kick off each year, how many do you think survive for a span of 5 years? The answer is - ​barely 10%​. The fact may appear dismaying

for

emerging

entrepreneurs

with

sky-high

aspirations

and

revolutionary ideas, but in sooth, it is the harsh reality of today’s corporate panorama.

As a matter of fact, the competition in the tech world has become so cut-throat that just keeping up with the pace has become a critical challenge, let alone achieving the unicorn status​. For experts, the reason of the failure of a startup may be many​, be it offering a service that market no longer needs, lack of funds, feeding an incompetent firm, or being too expensive for clients to afford you.

According to the CB Insights, ‘no market need’ contributes as much as 42% of all reasons for a company’s failure in compared to ‘running out of the cash’ being 29%.

Numerous rationales are fingered at when an organization goes up in the smoke.

Upon scrolling through the Google, one can find enough serious motivational and actionable advice on how to save a startup from dooming. And that’s exactly why, I didn’t want this article to be next one in that list.

Instead, I aspire to utter the secret why some startups cross the golden line of $100 million revenue while some spent their lifespan struggling just to survive.

The secret is -

“Unless the whole firm including every single employee embraces their CEO’s

vision as their own, and unless they become the sheer reflections of that vision, the landslide will become a wild goose chase.”

Related: ​Your Company's Growth might be Restricted because of This Very Reason & You Probably Don't Know it Why do you think that Apple & Amazon are immensely successful and unrivaled in their field of expertise? Because both of the tech leaders are strictly stuck to a specific goal or idea.

Apple leaves no stones unturned to maintain the simplicity & innovation in its products’ quality, design, and ease-of-use. Steve Jobs always admired sleek, simple designs. Once he said - “That’s been one of my mantras—focus and simplicity. Simple can be harder than complex; you have to work hard to get your thinking clean to make it simple.”

So far, Apple has sold one billion + iPhones worldwide​. If it wasn’t for the strenuous team vision, triumph of Apple over the smartphone market would still be just a dream.

Amazon, on the other hand, made it a point to master analytics and think ahead of the time to establish their eCommerce dominance and enable their customers to order heaviest of the goods from the comfort of their couches. One of the most famous quotes from Jeff Bezos in that regards is - “If you do build a great

experience, customers tell each other about that. Word of mouth is very powerful.”

Read more here . . .

Foundation of an empire starts with transforming your core values into a vision and inspiring your team to align their visions with it. That’s something I strived to achieve recently.

For a long time, although I was certain about breaking the heights of success in the IT terrain, I didn’t have a clear vision. However, sparks of innovation if agitating inside, don’t stay uncovered for long. Soon, Vision 2020 was there - a goal so big (to achieve a revenue of $100 million by the end of the year 2020) that I knew I won’t be able to attain alone, but I was also sure that if put together the combined & concentrated efforts of my team, it’s achievable.

On Wednesday, I summoned all my teams (marketing, sales, development, design, and HR) with their professional goals written along with how they will align with the Vision 2020. I was undoubtedly astonished to see that 95% of the employees followed my instructions and came with their plans for future.

Additionally, I also figured out that once you assemble these kinds of meetings, you get to know a lot more than you expected. For instance, plenty of my employees wanted to get enrolled in diverse skill enhancement courses. They were driven by their own inspirations, goals, and visions. What I did just directed all those scattered visions into a stronger, aimed, and unified one. Afterall, Mattie Stepanek once said - “Unity is strength... when there is teamwork and collaboration, wonderful things can be achieved.”

Originally Content published at : ​ ​https://goo.gl/Q61fmj