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  4. Top Qualities of Successful Startups

The Top 5 Qualities of Successful Startups

  • Intro
  • Flexibility
  • Market Knowledge
  • Forward Thinking
  • Excellent Teamwork
  • Strategic Planning

The Top 5 Qualities of Successful Startups

Want to build a startup? The idea sounds great: being your own boss, bringing your ideas to life, and retiring to your own island. However, the truth is that creating a successful startup is challenging and requires a willingness to risk failure. Chances are you'll spend your time wading through market data, fundraising possibilities, online forums, and legal information about incorporation and taxes. Sounds fun, right?

There is good news, though: With an exceptionally strong work ethic and a high level of drive, you can build a successful startup. Studying the key characteristics of profitable companies can improve your chances in the marketplace. Take these vital underlying principles of successful startups, and figure out how to apply them to your vision. You could be on your way to that private island in no time.

Flexibility

Most startups make at least a few changes along the path to success. Your business may only need a few minor adjustments, or you may need to pivot more than once before you finally find your niche. For example, PayPal needed a small adjustment: moving toward online payments after focusing on transferring money between PDA devices. Twitter required a far bigger pivot: It began as a podcast subscription service called Odeo before succeeding as a micro-blogging platform. With a startup, flexibility and willingness to change are essential keys to making your venture profitable.

Market Knowledge

Let's say you're passionate about building the widgets of the future. You have solid design plans and a tested sample product. You can expect record sales once you launch, right? Not necessarily. Even if you think your widget is the best thing since sliced bread, you can only build a successful startup around it if there's a market for your new design.

Having a clear understanding of your target audience and how your product fits in the existing market is vital. In fact, some studies show that lack of market need is the most common reason for business failure. So before you decide to base your entire strategy on your widget, spend some time doing serious research to make sure there's a market for your product. Remember that your initial success doesn't necessarily indicate long-term sales. Be willing to make modifications to your design to evolve with changing market needs.

Forward Thinking Innovation

While it's nearly impossible to launch a successful startup without at least a small group of potential customers who value your product or idea, that's not to say you have to depend entirely on the existing market for your long-term success. Some of the most revered startup founders are those who were willing to think way outside the box and actually develop a market for their ideas that eventually replaced the existing value network. Ideally, you should balance passion for creating a new market for your ideas with the ability to target your concepts to existing customers who value them.

Excellent Teamwork

It may seem like it's always the startup founder who gets the credit for success, but profitable businesses rely on passionate, effective team members. Most people forget about how many team members it actually takes to create a business from the ground up, but the fact is you can't go it alone. Famous founders didn't achieve their success by themselves, even if it seems their names are the only ones people remember. From launch to daily operation, you need to surround yourself with team members who share your passion, vision, and values and who can bring essential wisdom and skills to the table.

Strategic Planning

It's not enough to just have an innovative idea; you must have a realistic and logical plan to bring your vision to fruition. What does good strategic planning and execution look like? It may be slightly different for each company, but the keys are focus, motivation, and well-defined goals. Once you have these elements, you can plan a detailed and actionable strategy that every member of your team can understand and follow.


Give Your Startup the Best Chance of Success

While there's nothing that can guarantee your startup is a success, following these principles can give you the best chance of making your idea work. You can also benefit for bringing key partners in along the way, from valuable team members to consultants and outside vendors. When you're ready to take the next step to incorporate or form an LLC, MyLLC.com makes it easy. Find priceless resources for your business, and use the contact form to get started.

 
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Disclaimer: This information is made available by MyLLC.com, Inc. (the "Company"), and is intended for educational purposes only, and it is not legal or tax advice. No action should be taken in reliance on any information in or on this site without verification with legal or tax counsel, after review of the facts and current law, that the action to be taken is appropriate under the circumstance. Except as expressly provided to the contrary in writing by the Company, the materials contained on this site are provided on an "as-is" basis without warranties of any kind, either express or implied. Company disclaims all other warranties, express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title and non-infringement as to the information, content and materials on and in the site. Company does not represent or warrant that materials on and in the site are accurate, complete, reliable, current or error-free.
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Nevada's Tax Laws have changed
Effective July 1st, 2015:
Be aware that if you are currently incorporated in the state of Nevada, or are considering becoming incorporated in Nevada, 2015 changes to the tax laws may directly affect and increase the costs to your business!

What is your first step? Simply choose which of the following two options applies to your business:

ALREADY INCORPORATED in the state of Nevada? 2015/08/15 - Your annual fees increased from $325 to $650, and that’s not including the Commerce Tax if it applies to your business! Further, you will now be required to file your tax return with the NV Department of Taxation with June 30th as the fiscal year, not the calendar year! Review these changes with your tax advisor immediately! If you choose to re-domicile your corporation in another state, MyLLC will file the re-domestication paperwork for you!

TRYING TO DECIDE WHICH STATE is best to incorporate your new business? MyLLC strives to provide you with up-to-date information and exceptional customer service. Contact your tax advisor to review your options and then talk to MyLLC's Incorporation Professionals to assist you in filing your articles of incorporation as well as provide you with Registered Agent services!

MyLLC is committed to assisting you in this process but you must contact us today!

Call us toll free at 888.88.MYLLC or fill out the contact form so one of our experts can help you.
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