Being a successful startup founder isn’t an easy task. Countless hopeful entrepreneurs aspire to establish their own thriving startup, but ultimately very few are successful. According to CNBC, hundreds of thousands of new U.S. businesses launch monthly, and about a quarter of the new businesses fail within their first year.
Aiming to Get It Right
With a large fraction of new businesses failing, many entrepreneurs may be wondering how they can avoid this fate. There are many ways a startup founder can and, often do, go wrong, such as running out of cash or trying to build a product that the market doesn’t need. But what can startup founders do to get it right?
There are several key qualities that startup founders may possess, but it is the combination of these qualities and the synergies they create that is crucial. Being a successful entrepreneur may come down to a “perfect storm,” like having the right idea at the right time, fueled by passion and backed by focus.
Teamwork Over Individualism
Startup founders don’t have to and shouldn’t do everything on their own. It’s important to understand their individual strengths and weaknesses and how each member of the team contributes to the bigger picture, so they can delegate accordingly. By working with a dynamic, creative team of visionaries with different backgrounds, strengths and weaknesses, startup founders are able to create a well-rounded team that possesses the best qualities of every member.
A great team will have trust and respect, diversity and healthy communication. Successful startup founders will work with their team to create an environment that balances all of these elements for the success of their business.
Risks and Failures
One of the most important things for a successful startup founder to possess is an understanding of the value in their risks and failures. Failure is a necessary part of achieving success. Smart founders will accept failure, learn from it and continue striving for success. It may be scary to make risky decisions, but foregoing risks altogether may also mean foregoing reward.
After studying various entrepreneurs, William Kerr, a professor at Harvard Business School, found entrepreneurs are more willing to tolerate some level of risk, as long as it is informed and calculated. The study by Kerr determined that entrepreneurs felt a sense of control over the outcomes of situations in their lives and felt more capable of delivering favorable outcomes..
Startup Studio Insider designed a graphic depicting the top eight qualities of successful startup founders. A few of the qualities mentioned include how startup founders always seek opportunities to disrupt and innovate, strive to understand tactical work, and view challenges as opportunities.
These are some key qualities successful startup founders possess, but there are always more qualities that can make you successful in your startup endeavors. Think you fit the criteria? Learn more about startup founders and what it takes to launch a successful startup at Startup Studio Insider on Medium.