Part of living and working in the startup world is learning from mistakes, both your own and other people's. If you get the chance to see what separates the companies that ended up succeeding from the ones that eventually failed, you can — with a bit of luck — spot the lessons before making the same mistakes. And although in life it is occasionally better to let others make their own mistakes so they can learn from them, there is no reason not to share the collective wisdom of the business.
Solve a real problem and meet real needs with your product
You can have an invention or a product that is creative, exciting and imaginative, but the most important measure of success is meeting a real need in the market you are trying to serve. The best companies are the ones that meet consumers' needs and can adapt what they offer as those needs change.
Leadership is more than vision
Being a leader for your team starts with the idea and the direction that are fundamental to the business, but success ultimately depends on drive. You set the example for the rest of the company with your attitude, your work ethic and your determination.
Put the right team in place
The vision of your end goal may be uniquely yours, but you will need help getting there. To reach your final objectives you will need to surround yourself with people who understand your vision and fit your company's culture and mindset.
Find the mentors you need
As you begin to build your business, you will want an advisory board to help you navigate the corporate maze. Do not be afraid to ask for help; mentors are often glad to be asked and are keen to help and guide others, since they were once guided by their own mentors.
Set your culture as the foundation
In the absence of direct guidance, it is a company's cultural ethos that ends up informing the decisions and the work of the people in it. Your company's culture should say not only who it is but who it aspires to be.
Protect yourself with a legal entity
Paperwork may not seem important during the early days of your startup, but running a business without a legal entity can put your personal assets at risk. Unless you are willing to risk everything you have for your business to succeed, talk to a professional and set up a legal entity to protect you and your family from possible ruin.
Sign contracts
Again, paperwork can seem boring and unnecessary when you are working out of your garage, but it can make or break your business. Every agreement you have should be formalised with a signed contract to protect both parties from future legal fights, which are expensive in both time and money.
Treat your ideas with care
It is a good habit to keep your ideas as close to your chest as possible and not tell everyone who will listen — but ultimately you will have to talk about them if you want to raise funds and grow your business. When talking about your ideas in public, it is smart to have everyone sign non-disclosure agreements (NDAs) to protect your confidential information.
Protect your intellectual property
From the start of your business your intellectual property (IP) is the most valuable asset you have. Identifying and protecting all the IP you create is crucial to the long-term success and viability of your company.
Plan for success and work towards it
Whatever your end goal for the business, keep it in mind from the beginning and work towards it. Things shift and change as time passes and the unexpected comes up, but having that goal in mind will help you plan and take decisions to reach it.
Do not be afraid of competition
Being the only company in a particular market can be daunting, especially when you are trying to draw attention to the problem you are setting out to solve. But do not let competitors entering the space discourage you — competition is proof that you are onto something, and it can force you to focus and improve.
Develop a roadmap
Mapping out the critical path for your business can help you move beyond a plan and towards objectives you can act on, and it will help avoid any unnecessary distractions. It is hard work, but it is worth it for the success of your business.
