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12 factors Startups need to succeed

No startup can become successful with just a promising idea – especially in 2023. With the market already saturated and customer expectations at an all-time high, qualities other than a great concept are needed to rise above the competition.  

Factors such as having knowledge of best practices, understanding how to target customers, and creating various marketing strategies must come into play for your startup to be successful. An understanding of what works in the market and how to attract investors is essential for entrepreneurs looking be successful this year. 

If you have a great idea or concept for a startup and wish to be successful, it is essential that you put together a clever and thoughtful execution strategy. In addition to this, startups need to focus on business fundamentals such as strong cash flow management, products/services tailored to target markets, flexibility in responding to market changes, proper marketing channels, and ongoing customer loyalty initiatives.  

Working on these aspects will including several other factors give the new business the best chance of succeeding amongst the thousands of other competing companies. Knowing which steps are necessary for success and proactively executing them could mean the difference between success and failure. 

The Idea

Many people attribute the success of determining businesses to original ideas and concepts, however, turns out that while it is an incredibly valuable facet, there is much more to a successful business.  

Google provides a pertinent example

The core idea of interactive web search already existed amongst its competitors but ultimately its success was predetermined by a combination of factors such as the founders’ plans, execution, and timing which allowed them to be leaps and bounds ahead. This goes to prove that it isn’t only about having originality to gain success but rather weighing up all components for what works best for your business. 


Leadership is an essential component for any startup business since the person in charge is responsible for a generous portion of its success. Decisions must be made quickly and accurately, along with a vision being set that aligns with the goals of the organization. It’s also crucial to motivate employees and keep them excited about their work and improve morale on a day-to-day basis. Unfortunately, if an inexperienced leader is placed in charge, then chances are higher for decision-making errors and therefore a resulting lackluster performance. 

On the contrary, having a knowledgeable leader can provide the spark necessary to turn even weak ideas into something more substantial and profitable. Ultimately, it’s up to any given start-up to make sure they have a strong leader at the helm. 

Competent Team

To transform your startup into a king of the industry, requires the right set of individuals with the same passion, vision and dedication. Scout for the sharpest minds, who share the same ideology to take the business to another level. With skilful team members, you stand a good chance to take giant strides in the industry. Make sure to identify the right candidate for your assignment and assign the roles to climb up the success ladder. 



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