4 Tips by Top CEOs on Building a Successful Startup

For many of us, starting a business is a dream come true. Research shows that 63% of young adults have had their own businesses or want to. If your heart is set on entrepreneurship, it’s critical to have a winning business model to beat the odds. The sad reality is that 75% of startups fail.  So what separates successful startups from those that fall by the wayside? And how can you avoid becoming part of the unsuccessful ones? Well, to be the best, you have to learn from the best. Here are four tips by successful startup founders to steer you in the right direction.

“Keep Learning” — Warren Buffett

The biggest investment you can make is in yourself. Keep learning to develop your own abilities or business. You can’t create innovative products if you don’t know how to think creatively. Read books by successful company founders and buy courses. The brightest minds always keep learning.

Constant learning throughout your entrepreneurial journey will ensure you don’t fail. Learn and adapt based on the knowledge you get as this is essential to success. Keep honing your learning process to build a sustainable and impactful business. Set aside at least one hour each day to learn something new that will help you in your entrepreneurship journey.

“Be Innovative” — Steve Jobs

Starting a billion-dollar business does not happen by chance. Successful founders constantly think of new ways to make situations better. They aren’t afraid of going against the grain. Continuously analyze market trends, listen to customers and stakeholders, and study your competitors to spot opportunities and capitalize on them.

For example, while Apple controls most of the iPhone market in the US, some innovative minds make Apple refurbished phones for individuals who can’t afford new iPhones. An Apple refurbished iPhone is a great option for individuals with a limited budget.

“Use Failure As a Stepping Stone to Success” — Oprah Winfrey

While most startups fail, most founders give up without trying a second time. Media mogul Oprah Winfrey says starting from scratch and failing is a stepping stone to success, not a hindrance.

List down your goals and tackle one at a time. If you fail to achieve one goal, move to the next one. After two or four months, go through the list and see how many goals you have accomplished. Then go back and start working on those you failed to achieve. You may be surprised at how many you achieve the second time around.

“Take Risks” — Mark Zuckerberg

In a world that’s constantly changing, the biggest mistake you can make is not to take any risks. When Mark Zuckerberg and his friends decided to create Facebook, there was nothing like it in existence. Back then, their idea was revolutionary. It paved the way for many other entrepreneurs who would come later on.

If you don’t take risks and become your own cheerleader, you won’t act on ideas that could propel your business to great success. Don’t keep brilliant ideas inside your head, start taking smart risks.