Issa Asad Explains 3 Ways You’ll Know Your Business Is a Success
There have been some daunting numbers released on startups in recent years with studies showing that 75% of all startups fail; with 25% of them failing in the first year, 36% in the second, 44% in the third and 50% in the fourth year.
“Founders of startups therefore have an uphill task when it comes to keeping a new business afloat and knowing how to tell if your startup is successful,” said Issa Asad Florida entrepreneur and businessman since 1996. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
However, there are some few helpful tips that seasoned entrepreneurs have come up with in order to help the incoming generations of entrepreneurs. Here, Issa Asad Explains 3 Ways You’ll Know Your Business Is a Success:
The first metric is the S-curve outlook deals with the various stages of innovation that a company goes through from startup to scale and then competition and into the transition stage. All these stages are important in showcasing how the business is fairing in the market and especially as compared to its competitors. The S-curve illustrates this and helps you chart an appropriate plan whether to stay the course you are on or go back to the drawing board.
The month-over-month growth is yet another vital key that helps determine the rate of growth that the business is experiencing. The MoM growth as it is otherwise known is used by venture capitalist investors to evaluate a business before investing in it. The parameters used in this metric include revenue, profits, users and retention which should all grow positively each month even if not simultaneously. The rate of growth may vary with each type of startup but the bottomline for each should be upward movement in all the areas laid out.
The third way that can help you tell if your startup is successful is using the viral arc based growth indicator. This deals with the word of mouth approach which is a big deal especially in this digital age as word of mouth has basically moved to social networks. The more people talk about your business or product, the more your brand grows which lays a foundation for its growth. This has worked in the past for various businesses and reflects a trajectory for success.
Even though these tips may not be absolutes when it comes to helping your business succeed, they help keep you in the know when it comes to what your business needs in order to succeed in the future. Statistics on startups and their success rates may not be the most encouraging but as long as you stay cognizant of the environment you are bringing your business into, put in the effort and be willing to adapt, you are assured that your startup won’t become just another statistic.
These tips will help you actively plan and move your business towards growth, success and meeting your milestones to join the 18% of entrepreneurs who actually succeed in their very first startup venture. With effort, transparency, good leadership and above all, effective communication both within the company and with the public, your startup is sure to thrive.