Starting a new business can be a daunting process, especially for people who haven’t done it before. A Forbes study showed that 80% of new companies failed within their first 18 months. Here, Glowing Global review this study, and suggest ways to increase the likelihood of start up success.
“Companies learn by doing, not by reading”, said Ricco Katona, manager of Glowing Global. “That’s why it can be so useful to get the first hand experience of people who’ve been through the process themselves. By taking on board their advice and best practices, start ups can avoid many of the common pitfalls that can await them.”
There’s a host of information available on the internet for start up businesses, including advice on building brand personality, and how to achieve sustainable growth. Whilst useful, it can’t replace the experience that you get from doing it and succeeding, or failing. It’s essential that start ups aren’t waylaid by initial failures. In business, you can sometimes learn more from your failures than your successes. Indeed, ‘fail efficiently’ is one of five essential start up lessons that are being given by an innovative scheme in Los Angeles. Put simply, it means that if you’re going to fail, fail quickly and learn from your mistakes.
The other lessons given by the Los Angeles Cleantech Incubator are work from a customer’s perspective, work out what they need and find new ways to provide it. Identify the best technology to deliver your solution, and let it be user driven rather than based upon pre-conceived ideas. Refine your project as you work on it, and find new solutions when problems arise. Tell the story of your story up. Studies show that most consumers have an attention span of 8 seconds, so make sure your brand story fits in with that.
“The story of your start up will create engagement with consumers, and create your own unique brand personality”, said Ricco Katona. “Messages have to be bold, concise, and consistent across all platforms. In that way, you can create a memorable impression on your target customers.”
By following the five pillars of design thinking espoused by the Los Angeles Cleantech Incubator, you can vastly increase your chances of prospering through those critical first months. By creating a brand personality, and finding innovative solutions that address real needs, you can become a start up success. That’s what Glowing Global have done, and they’re ready to share their experience with you.