Everyone thinks about winning when entering this thrilling entrepreneurial market. However, people around start to judge and you begin to doubt yourself in the course of time. Apart from dealing with self-doubt, we invite you to have a quick check on your own business: 7 Essentials for a Successful Startup.

 

  1. Network

The world is full of opportunities, just that you need to know where to look. Working 24/7 alone in a corner doesn’t make you successful; opportunities that are publicly announced are just tips of the iceberg. Opportunities don’t happen, you create them. We all know the importance of networking; however, seldom do we truly know and take action. Joining more industry event helps.

 

  1. Public Relationship

In the very beginning of your business, you probably put much effort on the paid and owned media, through which you try to persuade others how good your products are. However, earned media, on the other hand, is the validation others granted. Not only does it help building brand trust, it distributes and amplifies your content. Common ways to earn media for small business include:

 

  • Participate in industry trade show
  • Join competition and earn free media coverage from the organizer
  • Nominate yourself and gain attention from publisher
  • Create content worth sharing

 

  1. Financing

Money isn’t everything but everything needs money. Be yours a profitable start-up or a social enterprise, you need venture capital as well as a sustainable business model. Do consider different startup funding options. Check out “What are the 5 ways to find funding for your startup?“, advice from our founder Andy Ann, who was also nominated as one of the Top 10 Innovative Entrepreneurs.

 

  1. Technology

If you ever study economics, you would understand the importance of investment, technological in particular, which can shift but not move along the production possibility curve. Work smarter, not harder. Utilize the existing technologies to save your hassles. Google “productivity tools” and learn how you can better manage your time, business performance and customer relationship. Klarity for social listening is a case in point.

 

  1. Business Opportunity

How do you define business opportunity? I suppose none of you would start the business if no opportunity is perceived. Last step of Google Design Sprint “Validate” determines whether you should continue with your business idea. Remember ask good questions and be honest to yourself during the user test. Consult widely, BUT make your own decisions.

 

  1. Scalability

Dream big, start small. Similar to the idea of Google Design Sprint, use a minimum viable product (MVP) to validate the model. Think out of the box and figure out the relatively effortless way to kickstart your project. Mark Zuckerberg began his little project at school before Facebook connects world. A successful entrepreneur is forward-thinking, yet down-to-earth.

 

  1. Mentorship

Last but not least, no man is an island. There are times “you tried your best but you don’t succeed; when you get what you want, but not what you need”. You want someone to “fix you“. Being vulnerable and open to feedback are important to all, no matter you want to be successful in your startup or life.

 

The above 7 essentials are listed separately; yet interrelated. NDNX Co Work Tech Hub is thus not just a coworking space in Hong Kong, but also a full startup support center. Leveraging our founder’s expertise in entrepreneurship, we are holding the first-ever Xccerlator Programme and inviting you to enjoy the 9 additional benefits. Check it out for details!