9/10 startups fail, what makes that one so different?

There's no shortage of theories on why a few startups are successful while others fail. Shops are loaded with "how to make it rich" books and known entrepreneurs can simply draw crowds to events where they uncover their "secrets".

If you’re planning to start a company or already running one, just make sure you’re on the right path and success will fall your way. These points basically derive the concept of success in the startup ecosystem. Just keep in mind, 9/10 startups fail.

Being Penny-wise

A successful startup is effective in managing its finances and ready to operate exceptionally lean. Each angle should have its own particular budget assigned and unnecessary expenses should be kept away from. It is critical to recognize what the company needs so as to finish milestones and budget in like manner.

Timing

Timing may be a factor, yet evaluating the best time to launch is easier said than done. Let’s take Uber for instance, they had a great model, next to perfect execution, etc, the most important thing was to note its timing. They launched when driver’s needed money the most.

Business Model

The business model, or how the company addresses its market, is key, regardless of the possibility that this develops after some time. This is the product of research. An absence of planning and understanding of the amount of resource and time it takes to get to profitability is the reason for many failures

Vision

An all around defined vision is an aptitude or blessing that each company leader needs so as to cross the finish line. It will be the real force behind a business visionary's prosperity and will serve as a compass in tough times. A startup needs to envision how to monetize from the earliest starting point.

Team

Having a good team to maintain the business is critical. Businesses with more than one founder have a tendency to be more successful than those with only one. Positively, investors and business counsels are united in their belief that the people running the company are of principal importance.