Aspiring entrepreneurs are continually faced with cold, hard facts — 90% of startups fail, and most of them don’t even make it past their first year. But these daunting figures haven’t stopped budding entrepreneurs from trying.
The companies who have found startup success have many common characteristics that can’t be ignored. A few of these characteristics include launching the right product to the right market and having a competent team who knows how to quickly recover from setbacks.
Meanwhile, research shows that incompetence is among the main reasons why startups fail.
One way to prevent this from happening is to keep track of the trends and identify what works for your business.
Here are a few to keep your eye on:
- Many Startup Founders and Entrepreneurs are Hiring Remote Workers: To put it simply, hiring remote employees or completely going the virtual workplace route are less expensive for startups, which mostly have limited resources. Aside from reduced expenses, hiring remote workers gives founders and entrepreneurs the opportunity to have access to and work with diverse talents from virtually anywhere in the world.
- Blockchain Technology: This technology adds security and efficiency to daily work operations. The increasing demand for blockchain service providers have prompted big corporations and investors to take notice and make investments.
- Hyper-personalisation: Startups are incorporating hyper-personalisation into the marketing strategy, which is a lot more than just sending out a bunch of emails with the consumers’ first names on them. Entrepreneurs adopt this trend to give customers exactly what they need at the right time through personalised content.
Regardless of what industry your startup belong to, being on the lookout and quickly adapting to new trends will give your new venture more chances of success. To learn more about startup facts and statistics, take a look at SmallBizGenius’ infographic below.