An estimated 90% of startups often don’t break even. There are various reasons as to why that happens. Similarly, there are a lot of factors that help the remaining 10% ventures succeed. The same holds true even for a freelancer.
Let us focus on the top four characteristics of startups and freelancers who thrive in this competitive market.
- Start with the desired destination in mind
Startups: Making sure that they have the right product
According to Fortune, one of the primary reasons that cause startups and SMEs to not make the cut is perhaps a less-than-clear picture of the marketplace and an immaculate analysis of whether there is a market need for their product. An estimated 42% of startups do not break even, as there is ‘no market need’ for their product. Successful businesses, before investing time and money into a product, spend a good amount of time in ensuring that they are presenting a product relevant for the target market.
Freelancers: Clarity of goals
Successful freelancers have faith in the clarity of objectives. For them, freelancing is a way to perfecting the work-life balance without compromising on work productivity.
- Effective collaboration
Start-ups: Business acumen rules the game
The roles and responsibilities in a startup essentially overlap. For example, the CEO of a startup simply just sends out instructions and waits for the work to get done. The same applies to the product development and marketing departments. There are issues and processes such as business model and scalability, which may not be considered dynamic by all, but ignoring them can take a toll on an SME’s health.
A successful startup’s team members understand that it is crucial to work on the business, like owners, and not in it, like employees; they know that they have to run the business together. They understand that it is important to not lose sight of the ultimate goal while dealing with short-term targets.
Freelancers: Helping their clients succeed
Successful freelancers develop the habit of supporting their clients by believing in their ideas. They keep their schedules flexible to accommodate the client requirements.
- Maintain a steady growth curve
Startups: They drive growth
The belief that fast growth is unsustainable has completely lost its ground in today’s changing business scene. Investors often lose their interest in funding startups that do not show a steady growth curve.
Freelancers: They adapt to the client’s needs
A professional freelancer adapts to the client’s needs quickly. He networks efficiently with prospective clients for further opportunities. He welcomes business changes and is happy to upgrade himself with newer skills and tools.
- Work in consonance
Start-ups: Versatility and harmony among team members
A business or a startup is ultimately about people, the team. And this team works to make it grow. The more versatile and flexible this team is, the higher are the venture’s chances to succeed. A successful startup always has a versatile team, which can take setbacks in stride. This essentially means that the team works in harmony even through difficult times.
Freelancers: They carry a positive attitude
Freelancers work in tandem with their mental energies to remain upbeat throughout their work hours. They indulge in hobbies that help keep their mind rejuvenated and drive away mental blocks.
Businesses that succeed have a product that caters to the market’s need, love their businesses; ensure a swift rise; and are prepared to recover from the start-up blows. Similarly, freelancers maintain genuine amiability, flexibility and positivity for long-term success.
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