11 traits you need to succeed in starting a business

2022-04-24 0 By

A large market, potential customers with a strong need, and a good product can make you successful without too much money.The following article comes from Huniu Business. The author of Sequoia Capital released the article “Sequoia Capital: 11 Characteristics of Becoming a Towering tree Enterprise” on the official website, which summarized the 11 characteristics that the entrepreneurial team should have in the most refined way.Sequoia China was founded in 2005 and has invested in alibaba, Toutiao, Meituan, Pinduoduo, JINGdong and other influential enterprises in China for a period of time.After the Internet wave, Sequoia China founding partner Shen Nanpeng believes that the future entrepreneurship theme will shift from Internet entrepreneurship to science and technology innovation, medical treatment, new energy, artificial intelligence and other fields, hard technology will become the theme.”In recent years, hard technology projects such as artificial intelligence and high-end manufacturing have accounted for more than 80 percent of our portfolio,” he said.”Compared with five or 10 years ago, the theme of entrepreneurship in China is undergoing profound changes. It can be said that a new era of technology-led entrepreneurship has arrived,” shen said.While the theme of entrepreneurship has changed, the qualities sequoia believes most entrepreneurs should possess have not changed much.The best way is to start a business, find the right direction, find the right partners, find the right contacts, build a good network.From an investor’s point of view, we prefer to meet the most promising entrepreneurs at the start-up stage.The tech giants we see today may be what one or two people had in mind not so long ago.We’ve talked to a lot of startups, and we’ve identified the characteristics of those that can withstand the market and have a chance to grow into a giant in their industry: 1.A clear vision is best written in one sentence on the back of a business card.2. Find a big market and see the change in it. The target market should be one that already exists, or will grow quickly or change dramatically.A $1 billion market, for example, would be ideal because it offers plenty of room for trial and error and allows for eventual profitability over time.3. Target paying customers Target customers who will buy immediately and pay a premium for your unique product.Focus customers only buy products and services that they can instantly understand.Find the customer’s pain point, and then satisfy them with a solution that makes them have to choose you.6. Constantly challenge common sense or established wisdom by trying different ways of thinking.Dare to take the opposite route, create new solutions and win over competitors.7. Build team DNA A company’s DNA is set in the first 90 days, so choose your first few partners and users wisely.8. Flexibility is the best weapon in the world. The enterprise should maintain sufficient flexibility at any time.9. The Ability to Adapt to external circumstances hone your resilience and ability to continue in the face of sudden changes.10. Simplicity tries to maximize efficiency by focusing expenditure on the most critical areas, especially on the priority links that affect the development of the enterprise.Starting a big business on a small budget forces you to operate carefully and stay focused.In fact, a huge market, potential customers with urgent needs, and a great product can make you successful without much money.