When You Know Your Start Up Is Succeeding
According to Forbes magazine, about 90 percent of all startups fail. However, getting people mad about your products or services is not necessarily a bad thing. Sometimes getting someone mad is exactly the right thing to do to make your startup ultimately succeed. So how do you know if your start up is doing well?
It’s The Opposite Of The Norm
Let’s look at California startup Hampton Creek as an example of a successful startup. They decided to make egg less food products that normally call for eggs. According to this article about Hampton Creek by Wired online magazine, many noses were knocked out of joint when the startup announced it had successfully created a vegan egg. Their most popular product is called Just Mayo, an eggless mayonnaise. This prompted the Food and Drug Administration to complain of false advertising, since consumers expect eggs in their mayonnaise. This may sound silly, but it all wound up being great publicity for Hampton Creek.
Gives A Segment of People What They’ve Been Looking For
Vegans have been and continue to be a segment of the population that other segments like to make fun of. For vegans, it can be very hard to find food products that do not contain even traces of animal products like milk or eggs. By making egg-less foods like Just Mayo, Hampton Creek already sparks the interest of an unappreciated customer base. Parents of kids with egg allergies also are looking for egg-free alternatives.
Communicates Well With Vendors and Customers
Successful startups build a relationship with their vendors and customers. They have a strong company mission. They are active in social media, not only promoting their products but offering information they know are valuable to their customers. They react to criticism calmly and professionally. They let customers and vendors know what products and services they plan on making in the near future. There should be no sudden shocks for customers or vendors.
It used to be that startups had to spend money to make money — a LOT of money mostly on credit. A good startup refuses to splash out the dough for extravagances like private jets for the higher-ups in the corporate ladder. Money needs to go back into making quality products or services.