The secrets to success for startups in 2023      

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Taking the first steps towards launching your own startup business can be a daunting but incredibly rewarding time in your life, especially when you’re launching a startup to sell a product or service that you are passionate about, or something that you believe is going to make a real impact.

‘Startup’ refers to a new-age in business which sees entrepreneurs launching a business idea that hopes to disrupt or improve a traditional market. Many startups see themselves with a unique offering with the aim to secure quick investment and make big sales from the outset. Deliveroo is a very famous example of a successful startup company which, since launch, has disrupted and revolutionised the way customers order not just takeaway food, but online groceries and even high value food from established restaurants and chefs.

So, what does it take to make your startup business the next Deliveroo? Read on as we recap the AXA 2023 Startup Report and give our insight into what it takes to ensure your startup business is a success in 2023.

The AXA Startup Report takes an annual view of the business mindset of the UK, looking specifically at the beliefs and feelings of a community of self-employed workers and SME owners. By reviewing a range of data from surveying a sample of business owners, the report highlights trends that go some way to revealing what it takes to make a startup or SME business a success, year on year.

Now of course, this isn’t an exact science and there are many ways you might be able to make your startup a success. Not only is success subjective, but it relies on many extraneous factors and therefore there is no guaranteed path to success. Here, however, through a careful consideration of the trends and data, the report  aims to give business owners an insight into how their fellow entrepreneurs faired during the early days and development of their own successful businesses in order to help new business owners invest their time into improving their mindset and own entrepreneurial traits.

2023 has been a very tough year so far for small business owners, especially for those who are starting out from scratch. Rising inflation, political uncertainty and an economic crisis continues to throw obstacles in the way of businesses nationwide – a select few however have been able to adapt and flourish in a world which remains forever changed by a European exit and a global pandemic.

In the report, careers expert Sarah Berry provides a specialist analysis which highlights the top traits displayed by successful SME owners in a bid to give new entrepreneurs something to aim for. These traits include a range of entrepreneurial skills, some of which may come naturally to you, but others may require more work. The purpose of this is to give startup business owners some guidance on traits they may wish to invest time in developing in order to improve their overall mindset and increase their chances of success. According to Sarah Berry:

“It is a challenging time for businesses it’s ultimately about stepping up. Most people cannot rise to the challenges which come with running your own business. It requires energy and the warrior mindset: to lead the pack and set a course for success.”

Furthermore:

“Self-belief is integral to independent business success, as it is the driver for decision-making and action. People worry about making mistakes, but even if an action doesn’t turn out how you think, you can always course-correct. Workers coming from a position of a stable and well-paying job may fear risk and financial instability. If you live in complete safety and certainty, it can lead you to feel mentally and emotionally weak, and that can make the leap to starting your own business - and facing the challenges which comes with that - a real struggle.”

Starting a startup, SME or other small business can be daunting, especially when doing so in the world we live in today. Uncertainty can be amplified and for some, the risk involved can be make or break. Regardless of this though, it can be a very rewarding experience which may lead to great business success. Do you think Will Shu and Greg Orlowski, the founders of Deliveroo ever imagined the level of success they have achieved when they first started out?

The important thing to remember is that success takes time. It’s almost impossible to build a product or service that is an instant hit. Even if it is, it’s even tougher to maintain that momentum which is why patience, alongside some other key entrepreneurial traits are important when it comes to securing your startup for the future. According to the AXA report:

“The average small business takes 2.76 years to get off the ground - from the moment the idea springs to mind to launch day. Though 24% will take the plunge in under a year from their lightbulb moment, 51% wish they had struck while the iron was hot and launched their business sooner than they did.”

Furthermore:

“When asked to consider why they needed the time they took to successfully set up and start their enterprise, 30% of small business owners said they valued the time they took to learn more about the job they were going to do and what would be required of them. 15% took a wider view, waiting for a more opportune time within the global economy to take on the additional potential risk of going it alone.”

The Premierline Insight Hub is your one stop location for the latest business news and insights to help you keep up to date with the latest trends for startup businesses and SME owners. By staying ahead of the curve and moving with the times, business owners can put themselves in a strong position for ensuring their business becomes a success and remains a success.

The traits highlighted in the AXA 2023 Startup Report make up a small part of what it actually takes to own and run a successful business, however by investing time into improving yourself, you’ll learn skills which can be transferred into building a better business, by improving your products and services, futureproofing them for many years to come and ensuring that your business is able to reach it’s maximum potential. Build yourself up with your business and hopefully, success will follow.