I’ve helped launch a number of startups during my 40-year business career, and I can state with certainty that starting a business is a path filled with risks and challenges. There is a well-known statistic that indicates that 90% of startups fail, with 10% of them not surviving their first year.
From years of building companies, investing in others, and helping shape businesses across a variety of industries, I’ve learned what it takes to transform innovative ideas into successful, lasting ventures.
In this article, I’ll share my insights on how to be among the successful 10% of startups, navigate the inevitable challenges, and determine whether your idea has the potential to make a meaningful impact.
FOUR PILLARS OF A SUCCESSFUL FOUNDER
To thrive in the competitive world of startups, entrepreneurs must cultivate a specific set of qualities. These traits are essential regardless of the sector or size of the business. Here are four key attributes every founder should possess:
- Unflappability: A successful startup founder must be able to stay level-headed in the face of criticism, doubt, or even failure. You must remain focused on the bigger picture and resist being swayed by every negative comment or setback. In the volatile startup world, keeping calm under pressure allows you to make strategic decisions rather than emotional ones.
- Empathy: Empathy is critical for understanding the needs of both customers and investors. A successful founder listens intently and can view situations from multiple perspectives. By putting yourself in the shoes of your audience—whether they are users, partners, or team members—you can fine-tune your business strategy and communication. Building trust and meaningful relationships requires the ability to connect and empathize with others, especially when dealing with difficult negotiations or unexpected challenges.
- Persistence: If there’s one trait that defines a successful entrepreneur, it’s persistence. Every founder, regardless of their industry, will face obstacles, and often these hurdles come at the most unexpected times. Staying the course, finding solutions, and pushing through challenges are essential. But persistence must be tempered with self-awareness—you need to be determined without becoming stubbornly blind to reality. There’s a fine line between persistence and arrogance, and great founders know how to walk it.
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- Curiosity: The best entrepreneurs are constantly learning. They’re curious about new ideas, technologies, and ways of doing things. Curiosity drives innovation, which in turn drives success. Asking questions, seeking feedback, and looking for unconventional solutions are the hallmarks of a founder who is never satisfied with the status quo. For a startup to grow and evolve, its leader must remain open-minded and willing to adapt to a rapidly changing world.
Developing these qualities doesn’t happen in isolation. Surrounding yourself with people who challenge and inspire you can accelerate your personal and professional growth, and that growth will ultimately benefit your business.
STRATEGIES FOR SELF-MOTIVATION AND RESILIENCE
The reasons people launch startups are as varied as the businesses themselves. For some, it’s about financial success; for others, it’s the satisfaction of creating something meaningful. No matter the motivation, self-driven founders are far more likely to succeed. External motivations—such as trying to imitate successful entrepreneurs—often lead to wasted time chasing trends instead of focusing on execution.
INTERNAL MOTIVATION AND PERSEVERANCE
Self-motivation and perseverance are the bedrock of long-term success. Entrepreneurs must cultivate an internal drive that keeps them going when things get tough. Just like an athlete trains consistently to achieve mastery, founders must consistently work on their business, no matter how many setbacks they encounter. True motivation is revealed not in moments of triumph, but in how you recover from failure.
LEARNING FROM SUCCESS STORIES
Successful companies don’t emerge overnight, and every entrepreneur can learn from the struggles of those who came before them. Take Jeff Bezos, for example. In 1995, he began raising funds for Amazon, despite facing skepticism and doubt from countless investors. His perseverance led to the creation of one of the world’s largest companies. Likewise, the founders of Airbnb faced repeated rejections from investors. Today, their company is valued in the billions.
These stories are reminders that persistence, coupled with innovation, is a formula for success. Every setback is an opportunity to learn and adapt, and it’s those who continue pushing forward who ultimately build something remarkable.
PRACTICAL TIPS FOR STARTUP SUCCESS
No matter your industry, a few key principles can greatly improve your chances of success. First, maintain direct engagement with your customers. Whether through personal sales or ongoing dialogue, understanding their needs will help you refine your product or service to solve real problems. Second, keep a close eye on your competitors. Analyze their strengths and weaknesses to find gaps where your startup can shine. Finally, focus on a narrow market segment before attempting to scale. Successful startups often find their niche before expanding, giving them a solid foundation from which to grow.
MAINTAINING FAITH IN YOUR VISION
In the end, the most successful startups often solve problems that their founders are deeply passionate about. It’s easier to stay committed to a project when it’s personally meaningful, and this passion often translates into a better understanding of the target audience. As an entrepreneur, maintaining belief in your vision is critical—even when faced with rejection. Every “no” brings you closer to the right “yes.”
In my personal experience, the best founders are those who remain steadfast in their belief, learn from every challenge, and continue to refine their vision until it becomes a reality. Entrepreneurship is a long game, and success often comes to those who are willing to keep pushing forward, even when the road is tough.
Elliott Broidy is an entrepreneur who has used his extensive experience and talent to found, invest, and in some cases, manage as CEO, more than 160 companies over his four-decade career. Since 2014, he has focused on technology businesses (including, more recently, AI) in the defense intelligence, homeland security, public safety, and law enforcement sectors.
