5 Years Into A Startup – What Have Entrepreneurs Learned?

What happens when a startup is no longer a startup? It is thought that the majority of startup companies don’t last beyond the first two years, but there are some that go all the way to their fifth birthday. In some very rare cases, startups can even go well beyond the first five years! Just look at Soundcloud and Delivery Hero as some prime examples!
Are you wondering what startup owners learn in this five years of success? I’ve asked a few, and here are some important lessons they have learned over the years.
Community Is Important
If there is one thing that will help any kind of startup, it is a strong work community and culture. If you create a great workplace environment, then you will find that all of your employees are always motivated and will benefit from a very high morale. But it’s not just the community in your workplace that is important. You also have to have strong ties to the whole startup community in your local area. That way, you can use nearby entrepreneurs as your support network, and you will be able to help one another whenever you all go through a difficult patch.
Money Causes The Most Stress
Most people will tell you it’s the long hours of startup culture that can be the most stressful thing about working in this sector, but that really isn’t the case. In actual fact, it is the constant need to increase profits and find investments that will keep you wide awake at night. If you want to succeed for five consecutive years, you always need to be on your toes when it comes to money. If you aren’t, you are much more likely to fall into cash flow problems and face your business going under.
You’ll Never Stop Learning
As a business owner, it is absolutely critical that you are always learning new skills and furthering your knowledge. The business world is constantly changing and modernizing, so you always need to stay ahead of this if you want to succeed. You might want to take an online BBA to ensure you know everything about corporate best practices. Or you might want to sign up to a marketing or customer service training course as an introduction to a different sector of business. No matter what education you take, it will certainly be worth it.
Innovation Is Key
So, you start off with a good idea for a new product or service. For the first year or so, this can take you far. But it can only carry your company so far. After a while, you will realize that you need to come up with new products and services, or update the ones you currently have, if you are ever going to reach your five-year birthday. You need an innovative mind that can constantly keep up with creative demands!
Hopefully, all of these things other entrepreneurs have learned can help you and your company succeed for more than five years!