Everything You Need For a Successful Startup

Scaling / October 20, 2014 / Kristie

Thinking of starting up a business? Maybe you have a great idea for a product or are just itching to be your own boss. Being an entrepreneur can look pretty attractive and have a lot of nice perks, especially as seen in movies like Wolf of Wall Street. But before you go spending your last pennies on rent for a garage to start up the next Stratton Oakmont, consider the key factors for ensuring a successful start up.

The Right Personality

Starting up a business requires a lot of time, motivation, and dedication. You need to be prepared to fail and accept that you will be bombarded with never-ending obstacles. You will be sleep deprived and work more hours than you thought physically possible. Do you have the personality traits you need to start a business? Entrepreneurs are prepared to give up 40 hour work weeks to work 80 hours a week. But if you’re prepared to give up sleep, a steady paycheque, and a portion of your sanity, then there’s a good chance that you’ll have a successful start up and the struggle will all be worth it.


Location, Location, Location

The saying “location is everything” is not just talking about real estate. If you’re living in Canada, Unites States, Australia, Hong Kong, or Singapore then you’re among the Best Places for Startups in 2014.  The following factors make these listed countries great for start ups:

1. Funding
2. Educated Workforce
3. Low Cost of Living
4. Economic Health
5. Low Corporate Taxes

An increase in government grants and government funding programs along with a highly-educated workforce make the above listed countries great for starting up a business.

The Proper Tools

In addition to having a killer personality and the right location, it’s important to have the proper tools to organize your business. Adjusting to being an entrepreneur can be difficult, so as you’re becoming accustomed to working 80 hours a week on no sleep, it’s necessary to have the proper tools to make your work life easier. Scratch that-your LIFE easier- because when you’re an entrepreneur your work IS your life.

Here’s Forbe’s list of 20 Must Have Tools for Small Business. With these tools to accompany your winning traits and the right locations, your business has a much better chance of succeeding.

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