According to Forbes columnist Mila Smart Semeshkina, "Startup success is a product of courage and foresight."

She shared five tips based on personal experience and successful business cases to do this.

About 90% of startups fail within the first year of launch. To avoid falling into this category, Mila believes applying the minimum viable product approach is necessary. Many startups make the mistake of striving for absolute perfection when they should be focusing on working with an authentic audience and identifying functional and technical errors to create a product that is not perfect but works. By the way, this is the principle that Amazon has followed.

Also, according to Mila Smart Semeshkina, avoid asking investors for help because, this way, the startup risks losing control over the situation and finding itself in a dependent position that will ruin it. Suppose the need for external financing is acute. In that case, when choosing investors, it is worth focusing on their expectations and goals, ensuring they are consistent with the company's development plan.

It is equally important for a successful startup launch to involve a small but versatile team familiar with efficient management principles in terms of skills and experience. And of particular importance, according to Mila, the focus on making early profits is critical. According to Mila, the principle of "paying off later" only increases the risks for the company. At the same time, early profitability provides economic stability and allows you to gain a foothold in the niche.

These principles formed the foundation for the Lectera platform. You can learn more in the full version of the article on the official Forbes website:

https://www.forbes.com/sites/forbesbusinesscouncil/2024/01/24/five-working-tips-to-build-a-successful-startup