Every entrepreneur can recite from memory those grim statistics about the failure rate of newly formed businesses. Sure, the numbers vary — some say 50% within five years, others say 90% within 10 years — but the point remains more or less the same: Most startups don’t last long enough to make a lasting mark on the world.
Entrepreneur and executive Lorenzo Bonfiglio knows this just as well as any startup leader. Over more than a decade in positions of increasing responsibility with high-growth early-stage companies, he’s learned a thing or two about gaining an edge for your business in a crowded marketplace — and advancing your own reputation in the process.
He and other growth leaders trust these six strategies. They might just work for you, too.
1. Set Clear Daily, Weekly, and Monthly Goals for Yourself
Most entrepreneurs set long-term objectives for themselves. They have a good idea of where they’d like to be in one to three years and can set realistic, achievable goals accordingly.
Shorter-term goal-setting is a weakness for some startup leaders, however. Day-to-day business imperatives can create a “fog of war” situation that causes leaders (and their teams) to lose track of small but important milestones. Seasoned leaders like Bonfiglio make a point of setting daily goals, as well as weekly and monthly objectives, to insure this doesn’t happen.
2. Enhance Your Creativity With a Change of Pace
What do you do when you feel like you’re hitting a wall? Leaders like Bonfiglio opt for a change of pace. That could mean going for a walk or run, taking your laptop to a coffee shop, or even taking a break from work to get your weekly grocery trip done. When you’re back at your desk, you’re sure to feel refreshed and energized.
3. Find Yourself a Mentor (Or Two)
The ideal mentor is someone wearing the shoes you’d like to be in within the next five to 15 years, Bonfiglio says. Ideally, they’re someone in your industry with whom you have an existing professional relationship with, or if you’re earlier in your career, perhaps an undergraduate or graduate school advisor.
4. Embrace the Latest Technologies
Bonfiglio and many of his fellow startup leaders are bullish on generative AI. You might beg to differ, but your personal feelings about this or that new technology shouldn’t stop you from trying out new innovations — and then adopting the ones that work best into your day-to-day routine.
5. Immerse Yourself in a Range of Viewpoints
The best growth leaders tend to be intellectually well-rounded. They aren’t set in their ways or resistant to new information. On the contrary, they actively seek out a range of viewpoints and information sources, then use their own experience and expertise to “filter” useful information from junk. They hire employees with diverse backgrounds and experiences, too.
6. Stay Curious and Never Stop Learning
Immersing yourself in a range of viewpoints is something that comes naturally to genuinely curious people, who tend to excel as entrepreneurs. If you’re not the curious sort, don’t worry: It’s a skill that can be learned, like anything else. Remember that circumstances change even if you would prefer that they didn’t, and act accordingly.
Here’s How to Stand Out From the Pack
These six strategies will help your startup — and your unique skills as a leader — stand out from the crowd.
Will they guarantee that your startup survives and thrives? Unfortunately, no. As every seasoned entrepreneur knows, there are no guarantees in business (or life, for that matter).
But that shouldn’t stop you from working hard to give your enterprise every advantage. Because one of these tips could make all the difference.
