Factors that contribute to the success of a startup

In today’s business landscape, turning an idea into a Billion-Dollar Company is the ultimate goal of many young entrepreneurs. But, the data from the Bureau of Labor Statistics, say, 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years in business. It is because a good idea alone is not enough for success.  For this reason, it is essential to analyze and assess all the aspects that can influence the success or failure of the newly created company. Although the factors of business success are multiple and depend on each company and business model still, there are some that we could consider universal.  So, here in this article, we have described some tips that will help you to strengthen your business in the market. Differentiating yourself from the competitors While setting up your startup, an essential question that every newbie entrepreneur should ask themselves is: “how can I differentiate myself from others?” If you want to survive in today’s competitive industry, you need to determine what sets you apart from the