It is easy to look at big business brands today and imagine a grand origin story for them. New entrepreneurs are convinced that there are hidden secrets to building and managing a successful startup. A lot of them crawl the internet, searching for a unique answer to success. However, Macropay CEO and founder, Adam J Clarke says that as aspiring startup founders, “You should not believe that the entrepreneurs you look up to are different from you. The only difference is their ability to handle failure and rejection at an incredible rate.”
As per Adam, the ultimate key to being successful lies in one’s ability to keep getting back up after a failure.
Factors to Consider When Running a Startup
To build and run a startup, an entrepreneur must consider these factors:
1. Solution Creation
One of the distinguishing attributes of a startup is that it is primarily concerned with building a revolutionary product and/or service. These products must solve a problem. Startups are innovative by nature and either offer new solutions to old problems or deliver new products to the market.
To successfully run a startup, an entrepreneur must be grounded in the art of creating solutions. That is where Adam J Clarke’s Macropay thrives. He maintains that “Macropay’s technology grants you access to various alternative payment methods and open banking. Customers and merchants alike can now manage all their accounts under Macropay’s all-in-one dashboard.”
Innovation is expensive. The growth of many startups has been hampered by the scurry to secure funds. To successfully run a startup, a founder must define funding sources. These sources could be accredited investors, angel investors, or listing on a stock exchange. A secured source of funding allows a startup team to focus its energies on iteration and improving products.
3. Scalability and Growth
An important factor to consider in setting up and running a startup is how scalable the business is. Startups emerge with the secondary intent to grow their customer base, scale up and yield returns in a relatively short time. To achieve this, these questions must be answered – is our product unique enough to break the market? Is the market large enough to sustain our survival? What value do we add? If these questions are answered successfully, then the startup is on its way to massive expansion and growth.
4. Expertise and a Functional Network
A startup is, perhaps, the most demanding of all business setups. Despite the flexibility that its organisational structure offers, the sometimes rigid nature of its routines can be back-breaking. It is pertinent for the founder of a startup to assemble a team of motivated individuals that buys into the vision. Otherwise, all the demanding workload will not be carried with responsibility.
It is also imperative that these individuals, including the founder, be rooted in both technical and principal knowledge of the territory they operate. This will ease the innovation process and engagement with the target market, generally helping them thrive during rocky times.
Successful Startup Founder Adam J Clarke
Macropay’s success began when Adam assembled the initial team. The journey has not been easy at all. Like all young businesses, the FinTech company’s success story did not come easy.
However, through Adam’s grit, he successfully led his team to multimillion-euro profits, in less than a decade. On top of that, the fintech is currently expanding its operations beyond borders.
For those hoping and dreaming to become successful entrepreneurs, Adam places great emphasis on Les Brown’s quote, “It’s not over until you win.”