7 Ways to Turn Your Startup into a Success Story

It’s exciting to start a business. But did you know that roughly 90 percent of them fail?

Before my company Preply became what it is today — a leader in the education technology space with 250 employees and 15,000 tutors spanning 185 countries worldwide — I experienced failure with my first startup, FindGuru. 

I’ve learned a lot along the way, from both success and failure. That’s why I’m sharing seven tips that can help you turn your startup into a success story.

Get the right team in place.

You need to have a good balance within the team. Balance means a few different things.

When we first started our company, we had three engineers, two business people and zero product designers. You need the right mix of experience and expertise to get things done efficiently. For example, if your company requires that prototypes be drawn up quickly, you need that designer in the mix. You need to have a full-stack team to succeed. While it’s expensive to have every type of person onboard early on, you can utilize freelance services to fill in the gaps where you need help.

Balance on a team also means shared missions, visions and values. Everyone needs to be on the same page, working towards the same goal. This is crucial to setting a strong foundation and roadmap for the future.

And of course, always look to hire passionate, ambitious and hard-working individuals. People you can trust. If you’re interviewing a lot of different candidates, have a checklist with factors that are critical to your business. Why do they want to work for you? What do they bring to the table?

Choose your investors carefully.

Investment in your company is not just about money. It’s about bringing people on board who have the knowledge and experience your company needs. People who will challenge you; people who will bring valuable perspectives, suggestions and insights. There’s a big difference between good investors and investors who are nice people with money. Once we had the right investors in place, we saw...

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