Startup Success: Why Grit and Determination Are Your Greatest Assets
Did you know 90% of startups fail—but the other 10% share one common trait: GRIT
In New Zealand's startup ecosystem, success isn't just about having a brilliant idea or securing initial funding. It’s about possessing the grit, determination, and resilience to tackle challenges head-on and turn visions into reality. For Kiwi entrepreneurs, these traits are essential.
The Kiwi Startup Challenge
New Zealand's startup scene is vibrant and full of potential, but it's not without its challenges. As a small market with a population of just over 5 million, Kiwi entrepreneurs often face limited resources and a smaller customer base compared to their counterparts in larger countries. This reality demands a special kind of tenacity to overcome obstacles and carve out a path to success.
Grit: The Foundation of Startup Success
Grit is the secret ingredient that separates thriving startups from those that stumble. It’s the relentless commitment to persevere through setbacks, adapt to feedback, and keep working toward long-term goals—even when the going gets tough.
For New Zealand startups, grit means:
Staying committed to your vision despite scepticism.
Continuously refining your product or service based on market feedback.
Embracing the grind and putting in the long hours required to build a business from scratch.
Take Xero, for example. It didn’t become a global accounting software leader overnight. Its founders leaned on grit to evolve their product, build trust with customers, and break into international markets.
Determination: Fuel for the Startup Journey
Determination drives Kiwi founders to dream bigger, push harder, and achieve more. In the competitive New Zealand market, determined founders:
Network tirelessly to build partnerships and find customers.
Seek out mentorship and guidance from experienced business leaders.
Continuously educate themselves on industry trends and best practices.
This unwavering determination is what allows Kiwi startups to punch above their weight on the global stage.
Resilience: Bouncing Back from Setbacks
In the startup world, setbacks are inevitable. Resilience is the ability to bounce back from these challenges stronger than before.
Resilient New Zealand entrepreneurs:
View failures as learning opportunities rather than defeats.
Adapt quickly to changing market conditions.
Maintain a positive outlook even in the face of adversity.
Sharesies faced scepticism early on when pitching the idea of democratising investment for everyday Kiwis. By staying resilient and focused on their mission, they now have over half a million investors on their platform.
Leveraging Local Support
New Zealand offers various support systems for startups, including government initiatives, incubators, and accelerator programs. Founders who take full advantage of these resources can propel their businesses forward.
Building a Global Mindset
Successful Kiwi startups think beyond the local market from day one. They use their grit and determination to forge international connections and expand their reach globally, turning New Zealand's small size into an advantage by being nimble and adaptable.
In conclusion, grit, determination, and resilience are essential for New Zealand startups. By embodying these traits, Kiwi entrepreneurs can overcome the unique challenges of their market and build thriving businesses that make a mark both locally and globally.
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Recommended Reading: "Grit" - Angela Duckworth