Measuring Success: How Experienced Entrepreneurs Do It

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Measuring success really is a tough one. If you're not quite sure how to do it or want to compare your techniques with other experienced entrepreneurs, read more here:

When talking about business, we can all agree that its main catalyzer is success. This is one addictive drug that makes the world of business go round and round! Reaching it is always a challenge and the road towards it is filled with ups and downs, never-ending curves and a lot of work.

It is every entrepreneur’s greatest burden and blessing, at the same time. It’s what gets them through the day, and what can sometimes crash their hopes, dreams and expectations. It cannot be reached without taking risks or revolutionizing everything you thought you knew until a certain moment.

The question that arises now is how do you know when you have reached the peak of the mountain? Is there a moment when a business reaches a level so high that the growing process simply stops? Are your business’ numbers the only ones that speak volumes about your success as an entrepreneur? How can you measure your success?

How do today’s entrepreneurs see themselves and how do they measure their rate of success? Did their accomplishments bring them the satisfaction they were looking for, or are they still feeling the need to explore and expand their limits?

Let’s check out their pulse and see how’s the situation in what the European startups are concerned! How do European entrepreneurs quantify their success?

#1 Customer Satisfaction

Arkuda Digital, a Ukrainian startup specialized in developing applications for content sharing states:

The key to success is a happy customer, of course. We are very passionate about our users, and the fact that they are enjoying our product is very important to us. Today we have over 2.5 million installations of our applications on Apple’s App Store and Google Play markets.

Meeting their customers’ needs is a priority, which is why they are always updating their software. Even though the numbers are quite astonishing, they admit that there is still have a lot of work to be done before reaching the that peak of the mountain. A great number of projects are already programmed for the future!

#2 Company Growth

It only makes sense to assume that when the customers are happy, when the leads are generated and then converted, the business is going through a harmonious growth. Just like Attify’s founder, Aditya Gupta, states:

I measure success in two ways: 1. How happy are our customers with the results and how many of them turn into regular clients? 2. How is the company’s growth – in terms of culture, workplace and financial.

Attify is a startup focused on protecting companies from hacking attacks, by ensuring their digital assets. They hack into companies’ websites, the same way hackers proceed, but then collaborate with the company in the process of repairing the holes and securing them further more. After 12 months, they admit that they are quite happy with the results they managed to get:

The clients we work with are extremely happy with the results and 90+% of them have signed annual contracts with us now. On the growth aspect – we have surpassed our own forecasts of the revenue front and the team is really loving the culture here.

#3 Completing Every Baby Step

TOPDOX is a brand new startup in the industry of digital files. Its CEO and co-founder, Nelson Pereira, is a bit reserved when talking about how he measures the success of his company, precisely because its young age:

We are currently building our own path and every day we need to learn how to build the next mile of that path and when we find it, we celebrate that success.

Ultimately, it all depends on how developed the startup is. In the case of a recently founded startup, taking baby steps and celebrating every milestone is the best way of celebrating success.

How you measure the success of your business is completely up to you. The important thing is to, actually, get there. Getting to that point is a great challenge. The greater challenge is, however, to make sure that once you got there, you stay on track! How do successful businesses manage to do that? Well, that’s a whole other story!

 

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