Ryan Raguse and Jake Joraanstad, co-founders of Myriad Mobile, have a pretty good idea of what it takes to build a successful startup. In just over three years, they went from a two-person shop in a college dorm room, to overseeing 30 employees in Fargo, Minneapolis, Chicago, and Atlanta. In this day and age the number of technology startups is copious. According to the Silicon Valley Business Journal, 75% of startups fail within their first three years of operation. So what separates a failing startup from a successful one?

In the March edition of Fargo Monthly magazine, Raguse and Joraanstad provide five tips to help survive the technology startup gauntlet.

  1. Know the difference between strategy and tactical work: Spend most of your time doing the tactical work. That’s what will actually start paying the bills. Strategy can only enhance the company; tactical work will actually create it.

  1. Keep overhead low: When inexperienced people start a company, they think the first thing they need is a fancy office and great letterhead; do these last. Any money should go straight to product development and/or into direct costs.

  1. Blow peoples’ minds: When new, you probably have no marketing budget and nobody knows about you. Focus on doing things that blow peoples’ minds or gets people talking in a big way. Do something big.

  1. Invest your life in your business: Working traditional hours is out. If you still want to work traditional hours then you probably still view this as a job and need to find something else that you are passionate enough to take on whole-heartedly.

  1. Ideas are useless without execution: Forget about how great your idea is and focus on building a team to execute greatly on that idea.

Read Fargo Monthly’s blog to learn how Myriad Mobile and four other startup companies in our region are beating the odds and becoming the successful 25%.

Read more – http://www.fargomonthly.com/blog/meet-5-startups/


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