03/06/2014 04:52 pm ET Updated May 06, 2014

Secret Recipe for Startup Success

Building a startup is, with absolute certainty, one of the most difficult journeys someone can embark on. Sleepless nights accompany early mornings and the looming taste of coffee and whiskey never quite leave your taste buds. Inevitable failures lead to critical lessons that will, if you're lucky, result in success.

There is no recipe, no secret sauce for building a startup, but there are a few tips that companies should know when building a business.

Don't bite off more then you can chew.

Taking on too many projects too early in their growth stage can be crippling for a startup. Growing your business is not a natural process, and requires countless hours of work from everyone on deck. Startups are early adopters within their industry by nature, but undertaking too many ventures or campaigns could result in the demise of a small business. Having a lean business model will ensure all necessary business aspects are taken care of, forcing your team to evaluate what extracurricular activities are really worth pursuing.

Blaze your own trail.

Another mistake that seems counterintuitive is taking too much advice from other business owners. Business veterans can provide critical advice, but there is also a time and a place to make your own decisions. At the end of the day no one knows your company better than you.
As a startup you need to be highly focused on what pain point your company is trying to solve and balance that with caring about the industry and the competition. Take each piece of advice with a grain of salt, evaluating every angle and aspect of it as a data point and how it pertains to your business. Only then will you know if it's the right decision for your startup.

Don't get too comfortable.

Many startups getting too comfortable. This results in missed opportunities, which can give competition the leg up and quickly leave you and your business in the dust. Startups need to always be on high alert. It's important to be tuned in to everything going on in your respective industries and well-versed on every practice the competition is implementing.

There's no one correct way to build a startup. However, when it comes to best practices, there are certain steps you can take to ensure you're making the best decisions for your business.