Facebook, Instagram, Spotify, WhatsApp, Foursquare, Airbnb, Uber, Couchsurfing – those applications became a necessity of our daily life. All of them have one thing in common – they were launched as startups. What is important to think about while creating a startup, and how to convert it to the successful business?
Why do you need it?
First of all, ask yourself, what is the real reason for starting own business. Do you want to bring a value to the world? Do you want to save a planet from global warming or improve the quality of roads in your country? Do you have an idea about improving the daily life of disabled people? If yes – go for it. If your main idea is to earn money – then it is better to stop.
Why the world needs one more startup?
When you have decided that your startup is important for you – it is time to realize what value will it bring to the world. Define the focus group and analyze their specific needs. Then, create a strategy for business development and think again, how will it help people.
The Team Matters
In order to run a successful business, you need a team to help you. Remember that the team is not just a group of people, everyone brings value to the final result. Invest in people and you will receive the desired outcome.
Nobody cares how much you know until they know how much you care.
What is the minimum value of the product?
On that stage, you should show to investors that product will work and give the return, because of a strong marketing strategy and technical background. Few questions should be answered on the stage:
- Is the product centered on one unique feature that sets it apart?
- Are you able to cut all extras and focus on basic functionality?
- Do you have a clear plan on how to bring the product to the market?
- Do you know the target audience?
- Are you ready to make product improvements based on user feedback?
- What changes may happen upon the product in the future?
- Are you able to clear all the legal issues, license, patents?
- What other problems can you predict?
Testing your product on the focus group is far more important than making it perfect. Sometimes it is essential to present a flawed product to the audience and get honest feedback from users. It will help you to understand the exact needs of the target audience. Also, users will be satisfied with the product, as it will be exactly as they want it to be.
Make the product flexible for extension.
Meet with People
Someone may say that visiting business training and seminars is needless. Maybe some of those will not provide you with expected knowledge, but it will definitely give you a possibility to meet a lot of people. Everyone has a unique life experience, ambitions, and knowledge, it will definitely help you to look outside the box.
New startups are launched every day, some of them convert to the successful business, and others just stop working. It is important to know competitors, target audience, and requirements, only this way your startup will change the world.