Since a decade ago, there were numerous new Startups conceived and passed on due to course of time. Only few survived and are doing entirely well. In any case, just few were doing admirably, where is the issue in that? To comprehend why the greater part of the recently Startups are falling flat, then here’s why; there were numerous surveys directed from those surveys, it was found that, the products/services that have never been acknowledged as there were no requirements for it. In other words they failed to understand the real need base gap.
In any field, if you want to be successful it’s either you follow the proven methodologies or you create the new innovative ideas that people will follow. It depends on the person. I am here to share the fundamental rules, which may help you to begin your own particular startup appropriately.
Step1: Be Futuristic and Live Ahead of Time
My life as an Entrepreneur, you ought to constantly live and consider ahead time. It helps you to comprehend the upcoming changes that are coming to the market and help you to change your products/services before time to manage your business for a longer time. As you most likely are aware, “Early bird catches first,” so bring your creative thoughts into the market before someone else does and be the Market Dominator.
Step2: Identify the Pain Points
Pain Points help an Entrepreneur to make Business opportunities out of it. Never at any point have work on thoughts/ideas rather than work on issues which offer thoughts to build the business. It’s simple and supportable. Continuously keep your mind open and search for the Pain Points that individuals are discussing, attempt to encounter those Pain Points and check the feasibility of it. By doing this, you will feel surer to work on it.
Step3: Write Down all the Pain Points
Clearly, record every one of those Pain Points that you have encountered in reality. Writing them will give you better results than the ones in your brain as it helps in identifying the business potentiality and planning your business model.
Step4: Convert Pain Points to Business Planning
Play around those written Pain Points and develop a concrete Business plan out of it. Business Plan should be very clear and able to address all those identified Pain Points.
Step5: Develop a Prototype (Minimal Viable Product)
Developing a Prototype helps you to save money and time. In case your products/services are not acknowledged, then you will have money and time to rebuild the product or work on a different product. Developing a Prototype is based on your Business Plan. Ensure your address all those pain points into your Prototype.
Step6: Test Your Prototype (MVP)
Every product has experience the testing stage before its last dispatch. Likewise, you need to test your Prototype before you dispatch the final product into the market. Showcasing in general is your prototype to those people you are developing this product to. However, showcasing anyplace else won’t work. Take their feedbacks and make a proper analysis to check if your product/service is able solve their Pain Points. Based on their feedbacks, re-work on your product until your product makes them happy.
Step7: Need Co-Founder
Ask yourself, do I require a Co-Founder? It is not important to have a Co-Founder for a business. Again, it’s the call you have to take.
Step8: Register Your Company
Prior to launching your products/services ensure you register your company and complete all the legal paper works. You need to ensure that you are fully complying government rules and regulations. Part the value offer among your accomplices if you have any.
Step9: Who will Fund Your Project?
Funding is a very crucial factor for all Startups to establish themselves in the market. Outside Funding has its own Pros and Cons. Pros would be, instantly you will have money to work on your project and Cons would be, the ROI Terms that are defined by the investors. Always check Investors Terms and Conditions before you request them to invest on your project. You drive the investors not the vice versa.
Step10: Time to Launch Your Product
Once your item experiences all the checking and testing, it’s an ideal opportunity to make it accessible to people in general to utilize it. Be ensured that your item is being utilized by the group you build up this item to. Ceaselessly, screen your item utilization and its conduct. Legitimately, dissect your client and their conduct towards your offerings.
Step11: Feedback and Improvisation
Feedback system creates a scope to allow you to work on your product for further improvisations. It empowers your product to sustain for a longer run. Listen to your customer and act quickly to settle their issues. By doing this, you can retain your client for longer time.
Step12: Business Growth Rate
Calculate your business growth on quarterly basis and based on the performance, create strategies for success for the following quarter to accomplish no less than 5% development from the last quarter. Work legitimately on your Cash Burn Period and ROI Period. If these factors are compromised, it will be very difficult to sustain in the current market.
No one burns an Entrepreneur; it’s the experience that teaches us the “How to”. So there are no concrete guidelines that can bring you the SUCCESS. Here I shared the basic guidelines which I came across. I trust these rules and I hope they will help you to Start Your Startup.
Share this article and let others know about it.