There are three things which a startup team should focus on – building their team, building products and acquiring customers.
Startup = Customer + Product + Team
This strategy will be really useful for startups with a varied market risk. The process of getting ‘Big Fast’ won’t be helpful as the business may break at any point of time and the result moves up and down between profit and loss. Here, we discuss how a team, product, and the customer be put together to make a startup.
1) Articulation Of Ideas
First, the ideas are to be described to the self. Young entrepreneurs do need a clarity first to build a startup. Then the idea must be moved to the team. Questioning and answering must be taken to the next level by discussing amongst the team members.
Questions like “What if any problem arises, how to solve it and also what next step is to be taken if any problem arises” must be discussed.
2) Explore Current Success Stories And Role Models
The Internet is certainly a good option as it keeps in touch with the reality and is also interactive. Alloting some time in a day for online research will definitely help the young entrepreneurs. Keeping in touch with their favorite blogs, following some social networking sites as well as expanding personal contact lists will help a long way of the business journey.
3) Find Out ‘Who Is My Customer’?
After deciding the team, the next query to be taken into account is finding out who are the exact customers of our product. The customer’s persona must be considered first. And questions like
What is the age group of the customers?
What is their gender?
Where do they reside?
What is their main occupation?
How strong are they financially? etc must be concentrated first.
4) Competition Should Be Avoided
Young entrepreneurs often do fail in the market as they start competing with the already existing players in the business market. Thus, competing with the counterparts is not advisable. Delivering exactly what the customers need is what makes them hooked up with the entrepreneurs for a long time. However, when you still wish to compete with the giant business, then ensure that your product is 10 times better than their products.
5) Find A Business Mentor
A mentor is someone who guides a less experienced person by building trust and modeling positive behaviors. Listening to the experiences of a mentor helps to lay a stronger foundation. Their unique ways and perspectives can add a real value. However, a small boundary must be framed between listening and implementing all their ideas. The best ones can be implemented, though.
6) Build Up Your Own Prototype
After successful completion of the above five, it’s now time to build up your own prototype. Five basic principles play a key role in building up a prototype.
- Learning from feedbacks
a) Starting up with designing what is there is your mind. These ideas can also be scribbled on a tissue paper.
b) Now, these ideas scribbled on the tissue paper must be given a proper shape. And also to whom the product gets delivered must be focussed on.
c) These products should be shipped to the required customers and in few cases, customers must be called to the office and should be presented the first-hand experience of the product.
d) The next step is acquiring the feedback from the customers like how the product had met with their requirements.
e) The pros and cons of the product must be learned from the feedbacks which the customers provide us. And learning from those feedbacks can improve the quality of the product and then reinforce the idea from the beginning.