You may have dreamt about someone giving you a 1-2-3-4 stepwise advice on your startup. And here comes the day you have hoped for. It is obvious that in situations like this you may want to know every bit of information or advice possible. As the saying goes, ‘The More The Merrier.’ This article will give you everything; from statistical information to pointers and from hope to practical knowledge.
According to an article published by Forbes
Nine out of ten startups will fail. This is a hard and bleak truth, but one that you’d do well to meditate on. Entrepreneurs may even want to write their failure post-mortem before they launch their business.
According to Mashable
The statistics surrounding startup success are pretty daunting — in fact, of the 500,000+ businesses owners that launched companies in 2012, only a handful will ever achieve a fraction of the notoriety of famed CEOs like Zuckerberg, Dorsey or Karp.
However, the reason for this dark condition of 90% of startups is the incorrect method followed by its owners. There are a right way and right time of doing things with the right product. All these facets are very important for the startup to turn out right and successful.
Let’s hit the points, that you must follow while starting a startup, without wasting anymore time:
1) Earth Shatteringly Awesome Idea
The first thing that is very important for a good startup is an idea that has the capacity to take an ‘explode the market’ entry. One thing to take care of, while judging the value of the idea that has occurred to you is that your idea will always look good to you. But it is important that you take up to four opinions that are unbiased. This is how you can know that your idea is worth implementation or not.
2) Study The Market
To know if the industry does need this idea, you need to do an intrinsic research. Visit the market, talk to people, conduct a survey to know whether the product/service that you are going to sell, is actually required or not. If such a product/service is already in the market then how are you better? What is new in what you are doing? These are all the questions you need to ask yourselves before going forward and hastily launching the company.
3) Make Pre-Market Entry Preparations
Once the market research is done, and you have decided to launch your company after being satisfied with the results of the research, then here are a few things that need to be done. Make an extensive data base on the basis of research done amongst potential users of your product or service. Ask them what are the problems that they are facing, what would they like in a better product/company and so on. More than that you may also want to target a certain section of your target audience, first, so that before you launch your product you already have a set of consumers/customers.
Once all the information has been classified and categorized in different segments of the database and a complete understanding of the market has been made, then comes the time for planning. Look of the company, product/services it will provide, How and where will the manufacturing done, How to bring this product in people’s mind and hearts etc are the questions you need to answer.
5) Step By Step Implementation Of The Plan
One after the other plans that have been made should be put to implementation at its fullest. Only then is there any chance of success. It is said that most startups change course midway and, therefore, fail. But with all this research put to work you will have all the chances possible to be a triumphant startup.
It is understandable that in any market startups are crushed and crumpled, especially by companies that have a monopoly over the product/service you sold.
But even as that is you have to give your 100% and think about the story of David and Goliath. Goliath being huge, invincible and fully armed got killed by little David who had nothing else but pebbles. Small and young as David was, he was also very intelligent, and in the end he killed Goliath with Goliath’s own sword. Your startup is like David and all it needs is a tactic and some intelligent choices and it’s ready to bring Goliath down.