If you have the analytical thinking, then you are always researching the reasons of defeats or victories of both your own and those of others. Today we’ve prepared for you an interesting article, where we collected the most important points that affect the success of startups.
5 reasons for startup success
We often work with Startups and share our experience with them in the development of their products.. So we can see how the business model of each of them is organized. All this prompted us to create our TOP reasons for success and here they are:
In our meaning, Timeliness is the most important point that affects startup success. An example is Facebook. This social network has become so meaningful and popular because it appeared just at the time when people needed it. There have already been quite a few of these services, but people have become accustomed to Facebook and are not in a hurry to switch to another network. The same can be said about YouTube. But timeliness is difficult to predict, although there are statistics that can contribute to this.
There is one more important point than the idea and this is a Team. Why? Because you have to work hard and be steadfast and have the necessary expertise to achieve success. Gather in your team those who are really the same passion for startup idea as you are. And those who can add to your team skills that you do not possess.
We are sure that many of our blog visitors would put this item first. So, you have the right to it 😉 We didn’t it because if there is no one to realize the idea, then it is worth nothing. The same can be said when you offer the market something that nobody understands or when everyone already has it. But without an idea, you will not be able to start, since you need a direction in which you will move.
TIP. Start a few MVP’s at once. So you test your ideas and increase your chances of success.
This item includes such things as marketing, communication with customers, sales, delivery, ways of scaling a business, etc. We have good news! You do not need to have it all at once to start. You can get it all after the start and improve in every single item day after day. But for the start, you must understand how to get your first customers. For this, you need to know who they are, where they are, and how to create a clear offer. So make up several options for each of the points, and then proceed to test each of your hypotheses. It is very important to act systematically and constantly analyze the result.
Money is another important thing for any business. It often named like business blood, because without money, any company or startup dies, like a man without blood. In the beginning, you can start with MVP (Read more about it here). So you test the idea, timeliness, and team with the least cost. If at the end of the test period you get good results, then finding investors for your project will not be a difficult issue.
A little Motivation
Startups fail only when their founders give up. Competent executives always find a way to work without funding until their companies start generating money by attracting investment or revenue.
Think about it 😉
And another TIP:
In the process of startup development, the business model and the idea itself can change greatly depending on the market needs. You need to be prepared for this, it is important to remain flexible.
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