Did you know that nearly 70% of startups fail? There are many reasons for this, from disharmony in the development team to a lack of product-market fit. And more than that, there’s rarely a single reason why a startup fails. But before becoming a startups, entrepreneurs tend to imagine a need based on the product they want to build instead of doing the other way around.
Don’t build a business from your basement.
That is the foremost valuable advice we can give. And it’s the most critical problem early-stage entrepreneurs struggle with. We have assumptions. we’ve got ideas.
These are meaningless. Knowing that’s the key to success. Entrepreneurs that understand they don’t know and are willing to find out and adapt to what the market wants are those that succeed.
Successful entrepreneurs aren’t visionaries that force realities upon the planet, but instead find a requirement and fill it.
Don’t Create a requirement — Find One!
Too many founders build a thought. You’ve got a drag with this thing that’s annoying and assumes people have a similar problem.
What if you’re weird? Whats if you’re different? What if those ideas and assumptions aren’t shared by others? You need to check.
So why do numerous startups build products first?
The answer: because it’s easy. Code writing, product design, and UI mastery – these are easy and fun. There’s no discomfort. There’s no pain.
You can code away for days and make something nobody wants. That’s the trap.
The key to success appears to be smart pain and discomfort. You are not building a great business without getting your hands dirty.
That means to lecture customers. And lecture customers… and talk some more.
You should understand your clients more than they know themselves. You would like to understand their pains, frustrations, goals, etc. That’s how you build a killer business.
Find a requirement and Fill It
The first step for any startup is the exchange of ideas – business ideas, markets, and pain points. These are key. But they’re also wrong. You’ll pivot. You’ll change your mind. That’s normal.
That is why steps two, three, and four are customer research. Once you’ve identified your market and your assumptions, you would like to urge out of the office and test them.
Talk to customers. Determine what they struggle with. Determine what they need. Test Your Assumptions
People won’t give the answer you need
They often won’t know themselves. Most people cannot tell you what they have, only what they don’t want or want to get away from. Interpret these responses. Dig deeper. Just beneath the surface is where the critical gems lie.
Iterate on Ideas
The key to a robust startups is solving an enormous pain for an enormous enough market. Find the problems an exact number of consumers struggle with and go from there.
Each new round of customer questions must dig deeper and test new assumptions. Support what you learn, update your premises.
Beta Test the Minimum Viable Product
Your product or service shouldn’t be perfect when customers first get their hands thereon. Demo with clients to get feedback as your ideas are revised.
This shortcuts the typical build-it-and-debug-it phases by getting hands-on feedback. But eventually, you would like to trial.
Ship it!
Once your product is functional enough (how robust depends on your target customer), find out beta testers. This is often easy with friends and family, but better if you don’t know them to receive unbiased feedback.
Don’t Grow Before you know
Overdoing your launch is often catastrophic. Launching a mediocre product isn’t suitable for your brand.
Early-access beta allows you to quickly work with early adopters to check the product, value, and functionalities to make your service as useful as possible. Collect honest feedback as often as possible and work closely with your testers to enhance your product.
Once users start to love your product, ask if they might be comfortable sharing with friends via social media. If they agree, your product is getting closer to market fit.
When users and customers are ready to put their reputation on the road and publicly recommend your product, it means you’ve made something great for them.
That means it’s time to go big.
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