Startup 001 - Data tells a compelling story.

Execution is everything but backing idea with data will be the first shied for your startup.

There are literally millions of startups, thousands new starting month and thousands of them closing down similarly. At first everybody thought it all was nothing but pure luck. You start something, work on it and wish it to grow really large to get the funding required. But as the market is ripening, this myth is getting burst. Multiple factors such as timing, team and funding plays significant roles here.

One of such one is unbiased Market Research.

Let me tell you a story of two different startups:

1. whatever started as a service for people around you. they suggested which of your friends is nearby, who’s going where and who’s free right now. At the very first instance it seems interesting. You have a company and can have some entertainment. But from a market perspective this is bad. As soon as facebook comes up with the same thing
2. Now think about Jukedeck. They created awesome feature to make a song just for you and personalize according to your mood. Moreover you can own a song of your choice as well for your business. It’s definitely a game changer for businesses as well as for personal uses.

JukeDeck was all over the internet on during the London Disrupt conclave and They were the winner for 2015. A cool product with cutting edge innovation.

So here’re the tips:

1. Identify your strengths: If you judge a fish in terms of it’s capacity to climb a tree, it’ll surely fail you. Understand your strengths and build them up. If you ain’t a coder, hire one. If you are coder, get operations person. Don’t try to be in multiple shoes at once.
2. Look for problems: Uber solved a problem of booking and getting a cab. Amazon solved a problem of one store for everything. Solving a real problem with innovative solution helps in getting much more users as well as strength to achieve the goals.
3. 2 days and all background researches: As soon you identified 3–4 problems, give every single idea 2 days and do a thorough market research which includes surveys, total market size, capital requirement etc.
4. Zero-In on one idea and pitch it to at least 10 investors: As soon you zero in one one of the ideas Pitch it to relevant people such as industry ones or investors. Not to your friends, nor family. Don’t think your idea will be stolen. Nobody is going to steal it and in case somebody does it, don’t worry. It’s all about execution.
5. Go rock the world: Everything done. Start getting the right team and make it happen. Starting up is never about ideas. It’s about making ideas happen. :)

Don’t forget to read Things to do before starting up and if you liked us please like, share and subscribe.