Starting up the startup (Episode 01)
Do you have a great idea? Are you planning to start your own business? Will your business be profitable in this slow moving economy? Can you raise enough funds to operate? Well, you won’t know before starting one. Right? But there are some ways by following which you can test your idea, improve the feasibility and be whatever your dream about. Here are some key factors you might look deep down.
1. Make the idea deep, not wide:
Most of the startup owner’s start with how vast their idea is. Instead you might work on how deep your idea is. Break down what you want to do, find out every small tasks behind this, know how many people you might need for a flawless operation, find which core value you will add to your customer’s life etc.
“The strategy is to first know what you don’t know, the tactic is to grind, and the value is to remember: there are plenty of places to innovate.”
2. Be a spy:
After the detailing, you have to work on the competition you have. List down the core competition and be like a customer. Visit them, find out the answers of your three questions. A) How they provide the product/service, B) Are you happy with every small things you are getting with them? C) Why/Why not. Make a good-bad rating analysis on your competition and find out what value the customers are not given or you can give better. Focus on the value and BAMM!
“The strategy is to first know what you don’t know, the tactic is to grind, and the value is to remember: there are plenty of places to innovate.”
3. Make a team:
This is the most challenging part for a startup owner. People get frustrated to find out the perfect team members for their startup. The most risky situation for a startup is a ‘single owner’. So, follow a process to create the perfect team. Find out what skill-set your business need to operate and what skill-set you have. Here you will find the skill gap yet to be filled up. Search for people who have the same vision like you and have the remaining skill-set your organization needs. Check psychological alliance with you & you got the right person you are looking for.
“The secret to successful hiring is this: look for the people who want to change the world.”
There are some more focus points coming up in the next write-up. Keep in touch. To be continued…
