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Starting up takes time, commitment, persistence and a huge dose of passion. To dare to start a business is in itself a success. At least you tried and leaned a new way to make it work or you found one way that doesn’t work. The biggest mistake is not to try at all. If you have an idea for a new business, the best time to go to market is now. Creating a successful startup starts NOW!
It’s important to embark on a journey you are at least sure of one thing-driving with confidence. Validate your idea and make sure you are doing something worth your time and resources. A good idea can fail when implemented wrongly, and a bad idea can be turned around if you are agile enough to change when you have to.
Paul Graham said the other day that “You need three things to create a successful startup:
to start with good people
to make something customers actually want
and to spend as little money as possible.
He could not have said that any better. You may be in the driving seat, but if the people on board are not smart enough to form not just a good team but a great team, you will still fail. Hire exceptionally great people who may even be smarter than you. Startup cultures are created by the same people you hired or are about to hire. You team can and will determine the direction of your journey. A single hiring mistake can cost you the entire business and your smartest hire can change your life and business forever.
Related: Steps To A Successful Startup Launch
Customers will only buy a simple product with a singular value proposition- Sequoia
Make sure you are solving a problem that needs the solution you are offering. Have you verified your assumptions about your idea?, Is there a demand for the new product or service you are intend to sell? If you are already in business, do you think target audience have responded to your app or service. How many users do you currently have? What is the growth rate? What does the feedback you are receiving tell you?
The only way to find out if your product will sell is to stop wasting time and launch it. Put it out there and iterate as you get feedback from beta testers. That way, you can know immediately what works or what is working and what needs to change.
Drive you Startup forward with a frugal mind!, Yes you need to spend only when you have to!
Focus spending on what’s critical. Spend only on the priorities and maximize profitability(Sequoia). It could take a very long time to get the kind of response you expect. Focus on spending right and pay your taxes once your business is registered. Get extra help and guidance from tax experts so that all your tax situations including military taxes will be handled for you professionally. The journey to success is rough and long. You need enough fuel to keep you going even when other loose faith and you believe so much in what you are doing.
Stay committed and persevere!
The road to creating the next Facebook, Twitter, LinkedIn or Instagram is for the persevering and not the faint-hearted. Biz Stone, Co-founder, Twitter once said ” “Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.”
Once again focus on getting SMART people on the bus to work on what customers REALLY want and spend as LITTLE as possible to get to where you have to go.