solving a startup puzzle
Starting a startup is an exciting time, and it isn’t hard to get lost in the excitement. However, excitement may not always be a good thing, when composure and thoughtfulness is also called for. Here’s a list of things to be aware of as you start on your new venture.
Not loving your startup enough or loving it too much
Falling in love with your startup is great but don’t stay too long in a messy relationship. Fail fast. Go to networking events and events which promote startups, such as Startup Weekend Kathmandu, which allow you to test your hypothesis. Don’t hold on to a small slice of the pie; envision making the pie so large that a slice is bigger than the whole of the original pie. You will need complimentary skills which can come in as hires or sweat equity or equity which accelerates your product growth and increases quality.
Stop, if you have already begun working on a product without research validation. Have you talked with your client to ask them what they prefer? Have you done a need assessment along with market survey for growth?
For example: anew tech startup BabLrr.com which is in its beta stage changed its product name to 11Beep after it got feedback that one couldn’t remember their name. Research is not a fancy word; it provides answers that validate and give new direction or end your love story with your current startup. Still, it’s always great to stay single than to be in a messy relationship.
An effect when class 7 maths is used to plan the revenue for a company. A startup is justified when you plan to earn at least 10 times of what you would earn as salary. So when you put prices for your products and services, don’t play on the price as the only competitive advantage. A recent survey shows that 68% of customer retention depends on customer services.
Research plays an important role in telling you your customers’ needs and their willingness to pay for it and how, and the growth rate at the price you would be charging. It’s up to you to decide if you want to get in the market with that pricing.
Having ad-hoc management
Who turns off the light? That’s a dilemma we always have. I wish it was easy as in Mr. Bean where he just shoots the bulb. But that’s not the case when you have a startup with co-founders; you need to divide the role or delegate so that the wheel keeps turning. This gives responsibility to you and your co-founders and when you trace back your success or the mistakes, you see exactly what is going great and what needs to be improved.
Hoping to get special treatment
In the eyes of the government, the Chaudhary Group empire and your company is the same. You need to follow all necessary procedures that CG follows and give big brother a report. The best idea is to invest in a good lawyer and an auditor or a CA according to your startup needs and figure out the best way to go ahead. This will save your time and money as these aren’t your specialty.
This isn’t an exhaustive but a suggested list. The nature of startups will bring in new perspectives that will require new processes. But these pointers make up what I would like to call, a common sense approach to a startup, rather than a formulae for a successful one.