I'm launching a new company & would love your advice about how to best set myself up for success. So many companies fail every day - are there any processes or frameworks I can work through, or lessons I can follow to minimize my own chances of failure?
@miguelhammond10 I have just launched a new product (Firemole) on the market and had spent months beforehand validating the idea and speaking with potential customers. I was an electrician and thought of a simple solution to try and prevent fires and I went speaking with the people who are on the ground encountering these issues every day; firemen, electricians and people affected by the problem. A few key things to remember: 1) Don't build the product you want, build the product/service around the problem your market research has highlighted. 2) Stay as lean as possible for as long as possible. 3) Get an MVP out as soon as possible. 4) All of what @srebalaji said. Good luck:) Sean
Senior Product Manager @ PandaDoc
@miguelhammond10 @srebalaji @sean_o_tuama want to reiterate a bit more on the lean part: being lean and not spending all of the budgets right away is key for a startup. You will experience a situation where the problem you were trying to solve is more important for a different customer and use case. You want to control your burn rate to be able to pivot and make the changes that will bring your product to the top. If you understand the right solution too far down the road you might get no resources left to repurpose your business.
Made in India. Startup enthusiast. Coder
@miguelhammond10 Most startups fail because of the following reasons 1. No product-market fit. Startups build product that no one needs 2. Not enough big market to make the product profitable. 3. Fail to find the best way to reach customers. Or not experimenting with marketing channels. 4. Not recruiting right 5. Not having enough passion for startup 6. Fail to have longtime vision. 7. Crappy product. 8. Not enough traction. Try to avoid these mistakes. I think you have probably heard of books like "The Lean Startup", "Innovators Dilemma". Try to follow these books as much as possible. Most important part of a startup is to validate the product before launching. Most startups fail in this phase. Try to avoid this. All the best for your venture
Principal Developer at AMEX Middle East
Senior Product Manager @ PandaDoc
@miguelhammond10 @zaheerbaloch cannot agree more. I believe that for B2B products you can achieve all the traits mentioned by @srebalaji but fail to become profitable. You want to know who might be willing to pay for your solution, how much the problem costs for the business and whether that fits your pricing strategy.
The future is closer than you think.
@miguelhammond10, Let me chip in with a simple one. Make sure your target market is WILLING and is ABLE to pay for your product/service. All the tests and validations are important, but at the end of the day, if your perfect customer cannot -or is not willing- to pay for it...you're done. Find this one early. Good luck, stay safe, and lots of success!
Founder of alertfor and taskbloom
@miguelhammond10 the odd answers is that... no process, no frameworks worked for me. I tried almost everything that has been told in books. the context is highly varying from one startup to another startup - say (the customer base, your idea, country/location, mentors/investors etc). may be, you have to draw your own art. I think, No startup/idea is a failure, only the person(s) who tried the idea did not make money.
Ifun Pocket Cinema
@miguelhammond10 If you'd like to succeed in startup, the most important thing is to choose a good product for marketing. I happen to know one of the electronics products that are suitable for low investment and easy to success in startups. It's a very special new product called “Unique Pocket Cinema”that I learned from the fair last week. I was surprised that this palm size projector is a lot more powerful than the ordinary projector on the market. With bulid-in battery, just connect with wifi or mobile hot spot, you can play movie at any place you want. For office use, you don't need to plug in the power cord .You can freely place it to any position and can be easily focused. It's much more convenient and time saving than normal projectors. You can also play movie to the wall to enjoy home theater or even play games with big screen, that's so cool ! What's more, you can even sit on the lawn and enjoy the outdoor movie theater, that's fantastic ! At present, the suppliers are looking for distributors all around the world, it's said that you only need to invest 300 dollars to become their distributor, there's no need to open physical stores, you can play movie in the community or in the square to attract customers, you can also rent to students or hotels to develop the market, the market prospect is sounds very good, Now I'm going to place a sample order to have a try, if you are interested, you can go to their website www.nicenovelty.com to check it.