The best advice for a startup. What do you think?
Oleg Eltsov
58 replies
Please share your experience and let the community know what advice you consider the most valuable for startups.
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mygarbageschedule@mygarbageschedule
Starting a new business, particularly a startup, can be a challenging endeavor. Here are some essential pieces of advice that can be valuable for anyone embarking on the journey of launching a startup:
Understand Your Market: Before you even create a product or service, thoroughly research and understand your target market. Identify their needs, preferences, and pain points. Make sure there is a demand for what you plan to offer.
Solve a Real Problem: Your product or service should address a genuine problem or need in the market. It's not enough to have a great idea; it must solve a problem that people are willing to pay for.
Create a Solid Business Plan: Develop a comprehensive business plan that outlines your vision, mission, goals, target audience, marketing strategy, financial projections, and more. A well-thought-out plan can guide your actions and attract investors.
Build a Strong Team: Surround yourself with talented individuals who complement your skills and share your vision. A great team is crucial to executing your ideas effectively.
Start Lean: Avoid unnecessary expenses in the early stages. Focus on building a minimum viable product (MVP) that allows you to test your concept and gather feedback from users without overspending.
Customer-Centric Approach: Always prioritize the needs and feedback of your customers. Listen to their suggestions, address their concerns, and continuously improve your product or service based on their input.
Embrace Change: Be flexible and open to pivoting if necessary. Market conditions and customer preferences can change rapidly, so be willing to adapt your business model as needed.
Secure Adequate Funding: Ensure you have access to the necessary capital to support your startup. This could come from personal savings, investors, loans, or crowdfunding, depending on your circumstances.
Focus on Marketing: Even the best product won't succeed if no one knows about it. Develop a strong marketing strategy to reach your target securecrt crackeado download free audience effectively. Online marketing and social media can be powerful tools for startups.
Manage Finances Wisely: Keep a close eye on your finances and monitor your cash flow. It's essential to manage your expenses carefully and plan for both short-term and long-term financial stability.
Network and Seek Mentorship: Connect with other entrepreneurs, industry experts, and mentors who can provide guidance, advice, and support. Networking can open doors and provide valuable insights.
Stay Persistent and Resilient: The startup journey is filled with ups and downs. You may face setbacks and challenges, but persistence and resilience are key to overcoming them. Learn from failures and keep moving forward.
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Don't give up too soon! It's very challenging emotionally so there will be tough times no matter what.
Be sure that everything will not go according to plan. And of course, never give up.
Less fear, more action!
Look for clients, not investors.
Agree with @daniel_hunt4! A great piece of advice which helped me a lot sounds like: 'Remember, building a business is not rocket science.'
The person who said that to me is a serial founder with successful exits. I reflected on that a lot and came to the conclusion that building a business is not about being the smartest person in the room.
It is much more about dealing with emotions, thoughts, and the sanity of my decisions. And this process is indeed not about rocket science. It is more about bravery, honesty, persistence and the ability to hear people whom I want to help with my product.
By the way, it is the same reason why Harry Potter was in Gryffindor, with their respect for bravery, and not in Ravenclaw, which preferred intellect above anything else :)
Be yourself, don't copy your competitors!
Stop postponing product launches.
@iren_ivashchinenko launch it scrappy, customers will love you if you're building for them anyway.
Alal the best with your launch Iren
Keep an eye on your health. A startup is a marathon, not a sprint. If you do not pay attention to your health, then at some point everything will collapse.
@vasiliy_berenkov I was coming here to write the same thing! It's a marathon, not a sprint. If you burn out or collapse, none of the hard work will matter. Finding the right pace can be very challenging and what works for one person might not work for another, so you have to find your own magic formula.
Do you have any additional advice to share about how you keep an eye on your health?
Personally, I do a check-in every morning where I ask myself questions that make me reflect on my state of being. Questions like "What do I have an urge to do?" "What is influencing me right now, and is it good for me?" "What did I learn yesterday?" etc.
@vasiliy_berenkov @maria_hagsten I think this is the most popular stereotype about a startup: work 24/7 and everything will be fine.
Try to get seed investment as soon as possible. It will solve most of your problems. Hire interns to do the basic job.
@pankhurigarg I have opposite views on this.
If you're creating something that is a technological marvel or a breakthrough then you need funding to grow but if you are growing just as simple product that isn't too flashy and just solves the problem I think you can pretty much bootstrap it if you know how to get customers and keep the customer acquisitions flywheel going
Executing at the right time. If you fail in execution even the best plans don't help.
It's a highly dynamic environment. You'll experience an emotional rollercoaster every now and then, but it's definitely worth it! I made sure to reflect every time I had a tougher time, where I was, how it all started and where I am now. So yes, do not give up! Tougher times will come for sure, but they will also pass and make you realize what you're capable of.
Just launch it! It will never be perfect and you'll never be ready enough!
@simona_stamatovska Yes!!! As the old saying goes, "perfect is the enemy of good." Or, to quote Nike: "Just do it!"
Don't do dilly dally and execute like a boss.
Build smaller versions, faster!
We did the opposite for about a year, and the second we shifted to faster/smaller releases, it felt like we pushed the ship into hyperdrive
Always build for the customer, not yourself. It's never about you!
Think about the customer journey every step of the way.
Focus on your customers' needs, adapt to feedback, and stay resilient in the face of challenges. Embrace learning, iterate quickly, and never lose sight of your vision. Success often comes to those who persevere and prioritize delivering value to their audience. 🚀
Never stop learning, the rest will fall into place.
Never give up, but above all at the beginning set achievable goals