Everything starts with a brilliant idea, at least that’s what people say. Every day, thousands of startups join the market. What’s the difference between success and failure? Some startups last for decades, and others fail before launching. All of them had good ideas and incredible people working there. What seems to be the problem?
5 features that successful startups have
Perhaps it’s not enough to have a vision. What if there were five facts to define startup success? These things protect startups from the five biggest problems in business: demand, competition, funding, costs, and product quality.
- Adapt quickly to the market demand
The problem with ideas is uncertainty. How do you know people will pay for it? Regardless of the evidence, one fact won’t change. You never know how customers will react until you launch the product. Before the first launch, nothing can guarantee success.
Because of that fact, the least we should do is to release the version fast. Even if it’s not polished, a startup can release a basic product to test it. The more feedback they get, the more clarity you will have in the next launch. Before you launch, keep things simple. Remove unessential features to save time and money. The more you test, the closer you get to the perfect idea.
- Focus on product creation, not marketing
What’s the reason a client goes to a certain site? They want to solve a problem they have. For example, you may need some good insight into an investment you want to make. You would go to Iraqi dinar intel to get the most up-to-date information on the dinar. Once someone gets the answer to their question, chances are they will come back to have more questions answered.
It could be education, inspiration, security, an emotion, an appearance, or a tool. Whatever the problem is to solve, people will give money for it. The more important the problem is, the more people have it. If you solve that problem, your startup will be worth millions. Make a product ten times better than the current solution and you will dominate the market.
How do you know you created the best product? People want to share things they love. If your offer is good, your existing audience should keep it profitable. Look at advertising. You can use paid traffic to launch any product. If enough people get to know it, it should end up working well without advertising. With this simple tip, you can validate your idea.
Now, imagine your startup could no longer sell the product. How disappointed would your clients be? If they wouldn’t, there wasn’t a real market need. Otherwise, it’s a success.
- Back up your plan with execution
Market demand is the main reason startups fail. The second one is the lack of funding. Typically, it’s related to a lack of experience. People only trust companies with proven track records. What if another ten startups were working on the same idea? Why should people support you? What makes the startup different?
It’s almost second nature to start business plans to convince investors. What they didn’t tell you is that most reports are useless. That’s right. People don’t care about plans unless they see tangible results. What’s your history? Have you already got your first sales? How much work have you done?
It’s ironic. Once people hear of your work, they are interested in reading your business plan. Otherwise, it doesn’t give any credibility. Although you need a plan to get funding, execution is what will convince others to support you. For investors, your startup will look like an undervalued asset that will rise soon.
- Take calculated risks
Thirty percent of startups fail within the first year and the number increases as time passes.No startup is free from taking risks. It’s present in all stages of the project, especially during the launch. But it doesn’t mean we are powerless. With calculated risks, we can control the outcome most of the time. This term is about measuring the causes and consequences of the events.
Risky decisions have limited upside and unlimited downside. Calculated risks have limited downside and unlimited upside. You can either lose small or win big. The less you lose, the more you can try. Execution is the key to startup success.
- Know your audience
Startup founders have more advantages today than they used to. You can use tracking technology to learn everything about your ideal client. The more you know, the greater is your chance to succeed.