‘Startup startup, everywhere, not any room for more!!!’
The improvised quote sums it all when it comes to the startup ecosystem. Every day, a budding entrepreneur is lost seeing the crowd of startups getting seeded by rich VC’s owing to their disruptive product or service. One begins thinking that he might not be the one, who can start up something due to many reasons.
One reason can be the lack of a ‘How To’ list for starting a startup. Let’s look at the basic steps, which could help you as a mentor, for starting up, if you are an aspiring entrepreneur:
A revolutionary idea is a pivot around which the startup ecosystem works. If you have an idea, which has the power to bring change in the way people do something, or you have some disruptive idea driven by innovation, you are right on track to set foot on an entrepreneurial journey.
Brainstorming is an essential element of the ideation phase and to start the journey, one should start finding solutions to the problems, which have been overlooked and not addressed.
Develop the basic prototype
Once you experienced the Eureka moment, all you need is determination and hard work to realize your dream and fulfill it. If your product development involves technical aspects, you need to have a strong team of programmers who can execute your idea into a product.
Developing the basic prototype is like giving body to a soul, so it would involve a lot of efforts, conviction and dedication.
Testing phase involves giving your app or product prototype to interested beta testers, who wish to test, suggest improvements and bring bugs in your product to your notice so that you can improve your app before actually launching to the target audience.
Testing is a crucial phase, and you must choose beta testers who are experienced and have a sharp eye to notice bugs, which can annoy customers.
Once your beta testers come up with a list of bugs and suggested improvements, you need to get back to the drawing board to address the flaws and loopholes in your product and start developing a better version of your product, service or app.
Improvement brings necessary changes to your product so as to make it more lucrative for investors and beneficial for the target audience. Reviews of beta testers are much closer to your actual target audience, answering the question of how your product fares in real market conditions.
The adrenaline rush associated with startup journey is so high for a single person to handle. So, it is essential to find a co-founder, whose mind runs on the same plane as you.
It is critical that the co-founder is of the same mindset, has same aspirations, goals, passion and belief in the idea which you are working upon.
Once you have a startup idea, have a working app, found a co-founder, you are well equipped to hit the market and dazzle the customers with your startup idea. Funding is a crucial element of the startup game, but before reaching the funding stage, it is important to prove a startup’s worth.
By launching it for customers, a startup starts building reputation and brand recall, which would be useful for the funding stage.
Follow up and Update
This stage is similar to beta testing and improvement phase but with a larger canvas. Here the users submit their feedback and the app or product gets updated improving the flaws and addressing the requests of users.
The startup here should have open ears to listen to the demands and act swiftly to gain trust and recognition in addition to a positive brand image.
Once your startup launches its product, all you have left is to expand, grow and succeed while seeing your dream come true. So, why wait? Start brainstorming and transform the startup landscape with an innovative idea, today.