So you think you're ready to start your own startup company? Then statistics indicating that only 10% survive should not scare you. If it does, you should change your mindset and start thinking more deeply, because knowing what flaws to expect could be your winning ticket.Continue reading to find out where you should concentrate your efforts before launching your startup.
No market need is the #1 reason for failure
You might come up with a brilliant idea, but lack the proper research to know exactly how the market would react. Research & Development (R&D), as well as Project Specification, will save you a ton of time and resources. These steps will help you specify the project and cover all technical nuances to make the product scalable and stable for ongoing releases. While selecting the wrong idea to innovate represents 32% of innovation failures, outsourcing non-core parts of your project might become lifesaving.
Release faster to get funded
Mentored startups grow 3.5x faster and raise 7x more money. That is why if you lack low-level expertise hire a consultant who is an expert in your niche. This person will analyze your current status as well as all the nuances of your project to provide you with clear planning so you would release on time and quickly get funded.
If you are still thinking that the length of your project’s execution doesn’t matter, keep reading. The deal is that the faster your MVP is ready, the sooner you can get feedback. It means that there is no guaranty your first MVP will be the way it should be. Moreover, after being able to “touch” your product, you might come up with things that just don’t work or do it not in a way you thought they would.
Seek out a mentor
Starting a business, no matter how appealing it may sound, should not be an autonomous journey. Finding people who have gone before you can help set you up for success. Network with other experts in your sector, attend industry-specific workshops and events, and reach out to industry thought leaders to learn about their approach. Alternatively, you might want to explore hiring a coach who can provide you with specific counsel. Learn straight from someone who has been through the process to assist you in establishing your startup for success.
Do the business and outsource the rest
42% of startups fail due to a long development time because they spread too thin on non-core aspects of the business. We know that maybe this is the least you would want to hear, but there will be the moment when you have to decide what parts to keep in-house and what to pay for or outsource. It's impossible to do it all yourself. That is why as a founder you have to make this decision from the beginning to know exactly what to focus on.
When outsourcing the full technological team, you get a bundle of a ready-to-use infrastructure that minimizes time to start development and solves issues fast.
Complexity is the polar opposite of what you should strive for when starting a business from scratch. Coming up with a valuable idea is pointless if no one can put it to use. As a result, you must be well-prepared and focused on what is important. Yes, there is a lot of advice on how to launch a successful Startup on the internet, but as the founder, you are the one who makes the final decision. Concentrate on your business, keep all necessary tasks in-house, and delegate the rest.