So you think you are ready for a startup? Then the proven statistics that show that only 10% survive shouldn’t terrify you. If it does, you might want to change your mindset and start thinking deeper because knowing exactly what shortcomings to expect can potentially be your winning ticket.
Continue reading to figure out what you should invest your time in 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.
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 is 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.
When you are building a business from scratch, complexity is the opposite of what you should aim for. Coming up with a valuable idea would worth nothing if no one could use it after all. That is why you have to be well-prepared a focused on what is important. Yes, the web is bombarded with tons of advice on how to launch a successful Startup, but as a founder, you are the one making the final decision. Focus on your business, keep all the necessary in-house, and delegate the rest.