Consider these 5 tips for Startups to project your plan thoroughly and effectively to make a breakthrough in the competitive market of entrepreneurs.
The most courageous step to take in life is to leave your well-secured employment contract with all fringe benefits and start surfing over the business world. But what if you have a vision to realize in life and leading 9-to- 5 standard life is not so appealing to you. The transition is not going to be easy; however, once you withstand the thick-and- thin, the success will be here to knock on your door.
As Eric T. Wagner notices in his article for Forbes, “It’s a marathon, not a sprint”. Building a business is like climbing Mt. Everest. It is not done in 3 easy steps: 1.) decide you want to do it, 2.) fly to Nepal with zero preparation, 3.) sprint straight up the mountain in 12 easy minutes. Instead, build systems for the long-term and focus on small-connected steps.
Here are basic keys to focus on for your Startup to Stand out.
1. The idea
The big picture always looks like a puzzle, so filter your ideas first. We associate successful brands with something new, exciting and revolutionary. Fresh-looking ideas can always act as the strongest driving incentive for your success and define your next moves. Think about the wild success of Airbnb travel agency. At first, everybody was in bias, but the Company’s success, aside from its good business model, well- planned execution and timing prove to be the right idea.
2. Make a plan
You start with researching the market, conduct any feasibility study, do SWOT analysis to make a clear image of resources you possess right now. A lot of startups success stories claim that having even a handful of talented and skilled people in their team could drive their innovative idea to new peaks. Consider Google example, which was founded to provide interactive web search, which was already offered to the market by dozens of competitors at the starting point. To beat the market competition Google planned inside out and executed its plan timely to prove superior among the rest of the players.
3. Mind Utility
Ask yourself. What does your customer really need? Whether it’s an innovative technology, revolutionary design, or taking on a creative campaign, providing your consumer with something new will ultimately draw their interest. In 2015, NTechLab first introduced the algorithm of facial-recognition to the market. In its first year of operation, the company excelled Google at facial recognition in the University of Washington’s MegaFace Challenge. What was the secret key of NTechLab’s success? Indeed, the devoted teamwork of the scientists and the utility of the product they created.
4. Market Limits
Don’t image your market by its current border limitations, but find the Blue Lagoon in the big ocean. When YouTube arrived on the scene, it was the critical moment when high-speed internet was becoming available to many, so it enjoyed the gains from its timely action. The artificial Intelligence (AI) nowadays travels beyond the borders and applies to a broader range of markets. The technology which got into circulation as a means to improve airport and household security, can easily expand into retail, advertising online dating and other industries tailoring the needs of customers.
First fruits always take some time to ripe. Just nourish your idea to grow. Most probably, you’ve heard it said before – it will cost twice as much, and take twice as long as you think. When it comes to financial hardship, it’s better locate great funding ventures or apply to state-backed Startup grants. Crowdfunding platforms are another way to give your project a kick-start. Here, I advise to start with the minimal financial investments; it will allow you to test the waters. A viable alternative can also be to arrange fund-raising dinners, and engage family and friends into making your project come true. This will also help your idea go viral.
2017 Startup Overview
Wonder which startups will survive 2017 tech industry storm? Snap will most likely be in the highlight, but others are taking the lead, too.
Opendoor with $320mln funding can make a boom in Real Estate Industry. It pays the home owners the market price before re-selling it.
SoFi is another example of a successful startup with $1.58bln funding. It attracted a wide range of customer base with a simple idea of refinancing student loans.
Zipline is the world’s first commercial drone delivery service with a brilliant tech-savvy team and is planning to take a lead in 2017. Zipline designed drones to transport medical supplies. It constructed the business based on the data from real customers to address their needs.
Ready to build your own Startup now? When you start to build a business based on passion and purpose with a burning desire to deliver value to your customer, you know for sure it is going to face the challenges and last!