The future of consumer internet companies is continuous to look impressive because of the participation of people across the globe has reached to 20 billion and in india itself its cross to 100 million As more and more startups are incurring it creates new capabilities for startups to open a category for their business but there are various challenges for start-up business To truly unlock the value of startup companies, quality participation is one of the most key component. And even though there may be an urge to jump right and update, listening and evaluation should happen first, followed by a growing progression of communication strategies.Since it does not takes two months it takes years of focus practice to achieve for that, So here In this post I am trying to figure out the various phases involve in the start-up business and the milestone which needs to achieve over the period of time to take it to the next level. Just as like traditional relationships, there is a building process that happens over time.
1. Idea It is difficult to having an idea which is unique, excellent, and applies to the market fit as well, but I believe Ideas are a dime a dozen, it’s execution that creates the milestones. At the same time it is also important that no one can steal it from you, although nobody can’t steal ideas, as your company is probably not the first with the idea anyway. The only way they can really steal an idea is then to incubate a start-up around that idea, and by that point in time, you are already way ahead of them. So its always necessary to be smart about whom you share your ideas with since you have to be willing to share your vision and passion with those you meet. Conclusion Great ideas can’t become great by trying to be great, ideas become great When you identify the problem, how your idea can solve the problem and then do it so hard that will become great in process. Remember the huge the problem is the big is the solution.
2. Product Market Fit For developing a great product these are the factors that really looks into consideration as (i) User Experience (ii) User Interfaces Designing an excellent and simple product is hard. User experience is hard to make excellent, and user interfaces are hard to make simple. User experience and user interface describes calibers of a startup team (suitability of the CEO, senior staff, engineers) and also The quality of a startup’s product How easy is the product to use? How feature rich is it? How fast is it? How extensible is it? How polished is it? How many bugs does it have? Product-market fit is extremely hard. For market fit: product is “must have” (Value) : The size of a startup’s market is the the number, and growth rate, of those customers or users for that product. Conclusion:- User Experience < User Interface < Product/ Market fit (Value, Focus on Speed rather than short-term burn) But If you ask entrepreneurs or VCs which of team, product, or market is most important, many will say team- “people are our most important asset”
3. Prototype Development After the market and product have been validated, the real challenge comes – A necessary intermediate step for proof of concept, is a working prototype “A prototype is the three-dimensional version of your vision in which the first step is the process of development of prototype and the idea is refine into product concept.” But the process of taking your idea and turning it into a tangible product is the first step in this process development but to define about developing something which people really wants the best is to Identify the basic requirements of the product, bearing in mind that these may change and then develop a design meeting with these requirements & implement it. Have users experiment with the prototype and then revise the prototype, thereby redefining and completing the requirements. At the same time to understand the definition of Minimum Viable product is also important Minimum viable product can be define as minimum set of features needed to learn from earlyvangelist- visonary early adopters means avoid building products that no buddy wants, the more minimum you think. Allows us to achieve a big vision in small increment without going circles.
4. Getting traction and finding a business model The previous type is all about getting as big as possible, as fast as possible and then figuring out how to make money from the market. e.g. twitter is yet to find a sustainable business model, as they have added millions of users but now they are monetizing it. For Scale-first approach, requires an often significant amount of capital to fund until either monetization or acquisition occurs. On the other way, monetize-first is the other way which producing income as fast as possible and then using that cash flow to grow larger. This Monetize-First approach tends to be slower but comes with far less risk. Conclusion:- Revenues require continual improvement of sales knowledge and the market, and that takes time, patience, and unbelievable tenaciousness. There are 5 early stage reason for Facebook success and similarly for Google
5. Team Building a great team is hard with network is hard Finding a great co-founder is hard, and hiring is hard. Even if you read a lot about hiring, it’s hard. And sweet sassy molassy, managing people is hard. And being tough is very hard. if you want to read more in hiring then here it is
6. Raising seed money/ investor: Rasing Seed money, Angel investor, Venture capitalist is hard to find up.So in the next step will try to write about all the start-ups Conclusion : Large companies is the result of successful scalable startups
This is an attempt to represent stages in start-up development, to find out early problems of companys that are not able to figure out what is going wrong in which segment we need to look into each phases of that What are your thoughts? How you have transformed your company startups in what way?