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Opinion holder entrepreneur Contributors are their own.
From the moment of conception to the pinnacle of success and beyond, startups encounter bumps, scrapes, and sometimes huge crashes along the way. It takes grit and determination to build a company that thrives “everywhere”. Learning from others is one of the best ways he can get inspired.
Having worked in the tech startup world for many years, I had some key ideas. Here are five goals that have proven useful.
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1. Know your audience
Dogfooding theory is the best way to understand the needs, wants and mindset of your target audience.It is irrelevant that you create a product or business for your customers think exists. Instead, you should ask yourself: Will you actually use this? Will it add value?This customer actually Existence?
When I was leading the development of Windows Defender at Microsoft, we “dogfooded” the entire operating system and all the software it contained. This is a key component of developmental experiments. We used to see these big companies making products they thought people wanted, but they weren’t really consumers of the products themselves. Like a chef who makes a dish that can’t be cooked. Why build a product if you don’t believe in its value?
Feedback and continuous testing are also essential. Continue until you get the best results you want. There is no law as to how many product versions can be improved.
2. Importance of building MVP-way
The phrase MVP (Minimum Viable Product) was first coined and defined in 2001 by Frank Robinson. It was later generalized by Steve Blank and Eric Ries. in his book, lean startupReese commented:
“A minimally viable product is a version of a new product that enables teams to collect the maximum amount of validated learning about their customers with the minimum amount of effort.”
Establishing an MVP is an important way for companies to develop their gateway to success. Through MVP, you can determine how well something works, whether people actually want it, and whether it is useful. Simply put, building an MVP is a convenient way to assess risk. As it spreads, we will see where and what needs to be improved. Then you can test to your heart’s content and benefit from constructive feedback.
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3. F word
Another important aspect of building a business is the dreaded word “failure.” But failure is okay, actually a necessary evil. Failure can give you perspective and open a window of new opportunities for the future.
Many great entrepreneurs have failed many times in the beginning. From the legend that Edison tried many times before building the light bulb, to Henry Ford’s first failure with William H. Murphy in the late 1890s. But failure builds resilience, so you have to pick yourself up and try again. But more than that, failure teaches us how to overcome obstacles. Learn where the gaps are.
4. Have a flexible end goal
Unicorns aren’t the only ones to thrive in the startup world. Slow growth doesn’t matter. “Slow and steady win the race” has a reason. No need to publish your startup. There are many ways to exit a startup, and becoming a unicorn isn’t the only option.
Especially in the world of technology, everyone wants to be the next explosive tycoon. Next he is Figma, Slack, or TikTok. However, this is not common. There are successful companies that have launched much more slowly. So don’t get caught up in the “startup success” stereotype. Goals are different for different companies and products.
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5. Don’t be afraid to pivot
Knowing when to turn around and when to say, “Enough is enough, it’s not working, let’s try something else,” is critical to working toward your end goal. Sometimes you have to throw everything away and start from scratch. It’s usually easier for a startup to pivot than a legacy company. Take Netflix as an example. They pivoted from his DVDs to streaming, and from relying on third-party content to producing their own content. Where is Blockbuster today?
In 2022, we will see the same thing in the antivirus industry. Legacy companies are not innovating in a way that new generation startups protect against next generation threats. One example is the recent attack vectors associated with the metaverse and virtual reality discovered by RAV researchers.
In many cases, the solution for legacy companies is to purchase other products. Their business model is so stable that they fear disrupting their business by adopting new technologies and systems. Conversely, young tech companies are constantly innovating their products. We are not afraid to change or take risks. Risk is good. It doesn’t always work out, but you may have to take risks to move your business forward.
The main conclusions to be drawn from this are: Take what you learn and apply it to future ventures. Moreover, calculated risk is often worth it. Knowing your audience, like knowing yourself, is another key to success. Doing what you love is always the best starting point.
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