The market, the team, and the final product comprise the three pillars that support any startup. If you’ve got a significant issue with any of these three, your project will eventually fall to dust. The right way to do this is essential.
In this regard, it is crucial to understand the basic principles of the three elements of a startup are if you decide to launch your venture.
Startup Team Fundamentals
The standard about founders of startups is that they’re college dropouts with an intense dedication to what they do. While this could be the situation in certain instances, it is not essential in the startup team.
The reason is that what makes founders of startups successful isn’t just a vague notion like passion, but proficiency (experience and knowledge and domain expertise) and access to the resources (a robust social network and access to capital, etc. ).
In creating your startup team, you must consider these aspects first. If you’re new and inexperienced, you should recruit someone with more experience or, at a minimum, an experienced mentor.
Keep in mind that teams comprising two to four persons tend to succeed than solo entrepreneurs, and that’s why you should recruit cofounders and, ideally, allow them to compensate for the areas you’re lacking.
Startup Product Fundamentals
A lousy product will struggle to succeed over the long haul; however, in the early stages of startups, the most important thing to remember is not quality but viability.
The early-stage startups do not fail because they’re poorly polished but rather because the market isn’t interested in what you’re selling.
This is why one of the huge mistakes you could make is working behind closed doors with your product until it’s completely perfect.
In addition, you must stay in touch with the person you want to serve as your customer’s feedback. The first step is to test your concept. After that, you’ll create the minimum viable product using the input and then validate it over.
In the end, you’ll be able to construct a “polished” version only once your product has passed both of these tests.
Startup Market Fundamentals
It is common to hear about how innovative startups create a market for themselves. The idea of markets this way can be detrimental. However, it could lead you to think you can expect the market to adjust to you instead of the other course around.
These innovative startups are finding (not creating) the market for themselves by filling a previously unsatisfied demand. Although influencing the market is feasible, it’s tough to achieve and typically requires access to massive power, resources and influence. This isn’t true during the initial stages of a startup.
This is why it’s more beneficial to view markets as something you can’t be able to influence. Instead, it’s something you must discover to tailor your offerings to meet it. This is why staying in reference with your prospective clients is your top priority when you are a startup founder. This is why it is essential to conduct competitive research, as it helps you understand what’s working already in the industry you’re trying to reach.
In real life, the fact that you can’t alter the market is a sign that if you can’t find the right market fit for your product, it is either time to change your product based on market feedback or alter your customers’ preferences.