A startup is a technology company with a scalable product, companies like Facebook or Amazon, started as startups and today they are major companies in the world. Unlike traditional companies, a startup is characterized by being a scalable business with the possibility of rapid and exponential growth. Here we will share some tips to start a business of this type:
Find a winning idea that we are passionate about
The most important thing when starting any business is the idea you have. Initially, no idea should be neglected, since in general they all have some potential, but the ideal is that said idea solves a problem in an innovative way. It is recommended to choose an idea that we are passionate about and that motivates us to work for it until we see it become the success we seek.
Ask the right questions
Every great project begins with a relevant question, for example in the case of Henry Ford his question more than 100 years ago was How can I bring the car to the masses? while Elon Musk’s case with Tesla was How can I bring the electric car to today’s automotive industry? or in the case of Space X, how can I make space flights more accessible? A relevant question in the end will end up generating relevant answers that will help us build the vision of our business.
Seek feedback on our idea
If we already have an idea, we can share it with different people to get feedback, this will help us to have greater objectivity and will allow us to perfect our idea, it is recommended to seek feedback from people who have already developed their own projects, in this way we will have feedback from high quality, this means, of people who have already traveled the path we want to travel.
Validate our business model
It is essential that before launching a business, we validate the different hypotheses on which the idea is based and investigate the market, if we do not do so, we run the risk of doing a business on false ideas. These hypotheses are those assumptions that have not been confirmed and do not give the assurance that they will work as expected. It is recommended to carry out different “experiments” to validate our business model.
Run a pilot test
If we are sure that the idea we have is good and viable, the next step is to implement it. Whether it is a product or service, the first thing to do is to build a kind of “prototype” that allows, through several moments and tests, to find design, functionality or strategy problems and correct them before the project is in a more advanced phase.
Create a good cost structure
It is about creating and seeking a healthy balance between income and expenses, this is essential in the first months of the business so that it can survive in its initial stage, this is achieved by having a good cost structure, which will allow us to ensure a “ adequate cash flow ”that can keep the business alive in its first months.
Have allied investors
Once we manage to create and “start up” our startup, the time will come when we will need more resources to continue growing, it is at this time that we will need investors, however the support of an investor should not be limited only to capital, but There is also the possibility in other areas, to connect with key people in the field or to give us advice in areas where we have less experience. An investor can end up being a great ally that allows us to take the next step towards the growth and evolution of the business.
What do you think about this topic? Do you have any other tips for starting a startup?
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