How to Build a Startup Business

Following is the "summarized" process that you should follow to build any Startup Business:


1. Find the Problem (idea) & think of its Solution (Product). Any innovative idea will work too.

Eg: The birth of UBER.


2. Do the Market Research & get Statistics as it will help you to take a decision.

Eg: You must not enter into the market until & unless you have something extraordinary to put in.


3. Build a PoC / Minimum Viable Product (Prototype).

Eg: Remember UBER started off with just 3 cabs in the New York City.


4. Get the Initial Traction from the MVP (Prototype) to validate.

Eg: Get the feedback and analyze it, fix it, refine it until desired acceptance is seen.


5. Work on your Product Positioning (Along with PoC / MVP) strategies.

Eg: One of the great example of an improper product positioning is the Apple's Newton PDA .


6. Build an excellent Go To Market (GTM) Strategy to put a footprint of your product.

Eg: Research how some great companies got very heavy traction initially.


7. Frame & Work on your Sales & Marketing strategies in order to gain customers and momentum.

Eg: Research why Some companies invest nothing and some invest millions $$


8. Approach to Investors but don't rely on them. Investment process takes at least 3-6 months.

Eg: Sequoia capital has more than $1.4 T AUM or worth Market Value that includes APPLE INC. You can read here few more insights on how Sequoia invests.



A lot happens and things to be worked before actually executing the idea. Value the Time & the Money and you will get the good returns.

Author:

Lakshman Singh


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