How to Build a Startup that will Bring Success - Otta.com
Most of us have a misconception about starting business is that to start a
successful business you need a brilliant idea and if the executive is proper, it will make us billionaire or at least a millionaire.
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| Startup |
Just like Mark Zuckerberg's idea of Facebook or You Tube video sharing by three pay pal's employee. For that matter, every billionaire companies who had a brilliant idea which had made their Fortune. But it's all a myth; if we look at the history of you tube then it was initially an online dating site not a video sharing site. Before Facebook, Mark zuckerberg had created a website face mash on which we can play a game Hot or not. Facebook was not his first idea. A maximum time person does not get success with their first idea instead they get success when the idea is modified in regular interval as per user's requirement. We should know that success of a startup is not based on that one brilliant idea and becoming an overnight
success. It requires you to handle extreme level of uncertainties. Startup is like an Experiment where we have to keep trying in new ideas and have to learn new ways to improve our idea before the competitors. We don't have any idea of what the output will be.
Why do most of the startup fail
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| Fail |
Example, Crazy Egg company's Co- Founder Neil Patel who is an online marketer and also one of the successful Entrepreneur of USA. One time, he had taken money from the investor to work on his brilliant idea and most of them liked the idea including investors. The idea was to make a product which can solve the problem of social media traffic of the companies. His team spent one year and a million dollar to make the product and when they felt the product is ready then they lunched it happily. But surprisingly, after the lunch no any single organization showed interest in his product because nobody felt the need of that product. They were satisfied working in the routine form which resulted the loss of million dollar, time and energy of Neil Patel and his entire team to make a product which was not in need by anyone. I shared this story with you because this is the major reason of startup failure.
During a startup people usually think of an idea which they feel is really nice. To convert that idea in reality they work hard in all technical aspects. And invest a lot of many, time and energy in making an efficient product which is not required by others. Always remember that before making of any product you should not question yourself whether you can make this product or not. Instead of it you should question that whether yo should make make such product or not. Most of people fail because they work on conventional management technique i.e doing a market research then making a good strategy and lastly to deliver a great product. This kind of approach is good but not for the startups because is is not possible for startup to assume their market before launching the product. A startup cannot assume
success of their product, unless it is used by their customer. And these are all reason of startup failure. But the good part is failure can be avoided.
Lean startup methodology for solution of all the problems
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| Solution |
This concept is based on build pressure and learn principle. According to this principle, First thing you should make a viable product. Then lunch that product on a trail basis to understand and measure the response and to learn whether the ideas are working as per our thinking and assumption or we should require to make change for better customer response. This cycle need to be repeated unless you don't get desired response from market and customer. In simple word, Minimum viable product is that where you put two to three most attractive key point about your product which you feel will be appreciated by your customer. Then make a product with less expenditure which can used as a trial where you can understand whether your key points are working or not. This measure need to be done in the cheapest and in fastest way. Don't forget your minimum viable product is not actual product. Just cover the critical points which gives good feedback and also help you to understand about product and sales.
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