We were told by over 20 people not to start a tech startup #company. We were given many statistics on how 95% of Startups fail and they become waste of time, however, I was always sure if we just did the following five tasks well, our chances of succeeding will be greatly improved and it did. Here are my five points that I have always believed in and in the end they ” PAID OFF”.
- #Focus – Focus -Focus. Focus on only one thing that you are good at!
I can’t emphasize this enough. If you have funding, hire someone to do your design and development. If you do not, build a great team and designate responsibilities. Someone needs to focus on building the business from a #SALES perspective — that someone most likely needs to be you.
- Find GREAT Partner.
You’re going to have a great idea. You’re also going to have really, really crappy ones. If you don’t find an equal and opposite partner with one hell of a diversity of thoughts, you won’t find anyone to save you from the #fail moments.
- Have passion at the beginning of the business, but wise up as it matures.
#Passion is what will sell your business to your team, your friends, and your investors. Wisdom is what will keep the business going. Find both.
- Listen really hard to your users. Do NOT listen to friends and family surveys
Friends are an awesome support network, and for advice and moral support, there is no-one better. But your friends are NOT always your target users. Find your target demographic that has absolutely no love for you. If they use your product naturally, you just hit a win.
- It is waste of time and money if you pay #users “Prizes” to use your product.
A) You’re wasting budget on ‘prizes’ that could be used to enhance or pivot your business
B) The user will only use the product for as long as you are paying them
C) You’ll run out of money quickly