What is a Startup?
A startup is a young company founded by one or more entrepreneurs (often referred to as founders) to develop a unique product or service and bring it to market.
Startups vs Small Businesses
For a startup, the most crucial thing is to innovate. They are intended to produce something new or improve something that already exists. Startups are built for rapid & consistent growth in order to attract more investors and funding rounds at each level of development.
Small businesses make no claims to being one-of-a-kind. Small business is one of many similar businesses. This isn’t to imply that small businesses don’t strive for rapid and consistent growth; they do but in a different way. Small firms will concentrate on generating consistent revenue while keeping costs low.
What are Startup Ideas?
Startup Ideas are simply innovative solutions to identify problems that can be monetized
and eventually, become successful revenue-generating when scaled.
How to Begin
STEP ONE:
Find one problem and solve it more thoroughly than anyone else.
What will my company be known for? That’s where I normally begin. I don’t want to start like others; I want to start with specificity. When people ask me how to do this, my answer is simple: Find a specific problem and know all you can about it. Become obsessed with that one
problem, because there are already people solving it with their brands.
That’s why you need to find an angle that will help you solve the problem in a new, better way.
No matter how competitive your niche is, there are still little cracks here
and there where newcomers can sprout up. Locate those gaps.
STEP TWO
Analyze, Validate, and Revise the Idea
No, you do not need a brilliant idea but a brilliant idea would certainly be an advantage. To build a startup, you only need a viable idea that can be monetized.
So keep analyzing the idea to make it better crystallized then validate it with customer testing and feedback. Revise the idea based on feedback from your target market.
STEP THREE
First Follow the Passion, not the Money.
Focus on the problem you intend to solve before you get carried away with the money you intend to make. It is very important that as a founder you are passionate about the product that you are building.
STEP FOUR
Don’t do it alone. (Assemble a Team )
STEP FIVE
Launch with a Minimum Viable Product
Most people think they have to run the startup race alone in order to reach the top, but separating yourself limits you as an entrepreneur. That’s why you should join mastermind groups in your niche to familiarize yourself with the niche and the customers. These people can help share knowledge that will build your online brand and take your business to the next level. That way, you’ll not only learn, but you’ll stay motivated at all times.
A minimum viable product (MVP) is an early version of a product, such as a SaaS (software as a service) application, that is designed to ensure that product vision and strategy are aligned with market needs. Typically, an MVP delivers just enough functionality and value to appeal to early adopters and other innovators.