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How to start a startup? What are the common pitfalls? A step-by- step guide with tips from experienced mentors and investors as you aim to cross the big milestones on your startup journey.
Assess your personal readiness - think through the following
This is also the ideal time to see co-founders - ideating together with folks you would like to work with is very useful
Identify the problem(s) you want to address
Do a detailed evaluation of all aspects of converting this idea into a real business
Assess aspects of operationalizing the idea. Think through the following:
Validate that the assumptions made on the potential, need gap, value proposition, pricing, access to markets/users, etc. are roughly correct.
Work on a detailed business plan with a 2-3 year projection
Test it as you progress - check with potential users at every stage
Talk to customers, vendors, marketing agencies, sales channels, potential buyers, potential influencers, etc. i.e. meet all those who may have a bearing on your venture. Get early customers (beta users) to try the product.
Check for all aspects that you want to validate:
Most importantly: Check for signs on what is not as per assumptions (e.g. users do not use it as frequently as you estimated).
Readjust elements that are not working - and retest till you feel there is 'product-market fit'
Launch small.
Test in a limited geography (may be one part of a city) - check if the results of the Prototype testing stage are working with early-customers in a controlled, limited market.
Start hiring early team members to launch pilot
Adjust based on in-market inputs, and launch in a slightly wider territory.
Expand gradually - test operational aspects of the business - processes, etc.
Start building a great team to expand.
Focus on building organizational competencies and organizational maturity on products, processes, marketing, sales, people processes, financial aspects, etc.
Free management time to explore adjacent revenue opportunities / new opportunities that can leverage existing competencies.
Explore what role you want to play in the industry and how you would like to play that role.