As long as we work with startups, we see their start, growing and success stages, we are taking a part in this process and we want to share few tips with you.
Idea
A vision of your project will make you an effort as a light at the end of a tunnel, which will keep you on your way. On the other hand, it will keep you on the same page with your co-implementers. Simple, if you see clearly the target, you can show it to other people and explain the path.
Competitors
Define your competitors’ strengths and weaknesses. Then, define your competitive advantage, ‘why are you different?”.
People
Work with people, which stick to the same values as you do. In one of Peter Drucker’s articles, there are great examples of the experience of different companies and where bring gaps between the values of management of any level. It delays the company’s development and personal growth as well.
Trust
As long as you work with people, is it a co-worker or a customer, communicate with them, build an engagement. Then come trust and a long-term relationship.
Timing
There is no better condition for your business idea than a right time, we also call it a demand.
Bill Gross has founded and incubated a lot of startups, successful and not. He collected data from a lot of companies and ranked the main factors: idea, team, business model, funding, and timing. And with all the experience even he was surprised with a result. There is an example. There was an idea of an online entertainment company, good business model, great team, and funding, but it was not a good time, the broadband penetration was too low, there was a codec problem, so it was not very comfortable to access video content, the project failed. In 2 years, the situation changed, the codec problem was solved and the broadband penetration crossed 50% in America, and here came YouTube – great idea, but more important – the unbelievable timing.
And the last thing, be prepared to risks but don’t lose a very important resource – believe in your project as your child. Can your kid grow without your credit?