2020 marks the beginning of another decade, in the 21st century.
It might just be the year, for you to converge all your fascinating ideas, put them in one piece and set the ball rolling.
All for your entrepreneurial journey to pave way for your startup launch.
Before you embark on that path for your startup launch, however, asking yourself, the following questions, will not be out of place:
Can I Identify Who My Customers Will Be?
The idea of an outsider, being your first customer is, quite good, but what can give you a slight strategic advantage, over your potential competitors is, you, becoming your first customer.
Remember, one of the most popular cab-hailing platforms, Uber, was created out of the need, for the founders, to solve their intracity transit challenge.
This gives you, many insights and access to what your actual customers may require, going forward.
Success in business, depends on many factors, however, having access to your customers, will give you an opportunity to leverage on collaborating with them. Insights generated from them would help you, to create the best of solutions.
Have I Recognised The Problem To Solve?
Your access has given you a good market segment to target, so, what next? Identify what the big challenge appears to be. What would the customers, be willing to pay, to get a solution to their challenge.
Startup ideas have the tendency, to thrive, when the problem to solve is, ‘needs’ and not ‘wants’.
I, therefore, recommend solving needs, and not wants.
Do not be surprised that, if your solution demonstrates, solving a problem, early adopters, would be willing to pay a very good price for it, even, if it is not perfect.
Anything Wrong With The Status Quo?
Have you taken time to investigate, why the present solution, in the market you are trying to compete in, has not, completely, addressed the problem you are venturing to solve?
There must be a solution that, your current potential competitors, are avoiding, due to high risk, or, missing, due to dearth of insights.
Try to understand the pitfalls that are, already, inherent, in the existing solution, while, also, noting how a new solution, would overcome the challenge, without, necessarily, incurring an excessive cost.
Why bear the name of a disruptor, if you jump in the start-up ecosystem, only to follow the bandwagon.
Do You Have An Additional Solution?
To take your potential customer through the best of experience, what solutions, would you have for them?
Do you have the capacity, to build the solution?
Disruptive models, do not always rely on technology. They create distinct models, e.g., Airbnb and Netflix.
Who Will Buy It?
Nowadays, the cost requirement, for launching a prototype solution is, quite low, to the original product, therefore, most investors, now expect start-ups, to have created user growth and revenue before they give them access to funding.
Getting an early user confirmation, on your prototype is, better than, waiting to get the perfect solution.
You do not have to wait, for an all-round perfect solution.
Most start-ups, usually, improve their products, after a series of customers’ feedback and experience.
Can Your Product Generate Profit?
There is no point in venturing to go into business, if your product cannot generate, more than the cost incurred.
Finding users quickly and at a low cost is, very important. Social media ads provides you good options to explore.
Make most out of these new users and do not forget to add value, as your customers will trust your product more.
Can My Product Scale?
The relationship that exists, between lifetime value and customer acquisition, is the thin line that defines scaling, in business.
When you can make more money, from acquiring each of your new users, compared to what it would cost you, in onboarding them, then, your business has gotten to the point of scaling.
Many start-ups, however, fail, as they scale prematurely, by growing resources, far above revenue growth.
There are many questions to ask, when setting oneself, on an entrepreneurial path for your startup launch.
But considering the ones stated above, you are one step ahead, on that journey.
Featured Image: csoonline
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