In many ways the dream of every wannabe entrepreneur is the same. They all think that their idea is a million dollar one and will top the list of NASDAQ in a short span of time. But the question is how many really survive in this battle?
Let’s take Orkut for instance. Orkut started a few months before Facebook. Even though Google and Mark Zuckerberg had the same idea, how did Facebook excel in the game? Is it really the survival of the fittest theory or was it Mark’s strategy which made him a millionaire? The answer is, Facebook launched with very basic/core features and was able to promote better user adoption.
I recall the words of my mentor “It’s not the idea that is unique but the way you implement it”.For e.g. you’ve been working out at the gym for quite some time but haven’t been able to get the expected physique. Hmm!!! Now that’s a pain, isn’t it?…maybe you didn’t follow a proper diet plan or might have been cheating on your workouts. Anyways the end result is that you wasted your time, energy and money hoping for something which went wrong.
The fact is, people spend way lot of time and money on their product and the launch without getting proper guidance from experts. I mean, what’s the use of having a Ferrari, if you don’t know how to drive or create an impression? In my opinion following are the points which every startup should keep in mind:
1. Market Research
2. Identify your competitors
3. Who will be the end user?
4. Launch timings
5. What makes you different from your competitors?
6. Proper marketing
Eventually, everyone wants to be inspired by the success stories of entrepreneurs who have overcome the obstacles and built a successful business. Recently, I came across an article by Ben Fox Rubin on the Wall Street journal. He mentions the story of Dan Cheung, founder of Spork, who couldn’t match up with its rival app Foodspotting (acquired by Open Table Inc for $10 million). Now here’s an interesting aftermath by Ben Yoskovitz on his company Standout Jobs. He emphasizes on the value of Minimum Viable Product (MVP). Having a feature rich product takes much more time and money to build. However, MVP allows the idea to get into the market as rapidly as possible and maximize the value of finances.
After all every fortune 500 company was once a startup 😉