Ideas Are Worthless, Execution Is Everything
You might have a great startup idea in your mind which solves many potential problems, but without converting it to produce something real, it’s totally worthless. Many entrepreneurs with great ideas stuck somewhere in between the ideation and execution stage. Here are 5 key steps that can be taken to turn an idea into a successful business.
#1 Do Extensive Research
Many startup founders seem to neglect this aspect while starting. At this sensitive stage understanding the needs and wants of your target market can be the difference between success and failure. Research will help to uncover any potholes in your thinking. To find out if your business idea has a chance of succeeding in the marketplace and to help you create an effective marketing plan, you’ll need to do more research on your idea.
Recommended Reading: Manage Customer Interaction While Doing Market Research
#2 Build A Minimum Viable Product
Having a minimum viable product shows that you are passionate about the idea and already on the way to bring the idea into reality. Make a MVP (Minimum Viable Product) and go to all your potential customers. Ask them to test your product or service. Note down the feedback and take it seriously. It’ll help a lot while making the actual product.
Did you know that “The first version of Gmail was literally built in a day?”
#3 Write A Business Plan
Just as a builder uses a blueprint to ensure that a building will be structurally sound, the process of creating and writing a blueprint for your business; called a business plan will help you determine whether your business will be strong from the start. A business plan includes brief about your potential customer, competitors, marketing strategy, market availability and everything that you need to start.
Recommended Reading: Why You Need A Business Plan?
#4 Find Investment Source
Finding investment sources is a big headache for new startups that lack in funding from their own money. Generally these startups prefer to pitch to any seed funding firm or Angel investors. There are many accelerator programs which help the startups in this scenario to raise funding. But getting selected for these accelerator programs may be tough for many startups as there is hundreds of innovative idea that pitch to these accelerators every day. Another good idea is to take loans and utilize them into your business.
Recommended Reading: How To Choose The Right Investor For Your Startup?
#5 Hire A Team
Now you have a plan ready, funds to invest. Next step is to find a perfect team in place. A team is the genesis of all success of a startup . Ha team that is rock solid, one that isn’t afraid of challenges and one that believes in you as a founder will help in rapid growth of your startup. Building a team that works well together isn’t easy. For many founders, hiring the initial team is one big chicken and egg problem. Investors want to see a group of super talented people committed to your idea before you have any money.
Recommended Reading: How To Find Perfect Co-Founder For Your Startup
These are the basic and most important things while starting up. There are many small and big things needs to be done in between these. Always aim for big and remember that slow and steady wins the race.