Do you know what you need to create successful startup?
There are four main areas. First, you need a good idea, later - good product. You might think that your team is not important. Right? Well... you're wrong, because good team, as well as good execution are also important.
Let me say few words about each of it now:
1) The importance of idea...
In recent years, it's believed that the idea doesn't matter for enterpreneurs. Do you think it's true? Well,, it's not - that's one of the most important things. The definition of idea is pretty broad. It includes the size and the growth of the market, the growth strategy for the company, the defensibility strategy, and so on. When you're evaluating an idea, you need to think through all these things, not just the product. If you do it the right way and figure it out, you're going to work few years on it. In startups, long-term thinking is rather rare, but you have to remember one thing - the idea will expand and evaluate.
An important part of a good idea is, that the business should rather be difficult to replicate. Also important thing is, that the idea should come first, and then a startup. If you have several ideas, start working on the one that you think about most often.
2) Second important thing? - Product, of course.
One of the most difficult, and the most important things for funders, is to find and build a great product that people will love. When you do that, nothing else matters. A lot of good-on-paper startups fail because they merely make something that people like. The most successful thing in that area is to develop a product that solves peoples' problems. When you find so, there's no chance for your startup to fail. When your product is innovative - you don't need to worry about anything else.
3) What makes great startup teams?
The team at an early startup stage is much more than just a set of employees. Great members of a startup team might be found in unusual places. Why? Because they are less likely to be looking for a standard job offer or career path. Large companies review applications, interview, and then offer jobs. Startup need to be more reliant on their networks. It is said, that hiring process for startups takes about six months,
Business and emotions are connected especially at the early stage of a startup. It is the meeting of passion and business that make that team works hard, build great products with small resources and overcome opportunities. Unfortunately, none of it is possible, when team members won't join a team around their mission. That makes working in a startup a great experience.
4) The importance of execution.
For many funders, execution is not a good thing, might be also called the worst part of running a business. Every thing at a startup gets modeled after the founders. That means, if you want to have a good working team - you also have to do your job properly. There is no other way. The employees need to see you as some kind of execution machine.
Execution gets divided into two key questions. One, can you figure out what to do and two, can you get it done. One of the hardest parts about being a founder is that there are lots of important things competing for your attention every day. You have to identify the right ones and work on those, and then ignore, delegate, or defer the rest. Unfortunately the trick to great execution is to say no a lot. The founders really set the focus. Whatever the founders care about, whatever the founders focus on, that's going to set the goals for the whole company.
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