Points I Have Learned While Starting Up A Tech Startup
Points I Have Learned While Starting Up A Tech Startup
Over the past few months, while working hard to complete the beta version of our product, we came across various obstacles, which taught us many new things. While curating the overall process, there were a few points that my team and I went through in the span of decision making. I believe these are some of the best key points to be considered if you are thinking about creating your technology product startup.
1, Co-Founder is the X-Factor
Forming a good team is the foundation that will create an amazing product. When two or more co-founders whose ideologies align, join to form a startup, a great team would be formed.
A Co-founder relationship is the most important factor in the life of any startup. A major percentage of startups fail because of a bad team or conflict between co-founders. A good Co-founder absorbs your mental pressure just like a dream wife. He or she must be a person who shares our dreams and stands with us amidst all the hardships. Your team should eat and breathe your product or project. If your team is not complementing and endorsing you, then you are sure to be doomed.
2, Does Your Startup Solve any Problem?
The first and foremost thing is, ask yourself this question, before kick-starting your startup. “Does your startup, product or project solve any problem?” From my past one year experience at startup village, 80% of startups come with the idea of investment or funding before they even start thinking about solving a problem or even about who is going to use their product.
Do not just think that getting a series of funds is the best thing you can do?
3, Prepare Yourself before Starting a Startup
The priceless understanding that I received from establishing a startup is the experience of setting up and running a startup and handling its financial aspects. Working for a startup will change your character, attitude, thought process, even the way you talk or walk. It also changes your perception of life and your lifestyle.
I do value that, but preparing you for entering into a startup ecosystem will increase the chances of landing on a “Safe Zone”. Prepare yourself in two ways, mentally and financially. Be prepared to lead a team, create networks and connections and to increase the number of contacts in your contact book. Situations might even put you to study market analysis so that you can sail through smoothly.
Create a sufficient backup amount for spending at least eight months without any income. Otherwise, find a rich co-founder who can fund you. 😛
So you are close to launching a new product or service. Congratulations! Unfortunately, a great idea may not get you the buzz or sales, unless it does not reach the right set of people. Here come four golden rules to increase the probability of your venture to bear fruit ceaselessly.
4, Planning | Documentation | Wire-framing: Do the Basic Things!
An action plan is all that is needed to start your tech startup rightfully. Draft your ideas into an action plan. Believe it or not, it plays a very important role in creating your mission statement.
Follow the basic requirements before jumping into establishing a startup; any responsibility that is well documented is equivalent to completing half the job.
Got an idea for a website or an app? Wireframe your idea! It is not rocket science. Grab a pen and paper and start sketching how you want the user interface to look like. Sketching is involved in any field that involves creativity and construction. Every inventor of the olden days used to sketch their inventions before starting to build them. Wireframing your idea before you build, is something that every designer should follow.
5, Good Design: No One Enjoys a Half-Cooked Product
The first impression is always the best impression. A good design will make your company eye-catching and impressive at first sight itself. Get reviews and feedbacks for your design by asking your peers and buddies. You can realize many aspects when someone else views your design and reveal what they can interpret it.
No one enjoys a half-cooked product, especially a visitor to your page. Users don’t care much about what is underneath, but they do care about what they see, feel, and experience. From a user’s perspective, a good, well-thought, and executed design is powerful. In short, the quality of design greatly impacts the overall business, not just regarding revenue but also whether your business receives funding or not.
6, Launch Your Product On-Time
While starting a tech startup, the first and foremost rule is completing your product and launching within a time limit. If your product gets delayed, then chances for a competitor arising are high.
7, Use Less-Costly Technology to Create a Beta Version
One thing which every company has in common is the quest to innovate, either by adding new features or improvising the existing feature. If you want to incorporate those features into your product as much as you can, before launch, then you are paving the way for costly delays and insufficient feedback.
If you go for high-end technology for the first time, it will cost you more money and time. Create a beta version with less costly and less time-consuming technology and make it available in the hands of people who are going to use it. Also, take their feedback and improve it. Do the market study, improve, and add features based on your research.
Even Apple, a company known for its perfection and control, releases products with known loopholes, in exchange for market data and an early impact realization in the marketplace. It is said that the initial iPhone did not have a cut/copy/paste feature, yet Apple did not hold back the release of the iPhone and went ahead to release it. After figuring out the correct solution, they upgraded the functionality a few months later.
Setting up and running a tech startup is not an easy task. Every successful tech startup has had humble beginnings and times of struggle that brings out the fittest of the lot. It is very certain to hit some bumps along your ride. They teach you to learn, adapt, and fuel yourself to become a thriving tech startup.
We hope that our tips would have helped you to level up your startup. But whatever you do, never stop the experimenting and learning as you go along, after all, business is all about fine-tuning and iterating.