“The word ‘startup’ is usually understood as a young company that is just starting to develop and explore the market.
But this is not its main difference. A startup always has an innovative basis. That is, the team of such a business applies new technologies or creates a unique product that has no analogs in the world. This approach to work requires large investments and often leads companies to hire developers for startup projects. But in contrast to large investments, startups also have high profitability.
How did the term “startup” come about?
It all started with Stanford University in 1939. It was within these walls that two students, David Packard and William Hewlett, created a small project and called it a startup. Subsequently, this initiative turned into a well-known Hewlett-Packard company.
However, some experts claim that the Forbes and Business Week teams first used this term in 1976-1977. That is what they called young companies that had a short history of activity. Finally, this concept was fixed and became popular in the 1990s.
About famous and successful startups
You may be surprised, but most of the companies you know started as startups. This list includes:
- YouTube
- Uber
- Airbnb
All of them started and continue to work in different areas, but these successful companies were united by one thing at the initial stage of creation. They came up with original, innovative ideas that hadn’t been on the market before. Then, investors understood all their prospects and invested their money in these startups. And they did not fail because today, each of these companies is a leader in a particular service market and now dictates its own rules of the game.
Learn more about startup software development.
Secrets of creating a successful startup
Here, as in any field, there are several important points to remember. Therefore, be sure to keep the secrets for the successful implementation of a startup:
Choose your team carefully
Focus solely on the ability and knowledge of candidates. You should not take people on a team just because they are close friends or relatives.
In addition, remember that the number of employees is not equal to the quality of work. In the first stages, you can limit yourself to only a few specialists who can completely cover the needs of the project.
Allocate resources rationally
You should not spend big money on short-term promotion methods or unreliable tools. It is better to increase the potential of a startup with small but confident steps.
Prefer Professional Promotion
The marketing strategy describes the level of interest of the target audience. You should not hope for a gift of fate and wait until millions of people suddenly find out about your project and want to support it.
Constantly motivate, support, and communicate with the team
Very often, leaders underestimate the importance of well-established team communications. At the same time, they direct all their efforts to solving operational problems. But, a high level of team motivation is equal to the success of a startup. Therefore, constantly seek the strength to support and communicate with your team.
Don’t be afraid to backtrack on your decisions
There is not a single person in this world who could predict the results of decisions made. A startup is all about innovation, so your team will have a lot of “firsts” here. But the most important thing is to evaluate the effectiveness of the decision taken in a timely manner. If you see that something is negatively affecting the project, immediately neutralize the irritant or correct previous actions.
Leverage your personal social capital
Discuss your startup with friends, and look for potential investors or high-quality information distribution channels among your acquaintances. Don’t be afraid to tell the world about yourself. Even if your idea fails, you will know that all resources and capital have been used 100%.
Look for compromises with investors
Learn how to clearly communicate your idea to potential investors, and don’t be afraid to talk about the details of cooperation. This is especially true for the distribution of profits. Discuss the scheme of distribution of received resources and responsibility for certain aspects. In case of disagreement in the vision of work processes, try to find a compromise that will be mutually beneficial for all parties.
Focus on one product
Do not cut your attention to several things at once. Choose a priority idea and direct all your efforts and resources to its implementation, continuous improvement, and high-quality results.
Don’t stop analyzing
Research the market, demand, target audience, and competitors. The more information you have, the more likely you are to succeed. Don’t stop at one-time analytics. Remember that everything tends to change. Therefore, it is important to update the information from time to time.
Give 100%
Launching a startup is a full-time job. You and your team should not have any distractions. Focus on the goal and dedicate 100% of your time to achieving it.
How to find funding for a startup?
There are many ways to raise funds for startups. Each of them has its own rules and features. Here are some of the most popular and well-known methods:
Crowdfunding
This is the name of the joint financing of projects by interested parties. The system is very similar to the well-known donations. For crowdfunding, there are special platforms and sites where startups present their ideas. There, the authors receive money, and sponsors receive the product.
Attracting investors
Sooner or later, every project requires investment. They are of three types: monetary, technological, and resource. The second type is when someone shares certain technologies with you. The third is the provision of resources. For example, customer bases, trademarks, patents, and so on.
Summary
Remember that startups are not only about innovation today. This is about the necessary profession in the future. After all, the market is constantly growing, and the consumer seeks to see and get something new. Therefore, in the near future, hundreds of companies will strive to create a unique product. And you can help them with this!
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I’d like to add, that launching a startup is a risky activity. No one can guarantee you a profit or sucess in the future. It is a hard work, but if your product is good and you understand the needs of the market, it increases the chanses to become a unicorn.
Harlem has always been a sweet spot for opening new business.
Thanks
Danny