If you are reading this article then you must be wondering, how you will turn your million dollar idea into a successful startup? Based on our research, we have come up with the steps that you can take to turn your dream into a successful startup. So, let’s just get started.
Live in the future
Startups are the dreams of entrepreneurs. Every startup idea has to be futuristic. The success of a startup mostly depends on it’s ideology, if you are living in your past then you won’t be able to succeed ever. Your must be innovative and different from the league. Always remember the legends like Bill Gates, Mark Zuckerberg and above all Steve Jobs; all these influencer’s are successful entrepreneurs because of their futuristic ideas.
Fill the missing puzzle
If you read stories behind the successful startups then you will come to know that the ideas are actual problems that they have suffered from in their real life and they just transformed their life’s problem into a startup. Most of the entrepreneur got their ideas from their struggle. If you already have a competitor who has the same business proposition as your’s then analyse their inadequacy and come up with a better version of it.
Write it down.
Never try to be over smart. You are not a machine that can store every detail in your memory. Always write down every small observation you make. Try to talk to the people and gaze as much insight as you can. Users view will be very helpful for you, to make a better product. I would recommend a survey above all.
Make a prototype
Give a tangible shape to your dream. Make a design, code it and turn your thoughts into reality, this will definitely give you a boost and motivation. This is the most important step because most people will stop right here and if you reach upto this step then it means you are really serious about your dream and you are in mid way to start your startup.
Feedback on prototype
Show your prototype to some people, give them to use it. This will help you to analyze people thoughts about your product and in understanding the pro and cons. Be open to criticism, you have to face it at every step. Every innovative idea seems crazy to the people but taking criticism in a positive way will give you room for improvement.
Work on product improvement on the basis of feedback that you have received from your early users. Keep on repeating the same again and again till you get a perfect product without any cons.
Search for a co-founder
Once your product starts taking shape, start looking for a co-founder who will dedicate their life to make something good and believe to bring the change to the people. Choose a co-founder who has believe in your idea and who would give everything to make it work.
Register your business
Register your business, split the equity between you and your partners. Make sure you will do a proper documentation of the business and aware about the terms of equity. This will end future argument if you dissolve the company or any one of you leaves the company.
Look for funding and build beta version
While you are seeking investment, in the mean time work on your beta version. It’s always good to have something to show investors rather than just bubble of thoughts. Also, you never know when you will get funding, so keep working on the product as well. To know, how to get funding you can follow my previous post (http://www.startuptalks.in/10-ways-to-find-investors-for-your-start-up/).
Now is the time for launch. You have done all the preparation that were required for the launch.
It’s always good to retain your existing users than making new users and loosing old users again and again. Try to contact or track your user that whether they are coming back or not? If not then look for the reason.
Don’t worry if you fail for the first time. Make the necessary modifications based on users feedback and relaunch your product again. Some of the biggest companies of today have failed earlier, some of them are Apple, Tesla, SpaceX, Airbnb and many more.
Set a milestone
Always try to track your activity, it will help you to understand your present situation and you can make a strategy accordingly. It is always good to set small milestones with strict deadlines, this would give you a challenge and you can track your growth easily.
Paul Graham, co-founder of Y Combinator seed capital firm encourages startups to grow by 5% a week. If you grow that much, within 4 years you will get to 25 million users. In other words, you will be one of the largest startups.
This word has different meaning for everyone. For some people success is getting filthy rich and for some it is living their dream. So, once you get successful it will depend on your paradigm that what you want to do with your company. You can sell your company to another person or firm or stay private by convincing investors that there is a bigger liquidity event coming. Think, what mark you want to leave on your followers.