The idea of a Start-up is a company initiated by individual founders or entrepreneurs to bring a product or a service into the market. Many of the world’s most valuable companies had humble beginnings as startups. In the olden days, it was extremely difficult to create a large and successful business without a tremendous amount of capital. But in the modern days, groundbreaking innovations can occur in a basement, a garage, or a college dorm regardless they have the capital to invest or not. As a result, new startups pop up every day all around the world, each of them hoping to get acquired by a larger company or make it big in their own manner. However, for every successful startup, there are thousands which fall into obscurity. Most startups fail, even the ones with great products.
The main reason startups fail is the inability to find and connect with a market.
Sometimes they face a situation where they lack something that would have made their product- first choice of the customer.
5 Stages of Start-up growth
How to take a Product to a market
Questions that come into the picture when you are thinking beyond Product are “Who are our customers?”, “What drives them?”, “What are their roadblocks in life?”, and finally “What can my company offer to reduce their roadblocks?”.
By coming up with these answers for each group of customers of a certain age, profession, region, etc, you can build & purpose your product to benefit both them and your company.
Always think and plan according to what you can make to matter to them.
The ten mantras to keep in mind
For more insights, watch the seminar video here,
Virtual CFO CFO Axis