Posted on: Tuesday 26 April, 2022
Starting your own business can be tough! You might not understand where your journey starts and what you should do to make it work! This article is here to help you out by introducing the main stages you go through while your new business comes to light!
A Journey of a successful startup starts from just an Idea. At this stage, you should conduct market research about the industry, customers, competitors, and collaborators to ensure a problem-solution fit. It’s important to ask yourself some questions like: “Do people really need my product or service?” “What problem does my offering solve?” “Is my idea already out there, being sold by an existing company?” Answering these questions entails a lot of research into your potential competition and industry to prepare your strategy, manage risks, and have a clear vision.
2. From idea to MVP
The second phase of building a successful startup is validating your idea. You, as an entrepreneur, should go through four steps to know if your product or service fits into the market or not. The first step is proof of concept; you are required to test the feasibility of your proposed solution against the need you’d like to satisfy. You then need to create a prototype to see how you will build your product and use it. The following step is the Minimum viable product “MVP”, where a product version is ready with just enough features to be usable by early customers who can then provide feedback for future product development. At this stage, your focus is on growing your customer base and actually attaining the product-market fit you researched earlier.
3. From MVP to a successful business
During this stage, you need to know how to implement the results you received from validating your idea. You need to analyze your current results, listen to your customers’ feedback, and think of possible improvements to cultivate your product or services. You also need to focus on increasing customer retention and loyalty while testing and refining your marketing strategies, to further develop your strengths.
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