One significant misconception every entrepreneur has about startups is that you need to have a solid business plan right off the bat. From brainstorming an idea to devising a final pitch for the investors, all need to be done under a minute with no room for mistakes.
The reality, however, is far different!
Not only is it difficult to form a complete plan for your startup instantly, but all ideas can’t be a success. Seth Godin explains the concept as, “Either you are going to tell stories that sell, or you’re going to be irrelevant.”
Successful entrepreneurs know the secret to success is not the idea itself, but how they proceed with it. The research you do on your audience, your business pitch to attract investors, and your flexibility to cope with unforeseen situations, all play a vital role in the startup’s journey.
That said, here are some secrets to launching a successful startup for you to apply in your entrepreneurial adventure:
Starting a new business venture is not an easy task. There is much that entrepreneurs need to learn and understand to make sure their startup becomes an enterprise. Here are some secrets to launching a successful startup that will help you reach your entrepreneurial goals:
One thing that entrepreneurs need to learn is not to fear mistakes. It’s understandable that when you invest time and effort into something, you want it to be a success. But as Eric Ries said, “A startup is a human institution designed to deliver a product or service despite extreme uncertainty.”`
Therefore, mistakes are to be expected. According to the Lean Startup by Eric Ries, it’s best to write all your ideas even if they seem doubtful. With all your thoughts in front of you, it’ll be easy to hypothesize and determine which plan to follow via trial and error.
Furthermore, successful entrepreneurs learn from their mistakes. With incorrect hypotheses and the feedback loop, you can understand where you are wrong and do better with your next idea.
It’s not enough to have a business plan; you also need to curate it into a well-defined business plan that you can pitch to investors.
Statistics claim of people who launch startups with a complete business plan in mind:
Contrarily, of people without a business plan:
Looking at these numbers, it’s clear that having a business plan gives you a significant advantage over your competitors.
A business plan is a summary that outlines your startup goals. It highlights what you want to do and how you are planning to achieve it. Ideally, your business plan should cover the first 3-5 years of your strategy, so it needs to be well defined.
Your consumers are the reason for the success of your startup. Therefore, to ensure the success of the business venture, identify your target audience.
Survey the market to see what the people want and whether your idea aligns with their needs. It will not only help you decide which group of people you want to serve but also validate your idea before you can develop it further.
Additionally, you can visualize the people with whom you enjoy spending time. Then, see what you can do to improve their lives and make it more convenient. It will also help in identifying your target audience.
After you have decided on the target market, the next step is to devise a strategy to ensure they keep coming back. Customer service is the focal point in that regard! Both brick and mortar stores and online service providers need to optimize their customer service to serve the users that visit your store, website, or app.
Another secret to success tells you not to be concerned with the details. It may seem like a puzzle after we discussed curating a business plan and making mistakes, but in reality, it’s straightforward.
A business plan covers your startup goals and how you aim to achieve it. But it does not require you to go into the tiniest details of how you would solve every problem that pops up during the first 3-5 years. It should only be sufficient for investors to understand why your startup is worth the investment.
Additionally, refrain from overthinking. In your entrepreneurial journey, there will be many times where hard and fast decisions need to be thought over before you can make them. But thinking slows down progress, and for a startup, the slow pace can be deadly.
Therefore, instead of going into the details and wasting time in the planning phase, just get started with your business venture and solve problems as they appear. Don’t lose yourself in why’s and how’s, execute your first step and rest will fall in place.
As an entrepreneur, you will have new ideas popping in your head every second. So, instead of forcing yourself to stick to the first thought, keep drafting new plans.
Additionally, there is no concrete rule to startups that says you need to continue with the first idea. It may happen that as you go further into its development, you may find problems with the original plan or discover new opportunities.
Therefore, if a better idea pops up, then don’t be afraid to stop your original plans to follow the new path.
In a nutshell, the secret to launching a successful startup is to be flexible with your idea and goals. Curate a business plan for your investors, but don’t get lost in the details that haven’t come up yet.
I hope the blog helps you in taking the first step! Understand these secrets and make your startup a success.
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