10 Essential Considerations for the Budding Startup

So you have a great idea and you’re all geared up to start your new venture. It looks promising and may well be the 'next big thing'. Nevertheless, there are a few things you should clear before you dive into the deep waters of the entrepreneurial world. You must ensure that you can satisfy the needs of your customers, partners and investors in order for your idea to take-off and get funded.

1. Stand out from the crowd - Everyone comes up with 'great' ideas, unfortunately most will not really advance or give rise to any significant change. In today's overcrowded tech world you must stand out to be noticed and get your business off the ground. Be sure your idea addresses a real need, and provides a solution to a real problem or void.

2. Imagine your customers - Prospective customers form the centre of your business. Everything should evolve from their needs. So when you envisage your product or solution, think about how they will use it, react to it, pay for it, appreciate it, and most of - find real value in it. Furthermore, don't hesitate to discuss your ideas with potential customer. Consider their feedback with sincerity; it will guide you in the right direction,

3. Think value –Flaunt your core advantage. Ensure that you offer substantial value to your target audience, to members of your value chain, and of course to your investors.

4. Focus on core product features – Don’t expect to capture perfection in your first product version. You'll never succeed to include all of your dream features in 'V1.0'. Focus on the most important features that make your product or solution unique, but also ensure that you deliver all possible features required to satisfy your customers. In this case less may actually mean more.

5.Think team - It’s all about people. Your team should be able to handle all initial tasks and cover all areas of the business initiation and build-up. Missing a core function may cost you dearly when it comes to delivery or fundraising.

6. Think distribution - Many entrepreneurs tend to neglect this point. It’s imperative to understand and define your distribution chain, marketing strategy and go-to-market plan. Addressing those points will also contribute to improving your business, costs, revenues and growth models.

7. Prepare your business model - Have a model! Don't build your business on the assumption that a large user-base, great reviews, or high usage will 'reveal' a magical business or revenue model. You may not exist, and the path is unsustainable. Furthermore, investors hate it. Demonstrate a real business model, and predictable revenue sources.

8. Don’t be enslaved by technology, master it - Technology is a core part of your offering. It should not, however, limit or define your product. On the contrary, technology ought to be harnessed to further R&D to serve your product requirements.

9. Prepare for the worse - Nothing will happen as planned! Prepare for delays, failures, changes and unexpected constraints. Ensure that your budget accommodates extra flexibility, your team members think ‘out-of-the box’. That your customers can cope with some half-baked features, and that your partners’ temperaments aren’t swayed by daily fluctuations, but are motivated by your long-term outlook.

10. Follow your intuitions - At the end of the day, you call the shots. You understand your product and vision more than anyone else. Don't be afraid to follow your beliefs even if all above points are not followed to the dot. If you believe in your cause - you'll make it happen.