From ZERO to A MILLION DOLLAR VALUATION. Yes you can.

As entrepreneurs, we get to see and value a wide range of new products and businesses, both good and others not so good. I meet a lot of founders and innovators in every situation possible. Growing, declining, and anywhere in between, so I get to see a lot of different businesses. Typically entrepreneurs have approached me wondering what their business is worth and what it may sell for and lately a few tech food start-ups. Based off that experience and data, I believe the following factors are a few early stage rules to follow to build a million dollar product.

1. Find a problem, may be solvable or not and start building them.
The first and foremost step to dream a 12 digit valuation is to find a problem irrespective of weather it has a solution or not. The best part of having a problem with a solution already existing is that you get a chance to make it much more simpler to deliver and improvise and on the other hand you have the best opportunity to build your own solutions which can have a few tens of IP,s around them.Your core focus as an innovator should be to ideate the solutions which could make lives easier and the world a better and a happier place to live. 

2. Develop a market need, an advanced strategy to the Product- Market fix.
Developing a market need entails expanding the potential market through new users or new uses. New users can be defined as: new geographic segments, new demographic segments, new institutional segments or new psycho-graphic segments. Another way is to expand sales through new uses for the product.
A few important aspects to be considered when you plan to develop the market need are existing customers, competitor customers, non-buying in current segments, new segments.

3. Don't start building a start-up with a million dollar exit plan.
Keeping aside the typical goal unlike what most of the start-ups do do not start building a start-up with a million dollar exit plan until you raise a few big rounds of funding. Be obsessive about what you do and keep aiming higher, your passion and the connected work to the same will take you there, not the fancy numbers you put on papers to impress the investors.

4. Build a strategic Patent portfolio.
Startups on small budgets have often viewed patents as an unnecessary expense because each one can cost around. But as Apple, Facebook, Google and other tech companies sue or get sued over intellectual property, entrepreneurs hoping to become the next Mark Zuckerberg are realizing they need to fortify themselves early on with patents. You should file as many patents as possible for:
- you secure your innovation.
- you build the best brand value.
- you always keeping moving closer to building a million dollar product/service.
- you invite a better investor influence.

5. Start working from wherever you are.
You wouldn't need a flashy office to start-up and build the next big thing. Work from a cafe, an incubators or a co-working space. All you need is a seat and a decent Internet connectivity with a fewer interruptions than the other places you'd prefer to work from.  Build your dream and make some dollars and then think on having an office. When you decide to have one design it with brighter colour and a lot of natural light. Adopt a hybrid infrastructure of open workspaces. When you have money own the office space and stop renting. Kudos, there you've have an asset.

6. Focus on Building a Great Team. That's the greatest asset you could ever have.
Start-ups on small funds often tend to fail to build a great team because they start building it with a negative perception of not having one. The first step of building a great team is not to be building it. Don't wait for a perfect team and then plan to get going, such a thing does not exist. Start building it as much as you can and have qualitative people working with you remotely. Don't be fascinated about rank holders as nerds are good at execution and not innovation, don't be fascinated by flattery resumes. Don't do meaningless interviews and test which lead you no where. Have skilled human capital from the low cost economies or geographies and build teams internationally, communicate to team efficiently, be transparent and set clear expectations. There you lay a foundation to be having a great team.

7. Building a product/service.
Build a product/service that could be desirable and likable at large. There is nothing wrong in taking a legacy business model, apply modern sciences and improvise to create a new business. Change is in excitable, the market is always wide open for disruptive solutions and technologies. Once started run at the pace of light, never stop and keep innovating.

8. How to go to the market.
Before you go to the market have a KYC, know your potential buyers or users and categorize them, study on their potential needs corresponding to your product/ service and prioritize it accordingly. Once you know who they are approach them with a tailored messaging. Don't get into the race of just marketing and seling your product/ service, focus on showcasing the customer benefits and more importantly the non- product/ service features.
Your focus should be on building products/ services for a global scale and being global from the day 0, for the same gaining market traction should be your top priority. 
Constantly engage with prospective buyers from customer council to validate your products and gather market feed backs to improvise your road map.

9.Have your own PR strategy.
Winning the hearts of the existing customer and getting a new one is the best reward you can have which make it very clear about not to be wasting time pitching into media and PR agencies. Use your website and social media channels to shamelessly promote your company, product and thought leadership. You will only have investments flowing in if you have a scalable business model, create jobs and give it back to the society and thats when media will bump into you.

10. Be smart enough to raise funds.
Before you raise funds you got to be very sure about why you need the money, the investment plan and the projected outcome for the same. Think of external capital only if you need it. Convince yourself with the real value of the company and be honest in your pitch deck and fund raising approach. Find backers who support and promote innovation and entrepreneurship and not those who are looking for a start-up lottery. Use social media to leverage the contacts and avoid fake investors.

11. Be wise to socialize your business.
Don't fancy the start-up showy media and compare your self with the rest. Be very selective of talking to people those who give you a take away for your business. Your goal shouldn't essentially be to build a world wide network but to build something which helps you. Invest your time smartly.
Surround yourself with genuine mentors who always keep you guided and build an advisory board with a few of the same people who have been guiding you from long time.

You are an entrepreneur, be well prepared to sacrifice, compromise, loose and tolerate. Have as much as patience you can and keep developing it, because art of achieving is directly connected to how patient you are. Don,t bring in emotional sentiments in business environment. And keep the next sentence always in your mind and walk towards success.

Fall in love with everything around you, stay humble, patient and innovate on your innovation not your business.