You need to get these four things right for your early stage startup
What mostly matters for an early stage startup is very specific and depends on one startup to another but there are general things too.From the mouth of an experienced person the specific stuff makes up to 70% and the rest is general.
Generally speaking,most of the startups has the goal of “hyper growth” and eventually building a large company.Startups are the way of the future and are very different than normal companies.So, the four general areas that can maximise startup success are- idea,product,team, and execution.
Why you should pay attention to your startup idea?
A lot of young entrepreneurs think that the idea doesn’t matter much but the execution does.This is somewhat a dicey matter to talk about.But just think about the potential of a great idea.What if you start with a great idea?What makes an idea great?Let’s explore.A great idea is-turns into a monopoly,about right timing and focused on market needs(present as well as future).Google,Facebook and many more are all there because of a great idea.So its worth to spend considerable amount of time to get your idea right.
How to build the right product?
A product is the manifestation of an idea,but it is certainly not true that great idea leads to a great product.To get the product right you need to keep your focus on these three things-build a product that users love,start with something simple and have feedback systems in place.
All about getting the right team.
There are many questions related to hiring and you need to get them right to hire right.For instance,When to hire?Whom to hire? and many more.The answer to these question are dependant on the founder’s perspective mostly.But a few things that can be kept in mind while arriving to their answers could be-burn rate,decision making,communication,cultural values,dedication,risk taking,determination and most importantly can get things done.So, hiring in a startup is altogether a different game.
The future of your early stage startup depends on execution.
After getting all of the above things right,what lastly matters is how good you can execute.The three secrets to good execution are- a set of small overarching goals,put right metrics in place and keep momentum.
You should know what to do,when to do and who will do it.This helps in inspiring team and getting track of activities.Set some big targets and divide them into weekly goals which eventually leads to fulfilment of the big goal.Measure right metrics,it is very important and I think the right metrics should come from the top leadership.Last but not the least,growth and momentum are what a startup lives on and you always have to focus on maintaining these.
Well these are very general things on which an early stage startup must focus on.Also you can share your experiences in the comment section below.