Each era has its own myths. Some of them are didactic, some are just bloated yarns but there exists the third type – the killing ones. And the most dangerous is the myth about a “Start-up that striked the world”. Like an ancient Icarus who was killed by his hubris, young and hopeful people blinded by several well-promoted“success stories” go off the deep end and fail, trying to replicate someone’s triumph. Venture capital holders keep their secrets, which may turn off the majority of young enthusiasts who encircle the idea of start-ups like moths. The real numbers are icky like the stark realities of life: about 75% of start-ups don’t return the investor’s capital they were backed with.
Oh, sorry, naive one! We didn’t mean to make you upset. Let us face the facts – just an innovative idea, zealous enthusiasm and a venture capital are not enough to shock the world with your “Start-up that will revolutionize the everyday’s life of millions” and become a billionaire. Unfortunately not. Three quarters of these “young and furious” cast in lot with Icarus, adust and broken. What can be done to turn this myth into an inspiring and instructive one? Warn startupers about possible pitfalls that await them, basing on a previous experience. Each “success story” have to be backed with reliable statistics – the field of innovations sponsored by venture capital is not the one where the rose-coloured glasses should be worn.
6 tips to save startups from failing
Listen to your heart
Software development is about business, but running a start-up is somewhat different. You have to put your heart into your idea, that’s why the problem your product will solve better be yours. Dedication comes when you think about helping somebody, not when you are just looking to raise a fortune.
Check out our tips on outsourcing software development for a startup!
Keep in mind that your initial plan is likely to change and sticking to it can ruin your company, for the best idea can be somewhere beyond. The best, not “just another”. Each innovation should bring the progress to the whole project, otherwise, beginning ab ovo each time will lead you to the endless labyrinth without exit.
Choose your team wisely
You can skip this paragraph if you are programmer. If you aren’t a tech savvy guy – you’d better find one to help you with hiring coders. Unlike you, for programmers who would implement your ideas, it’s just work. They don’t owe you, and waiting for them to be dedicated and enthusiastic is a big mistake. Find a person who will recruit experts for you.
Look for the right platform
Choosing operating system, a programming language or a framework is similar to choosing the strategy before the battle. If you are not a warlord – hire one to help you. Experienced technical expert can save you a fortune by choosing the right and prominent platform.
Don’t hang a leg
Lots of newcome start-ups end up improving their product or procrastinating, instead of launching a solid prototype as soon as possible. Don’t diffuse your efforts and focus on releasing your product. Better improve something that already exists than spend time just thinkin of a great idea that is “almost ready”. Dare, develop and deliver!
Define your users
A great idea without implementation is just a great idea, nothing more. You have to know who your end-users are, what do they prefer, what are their goals. Think about their problem that you can solve. Don’t worry about creating wealth by providing a service – think about helping your customers. When you get your audience, turning your pertinence into profitability will be a technical question.You might hear about successful startups so often you think the odds are on your side. But it’s quite the opposite. According to recent data, just half survive five years or more, and only a third make it to 10 years. Starting a business is a risky proposition. But is you follow the tips, you may easily reduce the risks of recession.
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