From Idea to Success: 3 Ways to Get There
With successful startup stories like Mint, Foursquare, and Canvas, it’s understandable why so many entrepreneurs want to take their idea to the next level. And while these companies could definitely be considered huge successes, thousands of startups fail every single year. Just look at all the recent buzz around Juicero, or Change Tip, a startup that gave up just shy of recognition.
There is no guarantee that your startup will become a great success, but there are a few best practices that you can follow in order to stack the deck in your favor.
1. Solve your own problem.
It’s a good idea to know your target audience, but don’t forget to look in the mirror. What product would make your life easier? Paying attention to your own everyday routine and solutions you wish you had can lead to unexpected ideas.
This is how ClassPass, a “flexible fitness membership,” was started. Back in 2013, its founder, Payal Kadakia, failed to find a suitable dance class in NYC. She started ClassPass as a website and an app, and today it covers 45 cities and offers 8,500 classes.
2. Know your competitors.
Learn everything you can about your competitors and what are they offering. A proper investigation of the competitive landscape should include:
- Weak points: what can be improved, what features are lacking in your product?
- Ideas to build a strategy that makes you stand out from the competitors
- A clear game plan and direction for moving forward
Make sure to take the time to investigate your target market before you set out. This will lead to a higher chance of success.
3. Think about how you will scale your business.
Start small but think big when it comes to how you’re going to scale your business model in the future. The most successful startups are based on universal ideas that can be adopted and not just for a single market.
As a Lehman Brothers investor specializing in office building and hotels, Convene founder Ryan Simonetti noticed that customer needs were not taken into consideration by landlords. Convene made a bet on providing “workplace as a service” and actually won. In May 2017, the company got another round of financing and has very ambitious plans to continue expanding its presence across the US and internationally.
When it comes to being a successful startup, just remember this. Great ideas are just ideas until properly executed. If you need help getting from great idea to great success, let us know! We’ll help you get there.