“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” –Steve Jobs, Co-Founder, Chairman, and CEO, Apple
Everyone has a successful startup idea. But most of them are not able to cash on their Successful startup idea. Because they are confused. There are many reasons for their confusion, but the most common reasons for confusion are:
- They don’t have money to start a successful startup.
- They think their Idea is Idiotic and he will not able to make his/her startup Idea successful.
- What other people think if he didn’t make the startup successful.
Everyone has some Idea. Some of us have great Idea and some of us have don’t so great Idea.
The reason behind successful startups is the people that have made the idea great without considering the idea great and flop for their startup.
So do you want to know the idea to start a successful startup?
If yes, then remember it is not an easy task, but an interesting journey that will satisfy your soul when you achieved it.
You can achieve to start a successful startup, which will need your passion, hard work, dedication, lots of sleepless nights, and last but most important failure which is just like a tuition fee for your learning.
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After studying and analyzing many successful startups and Startup Ideas, we have found, that these 6 steps can lead to you a successful startup.
Therefore, If you are serious about the startup, then read it carefully, and you can use the step as a blueprint for your startup.
Ideas For Successful Startup
#1 Find The Problem
Find that problem that you are going to solve. It is one of the most important thing that people avoid in starting a startup business.
You can’t grow and sustain if you are unable to find the problem that your startup is going to solve. From every successful startup, we can learn that they are solving the problem that no one wants to solve.
Therefore, find the problem, know about the frequency of occurence of that particular problem.
Read the newspaper and article about that specific problem. Travel and check the reality of the problem at as many places as you can cover. Ask questions about the problem on various social sites like Facebook, Quora, Reddit, Twitter etcetera.
Ritesh Agarwaal, the founder of Indias one of the most successful startup OYO did the same thing.
Before starting the OYO hotel room chain, Ritesh Agarwal did the following thing. First, he traveled as many places as he can in India, with his limited resources to find the problem in the hotel sector. He talked with all types of people from the hotel owners to the users. To understand the problems faced by users in the hotel sector, he asked them about their experiences and expectations during the hotel stay. He also stayed in many hotels to check the reality of the problem.
#2 Solve The Problem From 0 To 1
Now you have found the problem that you have to solve and make your startup successful.
Now you have to find a solution that must be unique and innovative. But we know that everyone has their own solution for the problems.
So what makes your solution unique and stand you in a unique line.
It is your unique approach to solve the problem that stands you in a unique line and provides immense support to build a successful startup.
Let’s talk about it with an example:
We all know Peter Theil, a billionaire entrepreneur and founder of PayPal. During the lecture related to successful startups and businesses at Stanford University, he gave some insightful knowledge to the students. During his lecture, he gave the principle of solving the problems from zero to 1.
Let’s know about the principle of 0 to 1.
In ancient days, we used horses for traveling from one place to another place.
So if you provided fast horses and horse carts at that time to the people for traveling and achieved success, then you are going from 1 to N. You are just providing the same old thing with some modification which is horizontal progress. You might get success but it won’t last for a long time.
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But if you provided a new way of traveling to the people by making a car at that time instead of making a horse cart, then you go from 0 to 1.
Just like Henery Ford did by providing the car to the local people, that gave him a huge success in that business field. He solved the problem from 0 to 1.
Therefore, you should remember Peter Thiel and go from 0 to 1 for problem solving, which is a vertical progress.
#3 Business Planning
As we all know, Planning is one of the topmost priority work before we are going to start any work. Planning gives the wings to your idea of a successful startup, which takes you from the ground to the sky.
So, how do you plan for your Successful startup?
From the above 2 points, you know the problem very well and also found the solution to the problem.
Now you have to find the answer to the following question.
- How can your entire life cycle of the startup operate?
- What are the processes and systems you used to simplify your startup?
- What are the products and services that you promise to give?
- When and where you are going to Execute your startup business?
- How much money do you need to start the startup and how you are going to use it?
- How many people do you need in your team to run the startup?
- What are the 3 and 4 magic things you have?
- How you are going to coordinate with arts and science in your startup?
When you have answers to all the above questions, then you are ready to execute your startup.
#4 Start Small And Think Big
Many people ignore this step because they think startup means something big.
So 1st concentrate on small market and dominate it.
Just like Amazon, in initial phase it only concentrated on book market and dominate it.
Then, Amazon started an online book store by taking 0 to 1 progress. After that Amazon entered into all the segments of the market.
You should know that whenever you are going to start a new startup.
Because when you faced the difficulty on a small level, it teaches you a lesson about how to solve it. So, when you will grow big then the problem didn’t affect you in negative.
It gives you an opportunity to find all the problems related to your startup as the startup is small and there are fewer no people involved to solve the problem, maybe some time you are alone.
Whenever you are starting a startup, you have to be the first one for the subject matter expert.
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There are no if and but about this point. You must know every aspect of your startup and be the first one who is accountable for everything happening in the startup.
Thus, never design your startup according to the venture capital in the initial phase.
Now let’s talk about some successful startup that started from scratch and make it big.
- OYO – Founded by Ritesh Agarwaal
- Hewlett-Packard – Founded by Bill Hewlett and David Packard with an investment of $538.
- Starbucks – Founded by Fred DeLuca with an investment of $1,000.
- Dell Computers – Founded by Michael Dell with first investment was $1,000 – from his family.
- GitHub – Founded by Tom Preston-Werner
- Alibaba – Founded by Jack Ma
- KFC – Founded by Colonel Sanders.
There are countless no of a successful startup that started from scratch a become big. So learn the mantra “start small and think big”.
#5 Become A Monopoly– Avoid Competition
In Initial days don’t fight with others, just avoid the competition.
The best way to avoid the fight is don’t do the thing that other people do.
Innovate your products and services just go from 0 to 1, as we discussed in the above point. Thus, there is no competition for your startup in the market.
Competition is poison for Business.
According to Peter Theil competition and capitalism are opposite.
Competition finishes the profit and capitalism generates the profit.
Hence, more competition relates to less generation of profit.
#6 Execution of Startup
Without execution there is nothing.
Whatever you plan on paper or off paper, means nothing.
Always remember the startup which become successful startup are executed.
Sometimes whatever we talked above wouldn’t help but the simple execution of your startup could help you.
The only thing that matters in the startup world is whether the formula works for you or not. And we can only say that it when we execute the plan of the startup.
We are not perfect, but we can reduce our flaw to achieve the victory in success.
Be ready for the sleepless night.
Solving the problem is your main focus for the startup.
Create your own products and services which have both art and science. Remember the rule of 0 to1.
Plan everything for your startup from A to Z.
Start small and think big. In initial days focus on small market and dominate it.
Don’t fight, avoid competition.
Execute your idea and learn from the mistake that you make.
Last never give up and always hope for the best.