Tag Archives: customer

Creating a successful business

 “Ultimately, there’s only one way to start your career, and that’s by starting a business. If you find yourself hesitating, remember my motto: Screw it, just do it,” – Richard Branson

Remember, starting up a business is a no easy task. Here is what you need to have within yourself to startup.

  1. Fall in love with your idea.

Falling in love with your idea is the key factor which drives you to achieve and create a successful business. Don’t start a business because you think it will make profits. Think of what the subjects and problems are that interest you and then justify which idea to convert into a business. Find out a talent or industry knowledge you have, then carry that with passion and love. This will help drive achievement.

2. Start locally

Now that you are sure of your idea and have justified it, start looking for the problems you have as a customer in the product or service you intend to sell/provide. Start with your area/city and think how your business could help overcome the problems you and your friends face. This way you would figure out what the market is missing and design solutions in your own product/services that could make the customer experience better. Once you have achieved in a smaller areas, think of expanding to other areas/cities.

3. Work around things

Just focus on designing your product and service to serve the society, this is the way how business work, : “by improving other’s lives”. Once you have done that, you make more money than you spend to create the product.

4. Listen to advice and overlook discouragements

Ensure to take advice from the ones who have experience in your field and be careful not to confuse discouraging comments for good advice. There will be numerous people who will tell you that you won’t succeed, you need to overlook discouragements but at the same time you also need to listen to those people too.

5. Stay Focused and Stay Motivated

In the first year, focus and motivation is a key to success. You need to dream big but at the same time you need to concentrate on establishing your business and surviving through the first year. Set small targets for each day, then week, month, quarter and a year, this way you will be motivated at all times and enjoy your success very frequently.

6. Be passionate of what you do

Passion is a vital part of your business. Enjoy and be passionate of what you do, let your employees be passionate and love what they do and so your customers.

Just adding an image which may feel irritating to the eyes, but if you focus on the word “focus”, it will give comfort to the eyes. So Focus is the key to success.

Focus
Focus
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Keys to build a successful business

Startup is a term that means you start with a new business. I would now like to bring in focus on business, which is what the core of a startup is.

If you think that starting up your business needs a very unique idea, you need to rethink. It’s not only a unique idea that will succeed. Even if it is a very popular theory to be the first in the market to be a successful company, it’s not always the most important tactic, and it’s like playing a major risk businesswise as you don’t know what the customer reaction to it will be.

An entrepreneur can cut down the risk by entering into a business that already exist even though his idea is not unique.

Building a successful business takes “drive, determination, belief in what you’re creating, bulls**t and charm.” – Richard Branson.

This is what you need to create a successful business. A unique idea is no bad, but entering into a market that already exist is not bad too.

It’s a tricky thought, entering into a market product that already exist may be a major risk as we are actually competing the already existing successful businesses. All it takes is, long term vision for your company, its customers and your determination.

Think about the changes that you would like to see as a customer. Even if you have found only a few, those little changes may add up to a bigger idea that leads to an entirely new and truly disruptive product or service. It’s less necessary to have entire knowledge about the industry you enter with a business but it is necessary to have the drive, determination and belief in your company and its products/services.

A classic example to this is Virgin records, Richard and his team lacked the insider knowledge about the music industry yet created a very successful business, and instead this lack of knowledge was countered by the idea of inviting potential customers to a cool shop they setup where customers could spend hours listening to their favorite music.

Judge from your own customer experience, you will always find better ways of doing the same thing. “Just do it.”

I think drive, determination and belief are the 3 keys to a successful business.

 

The Lean startup

Now that you have an insanely great idea, you have a definition and a great team to build a great product; I will discuss about the latest and the most effective methodology: “The Lean Start-up”

“The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, and when to persevere-and grow a business with maximum acceleration”

The Lean Startup Process
The Lean Startup Process

Many startups begin with an idea and start building a product they think the people want. Without even showing the initial product to the probable customers the startup keeps on perfecting the product for a long time and never try to show it to the customer. It is most likely that the product is not required by your customers. Later when customers come back and show indifference in the product, the startup fails.

To counter all the challenges by following the conventional way and putting everything at risk, a new way has emerged that can make the startup less risky. Yes, it’s the Lean Startup method. What Lean startup counters against the conventional way is its experimentation over elaborate planning, customer feedbacks over assumptions and iterative design over the conventional up front design in line with the Bplan.

The Lean method have 3 important principles:

1. Instead of getting into a chaotic transactions of business planning, putting tremendous efforts in research and at the same time investing a considerable amount of money, entrepreneurs accept that they have a bunch of untested hypothesis which they consider good guesses, this hypothesis is put down together and we call it a Business model.

Continuous Innovation
Continuous Innovation

2. The customer development approach is implemented to validate the hypothesis or the business model. The entrepreneurs go out in the market to the probable customers and partners for a feedback on every segment of the business model. Once this is in place, a minimum viable product is introduced to the customers and looks for customer feedback. Then, using the customers inputs, the assumptions are revised and the product undergoes small iterations and pivots to the things that are not working.

Learn when its time to Pivot
Learn when its time to Pivot

3. Lean start-ups practice agile development. Agile development works hand-in-hand with customer development. Unlike traditional lengthy product development cycles that assumes customers’ needs and problems, agile development eliminates wastage of time and money by developing the product using the iterative and incremental method. Following this process, a minimum viable product is created and put to test.

In the future posts, we will discuss more about the Lean Startup methodology.