Mark Zuckerberg on Starting a StartUp

The Four Areas to Consider in a Startup

The intention of the video above is providing advice to people who are willing to start businesses with an intention of growing until they end up as large companies. However, the provisions of the video are strictly for startup ideas. Trying the advice on big companies will only lead to failure. Excelling in startups calls for the understanding of a couple of aspects including:

  • The presence of a good idea
  • A competitively right product
  • A great team to work with
  • A great execution plan

Success depends on how well one can utilize all the above aspects. At times, luck also plays a part. However, with a good chance, the ability to combine the above four elements always results in successful startups.

The Idea

Until recently, the spending time on idea generation seemed as time wastage. But with reference to a couple of hugely successful startup businesses in the recent past, the generation of good ideas is now vital for every person seeking to invest time and resources in a startup. The pivot of most successful startups is something the founders always wanted – not a random idea. The definition of a concept is broad. It incorporates quite a number of aspects:

  • The growth and the size of the market
  • The company’s growth strategy
  • The overall defensibility strategy

With respect to the above, it becomes clear that planning is crucial for the generation and implementation of the startup idea. It is planning that a business idea becomes hard to replicate. The idea forms the basis of a company’s mission statement.  Good ideas are important in that they:

  • They help in fostering teamwork that is necessary for success
  • They include a provision for embracing new insights should circumstances change along the way
  • They are hard to steal since a lot of specifications have been added to them

The Product

The greatness of a product depends on a couple of considerations as well. Building an excellent product thus includes among the following aspects:

  • Necessary customer support
  • Intensive explanation about the product
  • Any instances of customer interaction

An excellent product is generated from a great idea. Although seemingly hard, it is crucial. The next step that matters after creating a good idea is developing an excellent product. The secret behind succeeding in the above is through making something that the people love. The product, in this case, should be aimed at a small target group at first for the risk undersupplying if the target group is significant.

Important notes to take in the process of developing an excellent product are:

  • Word of mouth helps to promote an excellent product
  • Startups never fail from competition
  • Startups should feature simple products loved by people
  • The ideal person for customer support and sales is the idea generator

Most importantly, it is worth noting that startups require growth for survival. And the only way growth is guaranteed is the presence of an excellent product.

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