Aspiring Entrepreneurs’ Guide to Startups
1. Make it essential; fix the pain, and be needed
Don’t just have a good idea, invention or solution to a problem that people want—have one that people NEED. If the customer needs you, there is much more value to your company and acquirers will find this attractive, as gaining customer loyalty and maintaining long-term relationships will help generate income on a regular basis.
2. Be appealing and customers will throw money at you
Not only should customers want your product, it should be a disruptive force in that particular market. Acquirers want to give money only when they know they’ll see an attractive return in a short period of time.
3. Be efficient; be, be efficient!
High efficiency equals good credibility, and good credibility is attractive to investors and acquirers. Also, make sure to be smart about how you spend your funds. Money spent in courting and entertaining executives, as well as nice fancy office space, is money not used to reinvesting in the company to stay ahead of the competitor.
4. Be simple, focus on the minimum value product
Your product or service should be as easy as possible to consume, integrate and use. The greatest startups of the last decade have all spent considerable time focusing on eliminating barriers. Don’t make the rookie mistake of overpromising and under-delivering. The easier your product is to incorporate into a customer’s life, the more likely it will happen. Focus on the minimum value product. That is the product in its simplest form, which solves that customer’s problem.
5. Be smart, hire smarter
To stay ahead of the competitors, you must be surrounded by the best. Not only should they be knowledgeable about what they are developing, but they should be able to easily adapt from a startup to a mature business. This adaptability is the key to stay ahead of competitors and to have a business that is attractive to investors and acquirers
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