Key Takeaways 

  1. Validate your business idea
  2. Learn to evolve & adapt 
  3. Begin thinking ahead 
  4. Define a business model 
  5. Make your team 
  6. Get things done quicker 
  7. Know your customers 
  8. Analyze your competitors 
  9. Manage your funds 
  10. Practice productive skills
validate-your-business-idia

How to do it?

  • Overcome your personal bias about your idea. Discussing it with industry experts and peers who you can trust. This will help you determine your idea’s potential and decide whether to proceed with it. 
  • Find out whether you’ve got the capacity to turn your idea into a profitable business. Determine:
evolve-and-adapt-to-stay-in-the-game
  • Add new features for your target customers. Find out the needs of your customers by conducting market research. 
  • Improve the features popular among your customers. Find out why they love them and what you can do to make them more desirable.
create-a-roadmap-when-scaling-your-busines

How to do it?

  • Set clear goals defining the steps to achieve them. You must know what you want to achieve and how to reach them in the next five to ten years. 
  • Monitor your business using specific KPIs to determine whether you’re on the right track. If the success meter goes downwards, identify the issues causing them and look for solutions.

4. Define Business Model

leverage-digital-and-traditional-models-for-added-edge

How to do it?

  • Explore popular businesses in your industry to understand their business models. 
  • Create a Lean Canvas, which helps you determine which model will be right for your startup.
  • Price your products based on proper pricing research, not just assumptions or trends.

    5. Assemble A Dream Team

    build-a-winning-team-of-talented-members

    How to do it?

    • Eliminate conditions that can cause power struggles and differences among founders. 
    • Build a business plan and set some ground rules at the beginning to steer clear of disagreements. 
    • Define the chain of command to all members clearly.

    6. Get Things Done Quickly

    start-pacing-up-your-tasks

      How to do it?

      • Try to launch your business as planned to get a competitive advantage. 
      • Don’t delay even if you need to put extra effort into getting things done before the deadline.
      • Hire skilled and productive people for your company.

      7. Know Your Customers Better

      know-who-your-customers-are

      How to do it?

      • Collect data about your potential customers through market research and create a buyer persona. While making the ideal personal profile, leaders need to stay away from their personal bias about the customers. Instead, rely on statistical data and surveys. 
      • When you create a product, create the demand as well. Even the greatest solutions often don’t get sold on their own. 
      • Find out how your solution can bring value to your customer base and build a marketing strategy around your outcome

      8. Analyze Your Competitors

      find-out-what-your-competitors-are-doing

      Knowing your competitors well should be an inevitable part of your business strategy. Especially when you’re a startup.

      Find out what your competitors are doing to occupy the market, how strong their hold is, and what are the flaws. Only your competitors can tell you ( without realizing it! ) how hard the game is going to be. And what gaps you should fill to net in a big portion of the market.

      How to do it?

      • Find out the product development, marketing, pricing, and sales strategies of your competitors. Based on your collected data, improve your business strategy. 

      9. Manage Funds Properly

      learn-to-do-more-with-less

      How to do it?

      • Allocate a certain budget for each and every task/project 
      • Avoid unnecessary expenses 
      • Identify what your team needs to complete projects in the allocated budget
      • If required, do startup fundraising to manage sufficient funds

      10. Practice Productive Skills

      practice-productive-skills

      How to do it?

      • Practice self-discipline and a positive work ethic in the workplace. It encourages team members to work together and reach their shared goals. 
      • Problems can arise during projects. Never quit and face every challenge with determination and persistence. 
      • Startup leaders must know the art of networking to build partnerships and find investors whenever needed.

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