Many people are getting into startup eco system and asking so many questions about how to do it and what to do next. I thought I would share my experience and learning.
We all have those brilliant ideas that we think could turn into million-dollar or even billion-dollar companies. When we step into this ecosystem, it's exhilarating. We're eager to create the perfect product, aiming for excellence in every aspect. We want to learn everything about the company and how it operates. But here's the deal: most of the time, striving for perfection isn't the right approach. No matter how perfect your product's design and interface may be, if it doesn't provide value to the customer, it's bound to fail.
Any company that is worth million dollars or billion dollars is making people’s lives easier and better. So first, you guys need to find something that is causing a problem to you and search for a solution. And if you can't find a solution or the existing solutions are subpar, then that’s where you want to build your product.
Now we know the problem and we want to make a solution. Do this first: talk to customers, get their info and ask them how their life would be if they had a solution to this problem and how they would like it. How much they are willing to pay. Talk to many, many people, gather some information and keep their contacts with you.
Based on that information start building a product. It doesn’t necessarily have to be perfect. Ship the product, take feedback, and make improvements constantly. This process will save you from worrying about whether it is perfect or not, from constant analysis and paralysis, and from so much overthinking and stress. Many of you who are new to entrepreneurship and the startup ecosystem should read The Lean Startup by Eric Ries and Paul Graham’s essays. You will find the best value in those about entrepreneurship and startups.
With a product in hand, it's time to focus on acquiring customers. Circle back to the people you spoke with earlier, share your product, and continue gathering feedback.
Now start with sales. If you think you are making people uncomfortable by sliding into strangers’ DMs or doing cold emails or cold calls to sell your product, then just hire a salesperson. I’ve read that many of you are hesitant and clueless about this part. If you are able to hire a salesperson, do it or make them a co-founder. But if you can’t afford to hire a salesperson, be prepared to be comfortable with discomfort. You have to reach out to your customers via cold DMs, emails or calls. Think of it as you are offering a solution to their problem so they can have something more valuable: time. Don’t sell the product or the features of your product. Sell the value that your product creates in your customers’ lives, then talk about how those features will make their life easy. Here is an example of how a salesperson’s mindset works: ( Read this). Here are some example templates of cold calling and cold messaging: (Cold calls; Method 1, Method 2, Method 3. Cold messages). { customize these templets according to your business.}
Here are some things you should know about advertising and branding: Branding is a customer’s gut feeling about your company and you achieve it through the right marketing. And marketing is not advertisements. It is essentially the entire psychology and identity of the company. It’s the difference between a leather purse and a Louis Vuitton handbag. The difference between a multimedia touchscreen communications device and an iPhone. The difference between a fried chicken sandwich and Chick-Fil-A. It’s creating value and differentiation, a personality, and ultimately an identity for a company.
Team building is very important, so while hiring people or making co-founders, make sure you vibe with them and get to know what they are as a person. Because even when you are working hard and the product is very good, but the dynamics in your team are not right, it’s going to fail.
And last, if a customer refers or talks about your product to his friends or people in his life, then my friend, you have launched a successful product and you will succeed.
We all have those brilliant ideas that we think could turn into million-dollar or even billion-dollar companies. When we step into this ecosystem, it's exhilarating. We're eager to create the perfect product, aiming for excellence in every aspect. We want to learn everything about the company and how it operates. But here's the deal: most of the time, striving for perfection isn't the right approach. No matter how perfect your product's design and interface may be, if it doesn't provide value to the customer, it's bound to fail.
Any company that is worth million dollars or billion dollars is making people’s lives easier and better. So first, you guys need to find something that is causing a problem to you and search for a solution. And if you can't find a solution or the existing solutions are subpar, then that’s where you want to build your product.
Now we know the problem and we want to make a solution. Do this first: talk to customers, get their info and ask them how their life would be if they had a solution to this problem and how they would like it. How much they are willing to pay. Talk to many, many people, gather some information and keep their contacts with you.
Based on that information start building a product. It doesn’t necessarily have to be perfect. Ship the product, take feedback, and make improvements constantly. This process will save you from worrying about whether it is perfect or not, from constant analysis and paralysis, and from so much overthinking and stress. Many of you who are new to entrepreneurship and the startup ecosystem should read The Lean Startup by Eric Ries and Paul Graham’s essays. You will find the best value in those about entrepreneurship and startups.
With a product in hand, it's time to focus on acquiring customers. Circle back to the people you spoke with earlier, share your product, and continue gathering feedback.
Now start with sales. If you think you are making people uncomfortable by sliding into strangers’ DMs or doing cold emails or cold calls to sell your product, then just hire a salesperson. I’ve read that many of you are hesitant and clueless about this part. If you are able to hire a salesperson, do it or make them a co-founder. But if you can’t afford to hire a salesperson, be prepared to be comfortable with discomfort. You have to reach out to your customers via cold DMs, emails or calls. Think of it as you are offering a solution to their problem so they can have something more valuable: time. Don’t sell the product or the features of your product. Sell the value that your product creates in your customers’ lives, then talk about how those features will make their life easy. Here is an example of how a salesperson’s mindset works: ( Read this). Here are some example templates of cold calling and cold messaging: (Cold calls; Method 1, Method 2, Method 3. Cold messages). { customize these templets according to your business.}
Here are some things you should know about advertising and branding: Branding is a customer’s gut feeling about your company and you achieve it through the right marketing. And marketing is not advertisements. It is essentially the entire psychology and identity of the company. It’s the difference between a leather purse and a Louis Vuitton handbag. The difference between a multimedia touchscreen communications device and an iPhone. The difference between a fried chicken sandwich and Chick-Fil-A. It’s creating value and differentiation, a personality, and ultimately an identity for a company.
Team building is very important, so while hiring people or making co-founders, make sure you vibe with them and get to know what they are as a person. Because even when you are working hard and the product is very good, but the dynamics in your team are not right, it’s going to fail.
And last, if a customer refers or talks about your product to his friends or people in his life, then my friend, you have launched a successful product and you will succeed.