Talking about ideas, entrepreneurship and innovation in business, “startups” seems to be the keyword that best identifies the general idea of change. A startup is normally a company that develops a scalable business model.
Startups are not small businesses. They may be small, but they dream big. What motivates them is ambition, money, popularity and success. The fundamental difference between a small business and a startup is the mindset.
Startups have high rates of failure. However, the minority of successes include companies that have become large, sustainable and influential. The key to success is not a single action.
How can you create your own “Silicon Valley” for your startup idea?
- Identify your goals
- Draft a business plan
- Invest money and time
- Build strong relationships with your partners (if any)
- Stay innovative, creative and persistent
- Build an idea that cannot be ignored
- Rely on a strong startup ecosystem
Moving from idea generation to idea validation is not an easy procedure. You need to be passionate with your idea, believe in yourself, and be open-minded. Technology and Marketing are two major sectors that influence startup ideas, where through STP and R&D it is easier to identify your target audience and acquire larger shares of the market. Evolution and inspiration is what characterizes these two fields, so they need to be a priority for any business canvas.
How will you transform a good idea into profitable product?
Market Research, Product market fit, Market testing, Building prototypes and Pivoting are some of the key actions to start with.
Start small, start now, stay optimism.
Seeking for feedback, building your identity and aiming at customer acquisition are some basic steps to validate your business idea. Consider also the following:
Attractive startups generally have:
- Lower “bootstrapping” costs (self-funding of startups by the founders)
- Higher risk
- Higher potential return on investment.
Successful startups are typically:
- More scalable than an established business
- More time consuming
Identify your goals and choose wisely!