The world is full of opportunities. Have a new business, product, or service? That dream can be made into reality. But a dream isn’t enough — 90% of startups around the world fail. Why? The startup process is always complex. It requires creativity, resourcefulness and determination. Getting the early stages of the startup right are critical.
Need some advice on placing your idea in the best position possible for success? Let us guide you.
Early-stage startup tips
Test the business model
The first consideration in turning the big idea into reality is testing out a business model early in the process. How does the startup intend to attract customers and generate revenue? That’s the key question. The business model functions as a reference for early investors and potential stakeholders who need to see a feasible path towards profitability. This is the key principle for the team to keep in mind as they build the product.
Create a business model canvas
A business model canvas is used as a visualization tool. It helps lay out key partners, structures, channels, value propositions, and other business elements in a way that is easy to understand. Using this model helps substantiate the value the product could bring to the target audience and clearly define the business for interested parties. When preparing this business model canvas, it’s important to rely on a proven methodology to get an accurate representation of how everything connects together.
Craft a product positioning statement
Being able to communicate what the product or service is clearly and quickly is crucial. A positioning statement helps to do that. Use a short formula that quickly conveys value, breakthrough capability, competitive differentiation and other key points all in three sentences or less.
Assess technical feasibility
It’s important to verify that the idea is achievable from engineering and production standpoints.
Evaluate all aspects of proposed technical solutions. Get insights on how to build and adapt the product while minimizing risks.
Use a virtual CTO
A virtual CTO is the perfect ansStartupwer for an early-stage startup, to bridge the gap between the company’s vision and the technology needed to achieve it. Working closely with the leadership team, a Chief Technology Officer (CTO) explores the technical solutions the product’s team may not be aware of and other possible technologies that could grow the business. Partnering with a CTO also offers support in incorporating technology into the business strategy decisions and creating customized approaches to fit the timeline.
Want to learn more about optimizing the early stages of your budding startup? Check out the accompanying resource for further pointers.
;;Infographic created by 555vCTO, Offering Expert Advisory and CTO Services