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.