23 and a Startup!
We all go through a moment in our lives where we believe we are better than everyone else. So, when you think you’re the brightest person in the room, you’re in the wrong room. Many startups fail because they believe they are the most inventive and consumer-centric startups, but they fail to grasp the needs of the consumers.
So how did I saw the potential for a product and how did I go for it?
Just keep 3 pointers in your mind whenever you think you have an idea and you want to implement it.
- Think as a Consumer and have a sample ‘n’ size interview with them about your product.
This is the most straightforward and user-friendly method of determining whether or not your product will be generally accepted in the market. If you receive a negative response from your sample interview, keep in mind that you will need to make some changes to your product in order for it to be a good fit for the market. People always give up when they receive negative feedback; they don’t put up their best effort to address the problem; instead, they abandon it. and launch a new business. Business is all about patience and ethical practices; if you can achieve this, believe me, you and your practices will be recognized sooner or later; it’s all about time.
2. Market research and Product categorization.
Market research and product categorization are the heart of your project; if you lack in these areas, your entire product plan will fail. As engineers, we have learned a few things such as first assessing a problem and then providing a solution, which is why you must first conduct market research on your specific products. Google is always useful when looking for information or statistics. The more research you have at your disposal, the better view you will have of your product. Categorization is the process of selecting a certain domain for your goods, such as FinTech, FMCG, Chemicals, and so on. All of them should be classified according to their sub-Domain. These things will simplify your life and you would have peace of mind (Sarcasm Intended).
3. Documentation, Finances, and Risk
these 3 are like brothers and all are dependent on each other if you miss anyone then you're in for a very long day
Documentation is always linked to your personality; the more organized your documents are, the more particular you are about things; if your Documenting skills are scruffy, you are a laid-back type of person; yes, there are exceptions for some people; however, you must take time out of your busy schedule to organize the documents because you never know when all of these things will be needed emphasis on Digitalisation of Documents on Drive or any Digital Storage.
Finances are often tough when you come from a non-financial background, but don’t give up hope; the local grocery store guy doesn’t need a fancy degree to understand finance, so it’s actually rather simple. Startups are notoriously sloppy with finances but over time, they learn from their failures and apply what they’ve learned to future endeavors. So just because you don’t know finance doesn’t mean you can’t start a startup or a small business. The beauty of learning is that it’s fun, but it’s also scary because there’s money at stake.
Why do people say High-risk High-reward, but when you’re starting out, you have to take calculated risk in order to withstand the danger if it ever arises, and you must have a backup plan in case the risk outruns you and you fall? Because no one is flawless, calculated risk should be considered throughout your initial phase during your Trial and Error Period. However, be sure you have that level of risk appetite. Risk Mitigation is the most difficult duty for an entrepreneur or startup since it is one of the most challenging jobs, but it is learning, and I live by the phrase “A person learns till he dies.”
I’m not a professional writer, but I write what comes to me in order to communicate my message; I realize this isn’t a proper title description, but these are some of the ways I was able to Design and Develop Products for Our Startup.
P.S. I’m new to writing, but if you give me a chance, I’ll attempt to write even better and more succinctly.
Thank you and have a nice day.
