The 6 Critical Steps to Building a Successful Startup
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The document provides advice for starting a business and building a successful startup company. It discusses the importance of understanding customer needs, developing a good product, building a strong team with domain expertise, raising money, selling the vision, managing growth, and establishing the right company culture. The key lessons are to focus on solving problems for customers, gain traction by getting early revenue, learn from mistakes, communicate goals openly within the team, and remember that success depends on execution, not just having a good product or idea.
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The 6 Critical Steps to Building a Successful Startup
- 1. Living Up The Startup Dilemma
- 2. 6 Things You Need To Start 1 2 3 4 5 6 People Idea Plan $$$$ Turn Idea Into Product Managing Evolution
- 3. A Team You Need To Build Domain Expertise Team with smart skills Let meetings be there quite often Non business types are loved more Product development team delivers certainly better
- 4. Think Like An Investor What’s the problem? Define a solution Will customers really care? Yes they will. Design their solution Why win? Because you’re here to make a difference Gross characteristics of financial forecast Don’t focus on profits, make a good product, revenues will follow you
- 5. Think Like An Investor What’s the problem? Define a solution Will customers really care? Yes they will. Design their solution Why win? Because you’re here to make a difference Gross characteristics of financial forecast Don’t focus on profits, make a good product, revenues will follow you
- 6. There’s literally no original idea left to ‘build something new’
- 7. BUT
- 8. There’s must be a better way always and ‘there you make a difference’
- 10. Depth of Critical Thoughts Should Revolve Around Your Business
- 12. Basic rules of business # of competitors Depth of value-add What are customer options? MeasureTheDepthofBusinessSituation
- 13. Basic rules of business # of competitors Depth of value-add What are customer options? Know relevant models What are competitive models? What are historical models? Why have predecessor technologies failed? MeasureTheDepthofBusinessSituation
- 14. Basic rules of business # of competitors Depth of value-add What are customer options? Know relevant models What are competitive models? What are historical models? Why have predecessor technologies failed? Know your own model What are you betting on? How soon does it have to work? What’s important to your success? MeasureTheDepthofBusinessSituation
- 15. Business Plan Remains A Catalyst To Test The People
- 16. Raising Money Angels, Friends, and Family Govt. grants of various kinds Venture Capital Many different flavors and tastes Tradeoff between dilution and time How much do you need to get to the next milestone? $$$
- 17. Getting Early Get revenue, ‚traction‛, start selling Customer satisfaction more important that product and technology Build customer relationships and customer feedback loop Make mistakes early and cheaply
- 19. Become A Domain Expert Focus on success of customer—every decision should be weighed against this Listen to customers—Fine line between vision and passion, and being stubborn All startups are in the service business More things liable to change than stay constant Everyone sells Be the voice of the customer
- 20. Sell The Vision, Plan To Struggle
- 21. Vision & Struggle 2X Rule: Everything takes twice as long and costs twice as much Sales learning curve Be realistic about valuation milestones Raise more money; relax about valuation
- 22. Reality Check
- 23. Too Scared To Get Failed But WHY? Good intentions…but it is a slippery slope It isn’t supposed to be comfortable What culture do you want to establish? It is okay to be small for awhile What do you really need? Minimum now vs. cash crunch Growth and progress are not linear
- 24. Few Good Things: The Real Menu
- 25. Few Good Things: The Real Menu Invest in Culture Early Invest in ‚team‛ values: balance, support, communication, shared values, collaborative, flexible job descriptions Promote Openness Consistent values + clear priorities simplifies management Managing The Cubicles Communicate goals and objectives, Share successes and failures, Enroll people; Encourage debate Knowing What You’re Good At Focus on your strengths, Complement yourself, Focus outward
- 26. A Great Product is Nothing It’s Pure Wine
- 27. It’s An Execution Play
- 28. Build Useful Products Build Great Companies
- 29. Share Your Thoughts On Startup Culture Drop a line: er.neerajdhull@gmail.com