A precise formula to become a winning start-up doesn’t exist and that’s a fact, you have to take into account the variables of the entry market, how the identified target behaves, how the competitors act and in the meantime optimize the management of costs and revenues.
In rescue however there are some cases of success that can provide us useful tips and points to consider when you’re considering to start an entrepreneurial journey.
We extracted salient points from an article published by Inc.com, here are our 5 favourite tips:
1. Target niches: The market has an enormous potential, so great that you risk to be swallowed mercilessly. It’s therefore crucial at the outset to clearly identify your reference target, in order not to disperse the energies and to be strong in one direction. Calmly then you can expand the audience, but without a hurry.
2. Tailor-made services: Any product or service can be personalized, once the target is identified, building the offer on its needs is the best card to play to conquer it. Specific problems are the worst, but the corresponding solutions are also the most appreciated.
3. Few good things: We have the target, a defined service and you don’t have to make a mess with the variants. It’s okay to propose options (eg. different languages, colours and features, big or small models, etc.) but you risk to loose quality on the main offer. So, be careful to expand: at the right time investing the appropriate resources.
4. Active co-operation of the whole team: Teamwork is fundamental, a team need technical and administrative skills and both must cooperate to grow. It seems trivial, but many start-ups have closed due to lack of knowledge and poor internal communication between the different areas.
5. Partnership as fuel-power: Instead of building a structure that is too complex to be understood by the market, creating partnerships with other companies, leveraging each other, can save time, cost, and search for suppliers. You will also gain access to new ideas and projects.
Do you have any other tip to add?