Startup success: Forget the recipe, focus on the ingredients.
Build it and they will come. Ever wondered the truth of that statement? Read on.
You’re sat in a swanky coffeehouse with your mates on Sunday afternoon. Three espressos later and all present reach the conclusion that the idea is going to work. You’ve even worked out the reasons why it will work, just in case the question comes up at the next family gathering on why you quit your corner office corporate job to work in a startup.
The stark reality is that the rate of failure is high. Here’s why: startups can’t exist by themselves. The ecosystem for their success requires other ingredients. It involves mixing that initial idea with mentors who’ve had the experience to ease that painful but necessary learning curve, a healthy financial reserve to weather that incubation period of any idea coming to life as well as the all important ability to test that idea as a product with the target audience.
The importance of testing and getting feedback with a minimum viable product (MVP) has proven vital in successful start-ups. Remember the early days of Dropbox? They moved quickly to launch the minimum viable product with the key features for testing with their target audience. Dropbox certainly built it and people came but they allowed their customers to build it with them and success came knocking. For more information on Dropbox’s minimum viable product days read TechCrunch’s post.
To build your own minimum viable product and success story contact us @ Xminds.