A dream of many entrepreneurs, the creation of their own startup is very relevant in the innovative segment of the market, mainly due to the technology used and the modern concepts established. However, it is necessary to act gradually so that entry into the business world is of considerable importance. For this, we have written some tips so that you can actually take your dream off paper and thus create your startup from scratch.
market knowledge
First of all, for the perception of the modern context of entrepreneurship, some topics are important to make you really understand how the market you are about to join works. So, research, talk and above all look for answers to some questions such as:
- What are the market trends?
- What is still unsolved in this niche?
- Who are the competitors?
- How big is the potential audience?
- What are the main references in the sector?
- What resources and activities are needed to interact with consumers?
After that, always remembering to write and take notes, actually start developing your idea.
Development of an innovative idea
Creating a startup is not a simple task. For this, some definitions must be clear for development to be truly innovative. Therefore, the central idea of your business must be aligned with the main perspectives of startups. The management of innovation, in this way, develops specific actions for the good generation of results and ideas, as well as the organization. This management is important to reduce the bureaucracy in process logistics, making it easier for startups to become large companies.
MVP and business plan
Pay attention to whether your product will meet the needs of the market. The tests based on the Minimum Viable Product (MVP) have the task of presenting the project to customers to correct problems and failures, through the feedback received. Therefore, the improvement of the product causes them to have fewer errors and spent resources. The business plan must contain:
- Value offer;
- Customer segments;
- activities;
- Key partnerships;
- Sources of revenue;
- Cost structure;
- Main features;
- Communication and distribution channels;
- Relationship with the customer.
The Canvas business model is a tool for defining the processes to create a startup and how this will affect the product or service offered. From there, the creation, profitability and growth of the company can be defined. Here is an example of this business model, from fintech Nubank.
Validation
Validating your market assumptions works with real customers, understanding if your project can work or not. After validation, some arguments need to be merged for the process to run smoothly and they are:
- Sale;
- Marketing;
- Hiring of employees;
- Investors;
- Finance / Accounting;
- Regulation.
Execution
The bureaucratic part, despite being considered one of the most unfortunate, is extremely important to respect the law. The main legal aspects to concretely create your startup are:
- Name registration;
- Company registration;
- Statute;
- Licenses;
- Taxes;
- Legal bank account.
Furthermore, administration, marketing and finance must be well interconnected so that management can integrate strategic planning. With management, technology, operations and sales, your startup is almost ready to go.
Partner / Partner
A good network of contacts, networking, coworking offices and incubators can be a promoter of potential collaborators and partners. Therefore, events, conferences, are essential to grow this network of contacts and create partners to get your business off the ground with the strong support of a team of founders with good skills.
Investments
Just as a good network of contacts influences partner management, attracting the attention of new investors and customers through a short and direct presentation (pitch) is highly appreciated in this medium. Using and abusing your creativity, it presents some initial concepts of your product for your idea to be bought, then basically presents:
- your product;
- the differential of the company;
- the advantages;
- the tests;
- the profit.
Some features will even be taken out of your pocket at first. However, investor equity funds, equity crowdfunding, accelerators, angel investors, and help from family members are very important for the initial phase of your project.
Find out more about attracting investors to your startup here.
Scalability
After working properly, you need to understand the numbers that matter. These are, profit, number of visits to a website / application, and number of customers, even in the beginning. Therefore, each business model requires different results and different acquisition costs.
The agility in maximizing the services provided makes the difference in the strategy used for growth, for example: focus on specific niches and regions.
From there, scalability can make the difference between a small / medium business and a large one. In this sense, a scalable startup is one that can rapidly expand the number of customers and revenues, but not necessarily increase costs in the same proportion. The development processes are well established and extremely functional.
Long last
From good insights during the enterprise, the action, creation and growth of your startup must always be in conjunction with ideals of innovation. From there, by focusing on strategic planning, your business will be ready to take off.
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