Well-known entrepreneur Neil Patel tells that when he was sixteen he started searching for a job on the search engine known at the time as Monster, and then he noticed an arrow pointing to the sales of this site, which amounted to millions of dollars, so he decided to start his enthusiastic journey in creating startups He launched a site called “advicemonkey” to help people find jobs online, but only two years later he shut it down after the idea failed.
Many startups like that of Neil Patel fail, and in fact, 50% of startups fail within 5 years, and Patel clearly learned a lot about failure and success because after that he became a co-founder of a number of successful startups. One statistic indicated that 90% of startups fail, while the remaining 10% succeed. So how do you secure your company a place in the successful 10% and how do you provide the reasons for that?
Offer the right product to the right market
Choosing the right product is an important stage and it will determine what your business will look like. It is not enough to be excited about a product, you must also make sure that the customer is motivated to pay money to buy the product. One of the 20 reasons Fortune magazine ranked startups fail is that no one wants it product on the market. Also, choose the right timing for your product launch, for example, starting a business selling woolen coats in the summer is definitely not the right time.
Make sure that the target audience is the right audience, because if you choose exactly the right audience you will be able to sell your product, you must be wondering do the customers I will target with my product need my solutions? As the saying goes, “Do not sell water in the waterers’ alley,” or “Do not sell snow in the Eskimo,” make sure that you have been able to create a unique product that is not easy to compete in the market or replicate.
But if you are going to offer a product that is in the market, you should develop it in line with the needs, aspirations and expectations of consumers, it must solve a problem that the products in the market do not address. Neil Patel says: that the market is saturated with a product does not mean that we should not enter it, but we must look for The problems that this market suffers from and we find solutions to them.
Gather information about the market, customers, their patterns, and competitors to know if the product you will offer is suitable for the market through market research, and ask yourself is the market size appropriate? Will the consumer be willing to pay money to buy the product, and will the product be immune to fierce competition?
When you build a product prototype and get reassuring feedback from customers, you may be surprised to run out of cash, and this is one of the problems that causes startups to fail. Therefore, you should be careful to manage the cash flow efficiently. The biggest mistake that entrepreneurs can make is not being indifferent to spending money on features that are not needed in the project, or spending the marketing budget while not ensuring the ability to recover the financial return, the reason for all of this is neglecting the development of Strict plan to spend on the project.
One of the reasons you will have to get cash is that the company will improve relatively early and you will need additional capital to expand and improve the product. Fast-growing companies need cash flow to hire new people, increase marketing, invest in production capacity, order more inventory, and allocate other expenses to keep up with demand. You will have several options such as taking out a loan from a family member. (Jack Ma, founder of Alibaba got a loan from his wife), or get a loan from a bank, business incubator, or one of the crowdfunding platforms such as Yomken, Zoomaal, and others.
What contributes to the success of a startup is the extent to which you are able to manage expenses efficiently and obtain financing if your company is rapidly growing. Read also: What are the reasons for startups to fail? 11 reasons to kill your project.
Create a successful team
It is possible to manage your project with a team consisting of one person, and you will then have to do all the tasks, but if your project needs several people, make sure that you have chosen the right and strong team that seeks with you to achieve the company’s goals, because the result will be catastrophic if the project depends on Weak team.
To have an efficient team that believes in the idea, innovation and development, capable of managing the stage and overcoming market problems with you, means that you achieve one of the most important reasons for success, in addition to the right work team, you must have the ability to lead an organization and have the leadership skills necessary to manage the team .
On the other hand, if necessary, you will have to look for a partner who will bear the workload with you, and in order to enhance the chances of the success of your project, statistics confirm that the probability of success of startups with two founders is more than the probability of success with one founder.
Market for your project
Regardless of having a good and appropriate product and a strong team, your project will not benefit from that unless you seek to market it, and develop a strategy to introduce it to the market. Marketing is one of the biggest challenges facing emerging projects, but in return it represents the backbone of any project, whether large or small. If you want to enhance awareness of your brand and consumer confidence in your company, and increase sales, marketing without exaggeration is the password for that.
If the target audience does not know your product or service, how and to whom will you sell it? You should choose the marketing directions that fit your project and the appropriate marketing channels, then start preparing a plan and budget to reach potential customers and customers, you can choose the free or least expensive methods of marketing, or use paid advertising on social networks, select the marketing methods that will achieve the most Success for your business, and follow it to market your company.
Don’t ignore customers
You direct the product or service to the customer, and if you do not have the ability to listen to his opinions, complains, and suggestions, you put your company on the line. One of the biggest mistakes that Nokia made was not only slow in developing the product and its ignoring of the competition coming from Apple and Samsung, but also ignoring it. for customer feedback.
Nokia customers cling to the durability of its phones and the longevity of the batteries, but in return they want the company to develop phones to move to the other level of their expectations and needs that increase with technological development, and thus ended the era of Nokia as the best mobile phone brand in the world.
Spending a lot of time in research and development and listening to negative and positive customer reviews, and even their informed suggestions, are important factors for the success of companies as a whole, and startups in particular, and their products. At first, but it was adopted later, and the hashtag became a constant and essential feature in Twitter that cannot be dispensed with, and Twitter cannot have any value without there being a hashtag, so that Facebook later adopted the hashtag as a mechanism for classifying news.
Startups – hashtag
Listening to customer complaints and suggestions, dealing with them quickly and effectively, and improving service with the data you get from their reviews often gives you more loyal customers. Make sure the customer is complaining because they care and want to see an evolving model of your product or service.
If you do not do this, the customer will have to leave and find another company to deal with, he will tell his friends, family and acquaintances and stop referring new customers to you. Customer suggestions give your business value and information so that you can improve your product, the strength of your response to the needs and expectations of customers and the creation of solutions to their problems, is an important reason for the success of your company.
In conclusion, providing the product with high quality, relentless pursuit of its development, understanding the target market, attention to customer needs, patience, perseverance, not giving up, and commitment to staying on the right track are all additional factors that help in the success of the startup, ensuring a place among the 10%.