How To Start A Startup In 3 Simple Phases – NettyFeedMay 15, 2018
Whenever we hear the word entrepreneur we tend to recall those few heroic people like Bill Gates, Mark Zuckerberg, Steve Jobs, and Jeff Bezos who started in a garage and then turned out to build a multi-billion dollar organization. But these are exceptions which comprises of less than 1% of the such situation.
Generally, this is not the case, majority entrepreneur does not start with a revolutionizing idea. They rather start with where ever they are, implementing a simple concept. They move forward with what is called a Feedback approach model. In this model they build, they implement, they measure and they learn. This cycle keeps on repeating itself throughout.
A startup is like a giant science experiment and the key is how fast you learn and improvise. No startup begins with a perfect model and a perfect approach. There are always learning and modification involved along the process.
In the analogy of a Startup as an experiment there are 3 phases which can be defined to structure the complete process:
- source link Measurement – The measurement phase is all about measuring each approach keeping into consideration all the dependencies, and when an approach seems viable. It should be put to test.
- http://the-neer-do-wells.com//wp-content/plugins/cherry-plugin/admin/import-export/upload.php Testing phase – An entrepreneur moving towards his vision does not know a concrete path which should be followed. There are various uneven approaches(path) to reach the goal, so calculated risk should be taken. Based on the measurement process the most optimized path should be considered.
- Improvising – No matter how much cautious we are in selecting the most suitable path, chances are that it may saturate or it may turn into non-favorable in a period of time. In this case an entrepreneur should be quick in pivoting(changing the strategy)
Eric Ries in his Book ‘Lean Startup’ described in detail about the concept of pivoting in strategizing business approach.
According to him a pivot can be described as the process of changing the strategy completely by keeping one leg on the old strategy and the other leg on the new one then shifting onto the new strategy completely.
There are different Pivoting methods described by him in his book like Zoom-Out pivot, Customer segment pivot, Customer needs pivot etc.
Your startup is like an aeroplane and the runway is your financial backups. So take your aeroplane to the sky before you run out of your runway.
There are lot of entrepreneurs who are not as famous as Mark Zuckerberg and Steve Jobs but they do have very inspiring and motivational stories, and lot of lessons to learn from them. Few of them are Brian Halligan(CEO-Hubspot(Inbound Marketing and sales software)), Matthew Mullenweg(Co-Founder-Wordpress(Websitebuilding platform)), Raj Koneru(CEO-Kore.ai(Artificial Intelligence building platform)), Vijay Yalamanchili(CEO-Keka(Modern-day HR and Payroll Software)).
At last I would like to say that, creating an elaborate business plan or waiting for an innovative idea is not the correct approach to begin with, rather start with wherever you are or with whatever idea you can. Test your vision continuously, adapt with the changing environment, derive learning from the process and improve each time.