Fabulous world

10 "Must-do" for building a successful Startup.

Here we will be looking at the ’10 Processes’ every startup must undergo before starting. It is very important for every startup to define the problem(s) they are solving and why they are solving the problems in the society before jumping into building the idea. This is in order to avoid making mistakes that will make the business startup fail.

1. Defined the problem you want to solve
Most African startups make the mistake of creating a solution before identifying the problem, As I said early most of them think they have the next big idea, but haven’t done the appropriate research to see if it could be successful.
What is the present problem?
What is going to be the consequences of not solving the problem in the future?
Are there many people facing those problems?
Will the problem create more job opportunities?

2. Define your Solution
This is a very important part of your idea, defining your solution will help you understand how you are using your idea in solving that problem.
in defining your solution, think of that idea of yours now compare it with your solution and think if it really helps in stopping or reducing the problem.
Then check if your solution is the best way to helps in stopping or reducing the problem and if it what the market will love or want.

3. State How your idea is solving the problem.
Is your idea the best solution to that problem? will my idea be easily adopted by users?

4. Validate your market
Market validation is the research you must do in your target market. This research is used to know your product concept against a potential target market.
And should always be done before starting your product, Ideally, you must start your market validation much earlier for a better understanding of the target market. This will help build a better, more focused product.

5. Know your Market Size
You need to determine the potential number of customers/individuals that will make use of the product.

6. Determine your Market Adoption
This is the series of stages that a potential consumer goes through when deciding whether or not to buy or purchase a new product.

7. Know your Competitors
Find out who is doing the same thing you are doing. It is very important to know those startups, companies or firms who are solving the same problem you are solving.
Knowing also how they are solving that problem will help you know how to make a difference in using your idea to solve the same problem.

8. Define your Competitive Advantage over your Competitors
Defining your advantage over your competitors is very important because it makes your product unique from others in the same market, every investor would want to know what you are doing differently from your competitors.

9. Define your Business Model
Defining your business model helps you plan for the successful operation of your business, identifying sources of revenue, the intended customer base, products, and details of financing.

10. Getting the right team
Getting the right team for your startup is the most important part of any startup because the right team will make your idea come to reality.

It is also another important part that most of the investors look at because they are the engine of the startup business. So make sure you get the right team who understand your mission, vision and share the same passion you have in solving that problem and have the right skills in making that idea come true.

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