From idea to execution - 8 steps that can make a big difference in your startup journey - PowerPoint PPT Presentation

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From idea to execution - 8 steps that can make a big difference in your startup journey

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- According to a Fortune Report, 90 per cent of startups collapse for many reasons. If you want to be among the 10 per cent who succeed, you have to learn from those who came before you. – PowerPoint PPT presentation

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Title: From idea to execution - 8 steps that can make a big difference in your startup journey


1
From idea to execution 8 steps that can make a
big difference in your startup journey
2
  • Introduction
  • Marc Benioff, Richard Branson, Kevin Systrom,
    Marc Cuban, Aaron Levie, and Evan Williams What
    do these names have in common? They might not be
    familiar at a glance, but most likely, you have
    used products and services these successful
    entrepreneurs have launched.

3
  • From Salesforce, Virgin Airways, Twitter, Box to
    Instagram, these entrepreneurs started small but
    today their ideas rule the world. If you are
    thinking of launching a startup, you have to be
    ready to do heavy lifting, and it is no wonder
    most people quit.

4
To help you avoid the blunders most entrepreneurs
make, here is a guide on what you should do and
what to expect as you wade through the
competitive world of modern business
5
1. Research the market
  • In the Fortune Report, the top reason for
    business failure is the lack of market for a
    product.
  • If you look at the most successful startups
    today including Twitter, Instagram, and Facebook
    among others, they have come up to fill a gap in
    terms of message and image sharing.

6
b) The availability of internet connectivity
means people are more connected and as such,
there was a need for instant sharing. The
products or service you choose must be perfect
for the market if you are going to make a mark in
your niche.
7
2. Sell something you are passionate about
a) While most startups today are big on
technology, you dont have to jump into the
bandwagon if you are not passionate about this
field. For your brand to grow, you must believe
in it. This is the only way you will be
passionate about promoting it.
8
b) If business is bad, you will remain motivated
and that is how brands such as Apple grew even
when the world thought Steve Jobs would fail
faced with competition from bigger brands.
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3. Be radical
a) If you are going to start a business, make
sure it is uniquely bold. It has to be an idea
that is disruptive because this is the only way
people will notice it.
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b) Consumers are used to the same variation of
products and they are now looking for radical
ideas to make their lives better. The idea is to
come up with an idea that is radically different
and from here, make it radically better.
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4. Start small, but dream big
a) Most startups fail because they inject all
their capital as they enter the market and a few
months down the line, they can not meet
operational costs.
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b) It is advisable to keep costs as low as
possible as you start because you are still
testing the waters. This gives you time to study
the competition and understand the market from
inside.
13
  • 5. Make mistakes
  • If you are venturing into business, you should
    never be timid because this will cost you. Always
    try out new ideas and when they dont work, stop
    looking back.
  • It is important to listen to constructive
    criticism because this is the only way to learn
    and grow.

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b) Even the richest entrepreneurs today encourage
startups not to fear making mistakes when they
are testing their business models as these will
turn out to be the foundation of success.
15
6. Be Flexible a) You might have the best
business idea, but if you are not willing to
change it to accommodate the realities in the
market, you are doomed.
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b) It is important to be flexible because this
means the business keeps going. If you stick to
your reasoning alone, you end up losing
invaluable time and it might not be easy to
recoup.
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7. Be realistic
a) Of course, every entrepreneur is hopeful that
things will work out but you should not peg all
your investment on hope alone. You must have a
contingency plan to overcome unexpected
occurrences.
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b) Most startups run out of cash fast because
they feel that the tide will turn soon enough.
You have to expect difficulties in the
contemporary business environment and have some
plans on how to cope with them.
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Conclusion
  • Building a successful business is a marathon not
    a sprint, and many would-be entrepreneurs have
    learnt this the hard way. You have to avoid the
    speeding urge and instead build sustainable
    systems that will guide your business as it
    gradually expands.
  • Burnout is not uncommon among entrepreneurs and
    it ruins even the best business ideas. With these
    tips, you can now start doing your research and
    remember to take your time before plunging into
    the market.

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