This website has given me the possibility of receiving new inquiries from people interested in starting their own tech projects and businesses.
but many of you asked me how do I elevate my success rate from the start.
so after thinking about it, I put this post together for you, and hopefully, this will help you get started.
So the most important aspect to have in mind if you want to know ¨How To Know If Your Idea Is Going To Succeed?¨ is a difficult one to manage since the most important aspect of having a winning project in your hands is Timing.
and this usually is rarely projected by companies. It is not the only factor for success but it’s the one factor that has carried many companies to billion-dollar level status.
Understand Why Your StartingUp
I heard in a TedTalk that the startup organization is one of the greatest forms for making the world a better place, that if you get a group of people with the right equity incentives and organize them in a startup.
you can unlock human potential in a way never before possible. You get them to achieve unbelievable things. and I completely agree with this concept.
Have the end in mind I can´t repeat myself self-saying this to my friends, clients, and family you can’t get from point A to B if you don’t know what B is.
There are a million ways to get to where you wanna be but there is only one vision of where you want to be. so get clear on that. if you have that figured out then the rest will fall into place.
Why So Many StartUps Fail?
There are many reasons why startups fail and as we keep track, it seems that many more will fail for the same reasons.
Some of the reasons a lot of us think that is the determining factor for our success are.
- The Idea
- The Team and Execution
- The Business Model and Funding
Let´s get something straight I’m not writing this to discourage you from your project, in fact, I’m trying to do totally the opposite, this post is targeted to help you give your project a starting point and minimize the risk on your side. if you are like me I tend to overthink things and usually end up not starting anything. but as we grow we understand to give value to situations in life, I decided to accept everything as a learning experience.
Top Factor For Success Amongst Tech Companies
What is timing exactly, I is very hard to understand but I have an example that will make it crystal clear. and the company to make the example is none other than.
AIRBNB, you can google how they got the idea and why they did it.
but that’s not exactly what made the timing correct for them.
They actually did not know if the timing was right, many companies don´t take timing into account because it’s such a difficult thing to measure, let’s just say they entered the market when people were looking to make some side income to better their lives, many people thought that nobody would rent out a space from their house to a total stranger.
Guess Airbnb proved them wrong.
Not only were people willing to rent out spaces but the marketplace of hotels was charging a substantial amount of money per night, this made traveling for low-income and middle-income people a bit frustrating.
this is timing there are multiple examples another one was Uber, it came at a time where people could make money driving and costumes were searching for another and more efficient option than a taxi cab.
2. Team And Execution
There is nothing more important in your startup as your team and how well you can execute tasks with them.
the more connection you have with them the faster and more stable your startup will become. One of my favorite authors and speakers is called Simon Sinek.
he is by far one of the best business coaches and analysts I have ever heard. And I would recommend you to check out some of his works.
In his book Start with Why: How Great Leaders Inspire Everyone to Take Action he gives you a lot of information about how to get the right people for your team, with clear examples as Apple, the Wright brothers, and much more. he explains in detail how people should have failed to succeed, but actually achieve their dreams.
You should also check out Leaders Eat Last: Why Some Teams Pull Together and Others Don’t if you thinking of taking your team to the next level this is a must-have in your library.
And if you still don´t have an idea of what you want to do. Find Your Why: A Practical Guide for Discovering Purpose for You and Your Team get clear on that and start building a path to where you wanna go.
In short how willing are you to change your idea business model or direction at any time during your project?
many companies start with an end goal in mind but after some bumps in the road and corrections of the market, a lot of fo startups have to adapt to different circumstances and change.
it could be either the business model or even the end result for consumers.
nothing can be overlooked to be changed, in fact during the development, a lot of new ideas might come up and change the outcome of the product but this does not mean it’s all bad.
if you adopt it’s for the better.
4. Business Model And Funding
These 2 aspects should not be overlooked but they can be integrated later into the project.
the best way to understand the business model and see what is the right fit for your product or service is to do research on something similar to your niche and product type.
if you want to do it more professionally check out this book its inexpensive and will give you a better understanding of the aspect of business modeling you.
Funding is one of the most difficult aspects for a startup to actually get.
and today it’s pretty simple, we have found that the only reason that people don´t ask for funding is that they are scared that their idea will fail and end up owing money to the investors.
You can get funding multiple ways and you can check out some platforms that help you organize your idea or product and get funding from angel investors to crowdfunding.
IndieGoGo and Kickstarter are two of the most famous ones you should go and check out if you are at that point of your project where you need money to execute some parts of your project.
For a long time, many of us thought that this was the determining factor for making a billion-dollar company.
but since those days we’ve come a long way on how that actually works, there are some brilliant ideas out there but few of them have been materialized, sometimes because the developers lack knowledge on the how-to.
You don´t have to worry too much about this, the internet has given you a full wide range of resources to come up with great ideas and even innovate upon them an as an example you would want to check out our post on 21 App Ideas Ripe For The Taking, Ideas you can take for your self and execute them, in fact, you can also take the logos it’s totally free this was made to encourage people on building their first startup.
Remember to take into account that timing makes up to 42% of your success rate. research what is the market asking for, and if you think the market is saturated with apps and software solutions, maybe you should think about how you can make life better and easier for the consumer.
tons of projects and products come out as the need for them hits the marketplace. Usually, simple solutions turn into big profitable companies.
Remember WhatsApp their initial offer was only to be a free messaging app they planned to give its service for free for a year and then charge .99 cents per year today it seems outrageous that someone would pay for messaging services, in the second year of WhatsApp more than 700.000 people paid the subscription fee.
So yes even taking an existing service and making it free is an innovation in the marketplace so do not underestimate any idea or any app.
We hope that all the information we have provided you in this post was helpful, so please comment and share with anyone that you think might benefit from this information.