Startups, like everything in life, have some key elements for success. I’m listing here what I think are the most important factors to help you moving your idea to a successful startup.
((The order here is irrelevant and all have the same equal value))
Prototype
So you have the idea and you believe it’s the time to move forward. This is the proper time where you should prototype it. The purpose of prototyping is to collect enough feedback to decide whether you are going to continue and in which direction or cancel the idea altogether. Also, the prototype is helpful for marketing the idea and making relations.
The prototype should be the minimum work required to demo the idea for a group of selected people. Ideally the prototype takes 2-3 days of work. However, sometimes you need more time to demo the idea but in worst cases it shouldn’t take more than 2 weeks, otherwise you are actually coding the idea, not prototyping it, which is a totally wrong decision.
After you prepare the demo, pick a set of people including business guys and collect their feedback:
- They do like it: This is the ideal situation. Congrats!
- They kinda like it: This is the normal situation where you fix the workflow and decide your next step basing on the feedback you get.
- They don’t really like it: This case is usually referred to as “Fail Fast” or “FF”. Don’t get disappointed, make use of the feedback and rethink the whole idea. Most likely you will start from scratch with a new startup idea.
Business model
Here is the golden rule:
Launch first, then figure out the business model is the recipe of disaster
Relaying on the “coolness” of the idea is a wrong thing. It’s all about business after all, and investors would like to understand how you are going to generate money. Actually not only that; they would like to see how confident you are when it comes to business model.
Read more: Khaled alHabache's official blog
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