Updated: Aug 21, 2021
Startup success rate is low. Companies typically die after 3-4 years. One must take every precaution to reduce the risk not don't take unnecessary chances. The four key words for increasing the odds are:
If you follow these four words, your first time efforts at least won't end too badly. You are at least getting a hit.
Don't do things where you hope the buyer will show up, by yourself, without knowing all the tactics and gimmicks of business. It is a sure lose! or you will create a company that never has a chance to grow. You have only one chance to do it. Changing bats and ball in the middle is not going to work.
Follow these four words, at least there will be people to talk to, order to expect, and investors who find your business curious.
Technology is not the most important thing. Or at least equally important as team and business strategy.
For happy startup, first time start entrepreneur should following this:
Visualize buyer or target audience. Interact with them. Startup is about relation, not technology. People don't buy your product because of the product, but because of you.
Validate that people will buy. Buying is the only proof of interest.
Team is important, because just like in a military operation you need at least scouts. Startup is not the time to assume you are capable. If you can almost do it yourself, get two people on board to make even more sure.
Business strategy involves methods, unfair advantage, customer acquisition, and scaling.
Startup is risky. If it is not risky, you won't get a turn at it.
Risk is hidden. Hence the risk. Only people who have experience know the risk is there.
Some are scared of mistakes and never start. Some are careless and toys with small ideas. Both will result in nothing.