Approximately 90% of startups fail due to simple reasons which they didn’t consider while starting up.
In this article, I’m going to tell you 10 Simple rules that you need to follow in order to
Consider it as a cheat sheet for your success and share it with your friends to whom you think it will be useful.
Table of Contents
- 1 1. Don’t fall in love with your idea, fall in love with the problem
- 2 2. Rely on Insights, not Ideas
- 3 3. Constantly ask yourself three questions:
- 4 4. Don’t listen to Users
- 5 5. Build products and services on the basis of people’s behavior
- 6 6. Identify the riskiest assumption for your startup
- 7 7. Validate the problem
- 8 8. Ask WHY questions, not WHAT questions
- 9 9. Reduce pain or increase delight
- 10 10. Develop & sell simultaneously
- 11 Conclusion
1. Don’t fall in love with your idea, fall in love with the problem
In most of the cases, your best friend will call you and say that “ Hey, I have an awesome idea that is worth millions if we do it” and to this, you say “okay“
Well, you see where it all went wrong 🤔
When I ask the question, What is the first thing that you need to start a startup?
Most of the people say “an idea“. Which is totally wrong.
The correct answer to this question is that you need a problem first not an idea. Now as the title says don’t fall in love with your ideas as it may take you the wrong direction where you never want to be.
Always fall in love with the problem because as a
2. Rely on Insights, not Ideas
More than 90K people search for the word “Insight” every month on Google.
Insights are what people tell you, ideas are what you think!
An idea is something that comes to your thought with a possible action attached to it. Whereas insights are something that is indicated by the people and involves a deeper understanding of the subject.
You need to analyze the market for your service or product that you are going to work on. Is there is any scope or need in the market for your product? That is a that you need to ask.
The next point will help you understand it better.
3. Constantly ask yourself three questions:
a) How big is the market for your product/service?
As I said earlier, Do your market research thoroughly. This is one of the major regions for failures of startups
Most of the startups fail due to premature scaling or over scaling after they secure funding.
b) How unique is my solution?
c) What makes me the best person to execute this idea?
That is something that you need to consider if you are starting out with a completely new business and you know nothing about it.
You need to develop the quality or skills or traits that works as an advantage in your favor and helps you differ your business.
4. Don’t listen to Users
Now this is something that no one will ever tell you.
Everyone says that it is very important for a startup to closely listen to their user and make changes accordingly to cater to their requirements.
Getting honest feedback about your product/service is, in fact, very difficult.
According to me, you should never listen to your users.
Let me explain to you in the next point.
5. Build products and services on the basis of people’s behavior
People’s behavior is something that you need to focus on, not on their opinions.
You may have heard that “The internet is a web of lies.” which is debatable.
According to various different studies conducted across the globe, it was found that people are more likely to lie when it comes to their ego or when they are put into scenarios in which if they don’t lie, then it might affect their social image negatively.
All the big giants are using this they have stopped listening to their users and instead they have started observing your behavior closely.
For example, The number 1 reason why Netflix (Netflix vs Amazon Prime Video)is succeeding because they monitor their user’s behavior in the app, what type of movies or shows that they are watching more and then accordingly give them recommendations.
I guess you get my point.
So Don’t listen only Observe, collect data and then extract accurate information which can help you in major taking decisions.
6. Identify the riskiest assumption for your startup
It is that one user behavior which is critical for your startup success.
You need to do the riskiest assumption test for your business model.
The first key to characteristic your list of riskiest assumptions is to bring the team along and brainstorm.
By interrogating your business model you’ll realize a lot more questions to ask and it will help you discover the loopholes in your business model.
7. Validate the problem
This is an important step because the problem that you have identified that may or may not be valid.
You need to analyze people’s willingness to get that problem solved because a lot of times we end up making a product that solves a problem that no one cares about.
So, Identify the problem and validate people’s capacity and willingness to get that problem solved and then think of the solution.
8. Ask WHY questions, not WHAT questions
While yourself and even when interacting with users, Ask WHY questions, not WHAT questions.
By doing this simple thing you are more likely to get better answers that are helpful to you.
people don’t buy what you do, they buy why you do it
9. Reduce pain or increase delight
I think this is the most important thing that you need to ask yourself before starting any business.
Ask yourself whether your product/service is reducing pain or increasing delight
10. Develop & sell simultaneously
That’s a mistake that most of the beginners do that you need to avoid.
Product/Service Development and Sales is a simultaneous process, NOT a sequential process.
If you follow these 10 simple rules then it is more likely that your startup will succeed. I hope that this article helps you in your startup journey.
Please share it with your best friend who is about to call you with his next million dollar idea. 😜