10 Things Successful New-Age Startups Got Right!
Curated from: Varun Mayya
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1. Hiring
One of the most important pillar in any startups or an organization.
Analysing culture in your employee, while you are recruiting them can be the most efficient way.
A team with high cultural values is like a concrete house and no cultural values is like a paper house. When a fire litted from a place the paper one will instantly burn off, and concrete one saves you.
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2. Build A Product That People Really Want
When you are building a solution for your customer, make sure it's like oxygen. Build the product only if you think it's very useful for your customers which they feel like it is oxygen.
Three Thumb Rules for Different Businesses
- In consumer apps, you need to have at least 20% month 3 retention
- In D2C products, your total lifetime value per customer must ve more than your acquisition cost, plus they must make repeat purchases.
- In SAAS, you need to have less than 10% churn per year.
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3. Market Matters More Than Your Product
No matter how great your idea is if you don't have a good market for that.
Kunal Shah says, what's the use of building a dam in the desert, and what's the how much effort you put, if there are no customers are buying your product.
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4. Startup Will Succeed Only When The Founder Is Passionate
You should build a product only if you are passionate about what you are doing, or else in the long run you'll lose interest in building it and the growth will go down.
You can build products that are successful even by taking risks only when you love what you are building.
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5. Your Success Will Increase With Multiple Founders
Most of the solo founded start ups fail because the founder had no one to converse with and no helping hand in decision making.
Any number of cofounders is fine until it's more than 4 people.
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6. Make Sure You Are Well Banked
Not having liquid cash can sometimes slow down your growth.
Imagine you are having a good product market fit, but someone who have funds hire your talent and they won the completion.
So, make sure you are having good amount of cash in your hand.
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7. Founders Should Be Flexible
You should be 'persistent about the problem but flexible about the solution'.
Few founders will stuck with a single idea and build upon that with out understanding the market, just because they invested a lot of amount and effort already and later feel bad about the failure. (Refer to sunken cost fallacy)
As a founder you should be flexible at experimenting different things in your startup.
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8. Successful Startups Talk To Their Users
Spend more time talking and interviewing your customers, and get feedback from them.
Knowing what your customers need is very important, so try talking to your users and start working on what they really want.
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9. Fear Of Sales
Need to do more talking to the clients and do more sales talks
Sales is one of the most important factor for a business.
You should get paid for the value you are providing
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10. It's All About The Timing
You have to learn when to do what and when this inflection points change.
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Thank You :)
This is one of the best videos I watched recently about the startups, if you loved the notes, don't forget to check the video by Varun Mayya on his YouTube.
If you love my work, do follow me here or on Twitter :)
(twitter.com/adityamulukuri)
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