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Identifying the skills needed for the future
Developing a growth mindset
Creating a culture of continuous learning
Find a void in the market
Find the void in the market and develop a novel solution to address that void.
A startup usually begins by solving a problem. If you want to be successful, you have to find the void in the market and develop a novel solution to address that void. It starts with finding an idea that only you can provide.
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MORE IDEAS ON THIS
What problem are you trying to solve?
This is a common question in job interviews. And yet, would you believe that most companies don’t understand the importance of having a problem? They start with an idea for a product or service — in fact, they’re usually trying to improve on something that already exists — and then they build the...
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48 reads
Businesses are about filling a need.
An ideal business is one that provides something so compelling that people are willing to pay for it. This is true for people who start businesses, and it’s also true for the businesses themselves.
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Find a Market Niche
Startups grow by finding a market niche that isn’t being served well by existing players. Such markets are called ‘voids.’ The key to beating incumbents is to solve problems better, faster or cheaper — or some combination thereof. These are the factors that will make your offering more value to c...
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Modern market research is easy
All the tools are available online to help you. Then all you have to do is look around and be more observant than everyone else. There will always be problems that people wish were solved. A need that they agree on but no one is satisfying. That void is your opportunity to leap into action before...
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Relentless focus on the market
You’re better off focusing on the market rather than on clever technology. What most startups focus on is technology and not the market. As a result, lots of companies with cool technology fail.
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The real key to growing your business is authenticity
People innately distrust those who are not genuine, those who try to be something they aren’t. The more people can relate to you as a human being, the easier it will be for them to connect with you.
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Novelty for its own sake is not enough
It has to solve a real problem. It has to be something people want. And you have to build something better than what’s come before.
- Where is it?
- What are they missing?
- Who are the people paying the price for this inefficiency?
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You don’t need a huge target market
One of the main things that VCs are looking for is a huge target market, usually at least $1 billion, that you can address through your startup. The reason for this is simple: VCs invest in multiple startups with the understanding that some of them will fail, some of them will not grow very much,...
The 4 Steps of Customer Discovery
- Define a Hypothesis: Form a hypothesis that defines both the problem & the solution. A way to frame this is to fill in the following sentence: My idea solves [insert problem] by [insert solution].
- Define Your Assumptions: In the hypothesis, ...
A Solution Served On The Plate
Leaders often say, “Don’t bring me problems, bring me solutions.” They want people to be constructive-- not to whine or complain.
But if people can only speak up when they have a solution, you’ll never hear about the biggest problems-- which are too complex for ...
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