07 August 2019, Hyderabad:
- POC is different from actual product manufacturing
- StartUps need to evolve into entrepreneurs
- Selling is as importing as innovating
- Customers are the sole purpose of a StartUp existence
- A product must reach the masses to reach optimum potential
Before going into substantial details why a StartUp needs to transcend into an entrepreneur. Let us first try to understand the present scenario. A StartUp is always keen to create something innovative and trying to find a solution to challenges. The founders strategically design a methodology that at times might work on a small scale, however most of the times it does not hold good for business.
On the other hand, an entrepreneur identifies business opportunities and works towards creating an ambience to optimise the available opportunity. The main objective of an entrepreneur is return on investments, could be time, money or infrastructure.
Most founders are tech ideators and their exposures to market vagaries are minimum, which is one of the main reasons for StartUps failures. Founders must be tech rich with business acumen to succeed. Ultimately if the product does not reach the users then the sole purpose of innovation is defeated.
Developing a POC and testing it on a sample audience is entirely different from manufacturing a product and reaching the millions. Normally founders must get into the shoes of an entrepreneur after the POC stage.
Video Courtesy: Dan Martell
Because success is not possible if the innovatively created solution is precisely duplicated or produced and delivered to target clients or end users, who are ready to pay for the solution after realising the necessity.
This simply means a StartUps must design a solution that is market awaited, create awareness of the initiative, brand it and place it within the reach of the user to reach optimum potential. In a nutshell one must create a network of paid customers on a regular basis to sustain and succeed.
A StartUp founder initially has to wear multiple hats like being an innovator, fund facilitator, market validation, sourcing mentors and designing a scaling up strategy. Having a team with domain experts helps you win half the battle.
In a nutshell ‘love thy problem more than thy solution’ is the first commandment for success. The second is ‘be street wise’, strategize to ‘sell to many at less cost’ (quantity sales). With these two aces up your sleeves, success is within reach, for most StartUps.
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