For making successful and happier business you have to think about future that whether your company durable through decade or not. All happy companies are different by solving unique problem. All failed companies are same, because they failed to escape competition.
Two types of Entrepreneurs
Just do it type
These people only care about what they want to build, before knowing whether customer want or not. The biggest risk in this startup whether their product wanted by customer or not, if they will not like their product then all the years of building product wasted and look like they built scratch product.
These people went for market research whether their product wanted by customer before building they collected various reports by interaction of customers and started analyzing. The biggest risk in this analysis that they wasted lots of years on research and don’t decide about exact time to start their building the product. Doing research is not bad for company, but we have to also think about building sustainable product.
We have limited time so to make great startup apart from these types we have to focus on developing minimum viable product and then have to go for customer experiment and after validating learning reach our finalized product. This strategy helps you not to waste your precious time on scratch product.
Entrepreneurs have to find the answers of these 7 questions before starting their business:
- The engineering question
Can your company create breakthrough technology instead of incremental improvement?
- The timing question:
Is now the right time to start your particular business?
- The monopoly question:
Are you starting with the big share of small market?
- The people question:
Do you have right team to start business?
- The distribution question:
Do you have way not to just create product but deliver your product?
- The durability question:
Will your company still exist after 10 and 20 years into future?
- The secret question:
What your business will provide to people what other are not giving and opportunities others are not seeing?
if you are capable of answering minimum 5 questions then most probably you are starting good business.