By Mike Souheil | Do you know the keys to success in your startup? The implementation of a new project carries with it insecurities that may or may not make the project a long journey. In our country, we have a total of 3,258 startups of which almost 1,200 have been created in 2019 according to the Startup Ecosystem Overview 2019 Report. Although the projects increase, many of them end up failing because they do not take into account basic errors. ThePowerMBA business school highlights the keys to encouraging fewer and fewer startups to fail.

ThePowerMBA leads the transformation in business training. It is an initiative that supports an online business program based on short, unconventional classes. Among the keys to achieving business success are the importance of an adequate business formation and not skip any step in each stage of life of the startup.

KEYS TO SUCCESS IN YOUR STARTUP

1.-Assess if the idea fits with the founders.

To choose a project it is necessary to check if the idea (business model) and the founders fit. For this purpose, the implications of the idea (competencies, efforts, capital …) must be identified and the founders are the right people for the project, taking into account their abilities or the vital moment in which they find themselves. If the answer is negative, it is better to abort, even if you have invested and look for another more appropriate idea.

2.- Validate the idea.

The error lies in developing a product or service without first studying if there is a demand for it, letting itself be carried away by the opinions of the closest ones. It is necessary to make a minimum study of the product and take it to the extreme to know if the idea has or not sense and check if it would have demand and if it will be profitable.

3.- Build a minimum viable product (PMV).

And do not focus on going out to the market with the perfect product. The entrepreneur invests time and money in seeking perfection by delaying contact with customers. The best thing is to go out on the market with a product that is sufficiently viable and on the way to improve the product.

4.- Do not climb ahead of time.

The companies that do not get some traction off tend to blame the lack of marketing and begin to invest in it when the real problem lies in the value proposition. What really happens is that they have not made the product fit in the market. The entrepreneur must open his mind and focus first on modifying his value proposition until achieving a perfect fit.

5.- Understand the phases that a startup goes through.

Once the value proposition of the product has been obtained, the next phase is the push. The entrepreneur will know that he has reached this stage because sales will skyrocket and this is when marketing should be invested.

6.- Communicate the project clearly and convincingly.

If the founders do not communicate the messages effectively, traction does not occur and the project ends up dying.

7.- Understand the pillars of marketing.

Having a marketing training is a competitive advantage over the rest. It is important to understand the basic pillars of marketing (positioning, segmentation …) and complete it with training in digital marketing.

8.- Do not obsess about technology.

The entrepreneur worries about how to create the technology of his startup and they put themselves in the hands of programmers. The solution is to decide what technology you will create and do it progressively with standard tools; without wasting time in developing custom-made developments that will only make you lose focus on customers.

9.- Do not wait for the business angel.

Investors, there are many but they are only willing to bet on good projects. For this, you have to prove that your project is. The risk of the investment must be started and diminished starting from the money of the founder and his close surroundings. Once these steps are taken, the investor will be interested in the project. It is also essential to know what kind of investors exist and how to present the project to them.

10.- Choose a CEO with a comprehensive perspective.

There are two types of successful people in the business world. A minority that is very good at technology or product and creates something exceptional; and the rest of the people who have good business training. The entrepreneur must be an entrepreneur, make decisions and have a basis to understand the business from all perspectives (operations, strategies, reports …).