Startups and entrepreneurship in 2018
If there ever was a year for startups to take lead as one of the most potentially promising business ventures in human history, 2018 would be it. For the last few month, the value of digital assets has been steeply rising to a crescendo. We are ushering in a new era of startups which are constructed and built with from an idea, and a never-say-die attitude to see that idea through to fruition.
Startup Life Lessons
Every budding entrepreneur who wishes to cement his or her name in the annals of startup legend needs to learn to fall down and be able to rise up stronger than before. There is no greater teacher than failure. But we hope that he or she may benefit from a couple of the life lessons we have as well:
- Use short term results and take that leap of faith. Months spent trying to craft the perfect go to market strategy or to create the perfect product are months not being used to gain traction and craft and brand name for your product.
- Don’t stick to strategies that are the status quo but do not work. Every product as well as every market is different. A strategy that has worked well for one hundred startups before yours will not necessarily work for yours. Be flexible and open to trying out new marketing strategies and product management tactics till you fill that niche that fits your product like a glove.
- Do not use short term results and take that leap of faith. Months spent trying to craft the perfect go to market strategy or to create the perfect product are months not being used to gain traction and craft and brand name for your product.
- Plan purposefully and be open to receive inspiration. Everyday, note down what you want to achieve the next day and reflect on your results every evening. Do not wing things and there the room for error grows marginally small as you near the launch date.
- Prioritize health. You are the master of your idea and product. But if you ignore your own well being, you will not be able to nurture and grow your product to full satisfaction. Know your priorities and work according to them.
Figure out a problem and provide a solution
When does a idea turn into a great product? When it solves a problem that users have. That is the crux behind the mission statement of any successful business.
- You figure out a problem that users may or may not know that they have. Make them aware of it. You are creating a demand for a product that people never knew they needed.
- Create the product that serves to solve the problem that people are now aware of.
- Develop your product to be the most unique and paint it to be the only one available in the market that is competent enough to solve the issues of the users.
- Once your idea begins to gain traction with the users, that is your queue to make sure that your product becomes synonymous the problem and to cut out any entry point for potential rivals.
Why 2018 might be the year for your idea
- The biggest boom in the realm of cryptocurrency has been towards the end of 2017. This has created more capital for potential investors to be able to spend on your idea.
- The new tax amendments in the USA as of 2018 allow companies to reap more profits from their gains in foreign subsidiaries. This allows more assets to be available for spending on good ideas.
- A good idea and strong business model will also go a long way, when pitched by the right team. 2017 has seen huge funding for a list of potential enterprises and this pattern will only extend to 2018.
The game of startups has and always will be a treacherous path to circumvent. But when done with the right initiative and lot of heart, this year has so much to offer budding businessmen and techies alike. At Community, we always love to hear your opinions. Let us know whether you’ve had similar startup experiences and add on anything that we might have missed. For more updates do sign up here for our Beta program!