Starting a start-up sounds easy to do and build. This sounds simple. As an entrepreneur and start-up founders, we are on a look out of the start-up success formula but the reality is there will be a market research, testing and launch phase.
Let’s dive deeper on the 3 start-up phase and understand where you currently stand.
Market Research
Before you give a head start to your business idea, you need to check if there is a potential market for your product. Are you going to solve a problem? Are you passionate with the services? Are there existing market players?
Those are few questions during the market research phase, you should avoid the shiny object syndrome and ride with current trend in a specific industry. The products or services that you are planning to offer should have a market for long term.
Testing
Why not test the product and ask for feedbacks? A friend of mine, started her bake shop by offering her signature cheesecakes and samples of her desert. She combined all the feedbacks and adjust her baking formula according to the feedbacks and found the winning formula.
Product Launch
The MVP or Minimum Viable Product are now ready for launch. Ask your connections and potential customers to promote the product. The product launch will involve marketing efforts and probably you should have formed your reliable team to deliver the promise of your products or services.
Conclusion
The 3 start-up phase of your business are market research, testing and product launch, you should be able to passed those stages to have your products or services probability of at least 50% chance of success. Knowing the market and having the MVP will give you the signal that you are ready to launch.
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