DIFFERENCE BETWEEN SUCCESSFUL STARTUPS AND "CORNS" OF THE WORLD
This article is a self-evaluation of what we have learnt from online training in last one year. Thank God that we did not get any investment last year. For us It is blessing in disguise because we would have never realized our mistakes and improve upon them. We would have wasted funds and time in correcting the mistakes.
Please add your comments and correct if we are wrong – We want to improve upon every aspect of our BloodyFast mobile app that we expect to go a long way in saving people’s lives worldwide
This is a personal view that may be useful for some founders but there is no intention of teaching anything to anyone involved in the start up ecosystem which have stalwarts and qualified experts in every area of operations. We are just learning before getting any investment and relaunching our Bloodyfast mobile app in near future.Your guidance and mentoring is always welcome to improve upon ourselves
There is no point in talking about why the startups fail. This article may take care of it automatically. Let us just mention few points in brief that are beyond any discussion.
Following issues are very basic and assumed as already taken care of by visionary founders who wish to launch it successfully and making ordinary / extraordinary profit
Persistent existing problem/s which demand solution/s
Global scalability with huge target audience
Product market fit
High quality limited number of staff
Low monthly burn rate
Product/service is perfectly priced and successfully tested and founders are happy with limited initial traction
Now product or service is ready and need investment for launch and growth.
Massive investment is made by investors looking at profitability. Founders are excited and blow the funds in massive advertising / digital / social media marketing and get millions of downloads in short period of time.
Traction with customers is achieved and revenue and profit start streaming in.
Number of downloads is a very illusionary, misleading and distracting figure.
It means nothing if daily active users who are ready to pay are not retained.
You may still be profitable but nowhere near your dreams and targets.
Everything is perfect then why there is no exponential growth worldwide?
We believe now that hurry to get investor funds is root cause many problems
If we invest more time at stage 7 as mentioned above, it may lead to a huge difference in traction, global scaling and profitability. We think root cause between simple Success and Super success lies here
Pivoting at this stage is rather difficult but certainly not impossible. This should happen much before this late stage when you are ready to go investors.
At 7th stage of progress, think tanks of the startups must devote their time on testing with limited target audience, conducting user survey to understand them and utilize this input from users to improve upon on UI / UX strategy.
When customer is happy and pay for your product leads to success and profit but when your customer becomes your proactive ambassador and start promoting your product on his own out of sheer excitement of bragging – that leads to massive success globally. Mouth to mouth publicity is a sure shot guarantee to instant growth in limited time and global dominance.
Exponential growth is directly proportionate to what Bragging factors you add to your products and services and convert your users into your promoters without spending a penny on them. How to excite them is the issue
Forgetting that we are founders and getting into the shoes of customer is the important role you must play to understand real issues and subtle nuances that will lead to a changes in business, pricing and design strategy that will excite your customers to be your ambassador to promote your product.
No adverting budget however huge it is, can achieve this.
Breathe-live-and chant “CUSTOMER-CUSTOMER -CUSTOMER” The magic mantras to add some CORN at the end of your brand. We are busy doing the same before we go to investors for funding
Correct us if we are wrong