As an entrepreneur, you often have one shot before time and money run out. You know business success indicators, such as market sizing and timing. But beyond those, how do you know if you\u2019ve got it \u2018right\u2019? That your business plan makes sense, your design carries the right tone, your product works, and your marketing strategy will get results?<\/p>\n
Looking at a number of startups including mine, I\u2019ve found that five common elements always apply.<\/p>\n
Whatever the task, you will always start on the best foot if you\u2019ve hired the right talent. Hire team members and outside firms with a track record of success, energy and passion, and chemistry with each other. To assess a candidate\u2019s track record, look beyond their resume to visible, tangible results. If the job doesn\u2019t involve deliverables you can see, then have them discuss previous projects in very concrete terms. When you are hiring outside firms, it tends to be easier to see previous work examples, but remember to check.<\/p>\n
Next, look at energy level and passion. This comes across in conversation and from references. Look for a spark in their eyes. Ask your candidate how she stays up to speed in her field. Do all her efforts happen on company time or is she so engaged that she spends free time learning and growing? Finally, chemistry is important. Will this person help keep everyone motivated? Will your team enjoy working with her? Let\u2019s face it \u2013 you\u2019re in it for the long haul so team relationships will be a big deal.<\/p>\n
<\/b>Do you know exactly what are you trying to achieve? Do your research to fully understand the problem.\u00a0Write down everything that your users will need to be successful in addressing this problem or goal. Recruit test users from all over the country and different demographics, and interview them.\u00a0Visit them in person to truly understand the pain points and problems you\u2019re trying to solve.<\/p>\n
There\u2019s nothing like a dose of real world experience to counter what seemed intuitively obvious when you are creating a new solution. Then do some business analysis. Be sure the problem is compelling enough to be worth the solution.<\/p>\n
Size your market \u2013 how many people have this problem or goal and would adopt your product or service as a solution? Is the market big enough to support your effort? Target the optimal subset of people to reach with your first release, then branch out over time as you grow in features and maturity.<\/p>\n
What does \u2018right\u2019 look like? How can you count, compare, or rate the results you need? Writing metrics in advance ensures you don\u2019t cut corners under pressure, without due consideration. Do your research. From reading existing market analysis, participating in large professionally executed studies, to doing your own online surveys and personal interviews, define a core problem you know needs solving now and in the future.<\/p>\n
Then set up hard measures to be sure you are addressing these problems. Continue to measure your product against those metrics throughout the process. Vet those metrics as you continue research \u201con the ground,\u201d so to speak. Technology companies can build measurement and analytics tools directly into their applications easily and at very low cost or free. It\u2019s important to get those tools into your earliest versions.<\/p>\n
Like the old adage, \u201cA picture is worth a thousand words,\u201d you will save thousands of lines of code by prototyping first. Don\u2019t spend much time on a first cut. Without fail, there will always be edits and adjustments. Save your time (and money) for later versions. Do your designs and user testing on a good set of prototyping tools so you can adjust to what you learn with minimal expense.<\/p>\n
Prototypes can range from rough paper sketches to realistic simulations of the actual product. Determine level of realism by what you need to test \u2013 sketches vs. styled artwork, static images vs. interactive simulations, and mockup content vs. actual wording. Invest a little time selecting the right prototyping tools to fit your needs.<\/p>\n
Large, established companies follow a proven business plan and must be great at execution. In contrast, as a startup, your job is to seek and find your business model and then build, adjust, and scale. Your company\u2019s daily existence should be guided by a virtuous cycle of fast iteration and improvement. Teams should be continuously testing, comparing to your metrics, refining, and then testing again.<\/p>\n