by Sheeza Ahmad, CEO & Founder of UpEffect
With ‘startups’ becoming this generation’s buzzword, it’s important to not fall for the media masking it as a “glamorous” lifestyle. There is no doubt that running your own company is one of the most fulfilling, experiential and educational journeys you will embark on as an individual but you have to be prepared for the difficulties along the way.
There are a few things that I’ve learnt the hard way as the Founder of UpEffect (www.theupeffect.com) which I would like aspiring entrepreneurs to consider when launching their businesses:
Market validation
Do lots and lots of market research and then go back and do some more. You need first-hand feedback from your primary beneficiaries to truly understand what their requirements are so that you can address them correctly and the right place to find them is at relevant sector events. Don’t attend every event in town but do identify the best events for your business where you will find potential customers and go and hustle like you’ve never hustled before.
Additionally, network and tell people (not just your friends and family as you want honest and critical feedback) about your idea and find out what they think. If you’re taking the right feedback on board and making changes where necessary and the response after all of this is positive, you’re well on your way to building a great product or service.
Identify the right time to take your idea to market
This depends on the market you’re going after and also how far along you are with your business. If you’re very early-stage, make sure you have a working prototype to show to your prospects. Going too early and that too without something to show would mean that you risk losing the market’s attention, especially if you’re continuously promising things but aren’t delivering on anything. If there is demand for your product, you’re ready to take orders and you are able to deliver these, then you’re most likely ready to go to market.
It’s important to test the various iterations of the product for feedback and the best place to find these testers are at events. You won’t know whether there is demand for the product if you have no users actually testing it. Don’t worry about a big fancy launch to support this. Just take the product to market.
Nonsense Academies
A lot of startups waste time, resources and capital on attending “essential” courses to propel the business forward. The “best” B-Schools won’t teach you what you can learn quicker and better by doing it on your own and by speaking to other entrepreneurs. Practical is always greater than theory and when you need a boost of theoretical knowledge, the Internet and local events are filled with free resources to learn from.
Running a startup is a long journey but a worthwhile one; just remember to celebrate your successes, learn from your failures and have the courage to get back up and try again.
