3 ways to think like a startup Be the world class business
As the world has never stopped spinning but the losing dreamer number has grown dramatically because, in reality, only a few players could reach the top.
Although there is no success manual, some elements that are extracted from many successful startups are the same which are interesting and will be another factor for anyone who just started their first step to review which way they want to be.
Beginning with “Inspiration” which is the first thing that everyone ever thinks of but how to make investors dare to take that idea risk? We need to build up the shape of the idea. For SME, the first thing is “Cool team”, because when investors see this point, you will get a 75% higher chance than the others. The rest is about being a part of “Big, good growth and high potential market” which is only a 25% contribution. If those two factors are not strong enough, “targeted customer” is needed to make sure that your product or service can be sold.
For example, Airbnb, the shared accommodation which started from changing a small business with 2-friends, Joe Gebbia and Brian Chesky, opened their house to accommodate customers who could not find a hotel at the time of the high demand for the designing conference in San Francisco. Later from their first 3 guest-groups, this idea was blooming after they received emails from customers that were there places like this in other countries? Thus, they decided to create the website from their strength of designing together with technology experts, Nate Blecharczyk. Hence, they were ready to welcome all customers.
So far, there is no need to explain how successful Airbnb is because it is the player who has rocked the whole hotel business and truly been the worldwide achiever.
So, talking about the team, another fact from the survey shows some interesting topics which are “2. Trust” and “3. Involvement”. These are the principles of business. Trust can be built regarding many factors whether graduated from an accredited university, worked at a well-known company, won a competition, had experience in a start-up business, and tried many creative attempts which no one ever did, for example, coding, building drones before 15-years-old. 30% of a high-reliable team has more than 2 topics as mentioned
Involvement means the team with direct learning or has experience in that business or industry for a long time. That means they know a deep and wide vision to see through the pain points or can destroy obstacles to resolve and build a new experience for customers.
For example, the founder of WhatsApp chat application, Jan Koum and Brian Acton, who had studied hard and been hackers since they were young. They entered a well-known company as Yahoo and became furious about the change of the company to focus on advertisements rather than customers, so they wanted a change and initiated this application idea.
Although they had ever applied to Facebook but got refused, WhatsApp is the achievement that is built on their trust and involvement of experiences. This is why they received a buying deal from Facebook in 2014 or 5-years after establishment.
Even though you do not have that cool teamwork yet, paying attention to the market and focusing on targeted customers is necessary. However, you have to be aware that markets always change and never stay the same.
Uber is another example that was not the first player who invented a new public transportation market, but it could steal the current large customer base with the brand-new strategy and effective user-friendly service.
No matter how strong your team is or how effective the markets are, do not forget that it is a combination of inspiration, evaluation of possibility, and being able to change and be flexible to face any happened problem. These are what you need to prepare to be at the top of the chain as those successful people have ever done before.