The needs of the market, mixed with the possibility that technology gives, allow us to think of many possibilities to devise solutions for people. Basically two principles are fulfilled in this entrepreneurship game: desirability (the market wants your solution) and feasibility (which is fulfilled when the defined solution is possible to implement both at a technical and operational level).
Entrepreneurship in Mexico has grown and matured; Not only has the volume of high-tech companies increased; but also the type of solutions, the mindset of the founders has been transformed. According to the 2019 Economic Census, it grouped 4.9 million micro, small and medium-sized companies in Mexico, within this category are startups . But you need a company to get going.
Focus on the market
The most important thing is to think based on the market, its needs and on that to think about solutions, not the other way around; that is, what could be the ideal market for your idea. Analyze the potential of the market you are going to enter. In a CB Insight study , 42% of the startups surveyed believe that the main reason for failure is the lack of a market need.
Focus on the problem you are solving and not the product
What may seem obvious can be set aside. Before thinking about product categories that you can develop, focus on the user problem you intend to solve. Many companies fail due to a lack of understanding of the problem they are trying to solve. Products are sold because they solve a problem, solve a need, or satisfy a passion. Simple as that. There’s no more. Understanding this is the key to building a profitable business and avoiding launching products that fail.
Don’t focus on the success of other companies
It would seem a bit unusual advice, but everyone has their own path and the same is the one that will lead you to achieve your own goals. There is no easy or single recipe to be successful, raise capital, implement the same strategies. You will have your own path and your own needs, so focus on what your startup requires.
Create a perfect team for your company
In the beginning, the team is the key factor to attract the attention of investors, so it is crucial to choose the right people who are passionate about the business idea. Have people on your team who have a different experience than yours, hire people who can take charge and scale processes. Bring people who are a crack for your business, surround yourself with motivated people. The best leader is not the one who controls everything, but the one who has the ability to manage a team that is expert in their own areas and makes the business grow.
Don’t underestimate cash flow
Do not wait to run out of money, once you have the calculation of how long the capital you have will last, consider implementing a capital raising strategy to take the next step in your goals. This point complies with the third principle: in addition to being desirable and feasible, it must be economically viable.
Remember that these are just some tips that we recommend you follow in the development process of your company; for s implementation you need to develop strategies appropriate to your stage and needs.
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Original source: Entrepreneur
