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Get the Startup Basics Right (Volume I)

This is straight to the point & step by step guide for first-time founders, very early-stage startups and aspiring product managers to avoid basic mistakes that lead to startup shut down even before they could reach the potential market.

ranvijay
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Get the Startup Basics Right (Volume I)

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  1. About the Author Ranvijay Singh Product & Business Analyst @ranvijay2 /ranvijay2 2

  2. Contents 1 Understanding The Problem 2 Selecting Industry 3 Market Research 4 Determining Core Features 5 Finding A Co-Founder 6 Building Product v1.0 7 Networking 8 Product Launch 9 Forming Legal Entity 10 Product v2.0 & Pricing 11 User Acquisition & Retention 12 Revisiting Competition 13 Get Organized 14 Get Accelerated 3

  3. Introduction Through this brief document or ebook, I have tried to put forth some basic steps that can at least reduce the friction and let them move towards their goals with same level of passion and perseverance. I have been there and I know we always need somebody close to guide us, to help us throughout this journey (alone). Entrepreneurship is all about making things simpler, easier and healthier for the people around you. This is further combined with business and revenue models so that it could bring sustainability & profitability for the people who are effortlessly working to make things happen. Entrepreneurs are the real change makers. They see and think about subjects with different mindsets. Their eagerness to learn and to struggle with challenges in due course set them apart from others. 5

  4. 1. Understanding the Problem You need to deep dive into problem statement to know if it’s actually a problem worth to be solved. Nature of the Problem  Related to life essentials  Related to convenience  Related to Luxury Size of the Problem  Impacting millions of lives  Impacting thousands of lives  Impacting hundreds of lives The severity of the Problem  Threatening  Mild  Normal Frequency of the Problem  Quite often  Occasional  Rare Term of the Problem  For a few hours  For a few days  For a few months  For a few years Cost of the existing solution  More than $10,000  Between $5000 - $10,000  Between $2500- $5000  Below $ 2500 5

  5. 2. Selecting Industry Selecting an industry is important as it broadens or narrows down the complete scope of the product along with the customs requirements based on prospects interview in the next step. Not just the scope of the product this can impact several factors i.e. 1. Product road-map & ecosystem 2. Go to market strategies 3. Financials 4. Operational challenges 5. Resources And a lot more... B2B businesses take less time to be operationally profitable compared to B2C, C2C or B2B2C businesses. Study your competition thoroughly 6

  6. 3. Market Research Join relevant groups or communities on Facebook, Reddit, Quora Create a Google form (collecting email addresses) with clear questions like; 1) When was the last time you encountered such a problem? 2) How did you solve it? 3) How much time did it take to solve it? 4) Was there any cost involved? 5) Do you think it could have been solved in some alternate way? 6) Do you know someone who had/has the same problem? Populate this Google form in your network i.e. Facebook timeline, groups, Subreddits, Quora, Producthunt, Indiehackers and LikedIn. 7

  7. 4. Determining Core Features While analyzing responses there are chances you could actually get surprised seeing quite a different need of the solution. For example, you were planning to offer an app that could scan home-delivered grocery bag, validates the availability of all the ordered products and alerts you if a few of the items are missing. When you talked to users, you got a different picture, instead of an app they would be happy to get an order collection box installed at their doors. The delivery guy can simply open the box with a randomly generated unique code. Every time the delivery guy drops the item into the sliding surface it gets scanned and finally reaches the customer’s collection box. This way they don’t even have to wait, keep standing and do anything. 8

  8. Continued Read more here 9

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