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What our members have to say...
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"I really like the Mid-Atlantic Investment Network. I have received more serious interested investors than any other network I have tried so far. "
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Elie Haddad - Pegasus Energy Holdings, Inc |
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8 Crucial Elements of Start-up Success
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What are the ingredients for success when it comes to launching a new business? Microventures CEO Bill Clark, writing for Mashable, has some advice.
1. Hire Great Coders. If you don’t have the skills to code, make sure you find someone with a solid programming background who has built successful Web sites with features similar to your own vision. An inefficient coder will take a long time to launch the site, wasting time by making minor changes and fixing bugs.
2. Launch Your Product Site Quickly. Instead of adding last-minute features to your product, launch as soon as possible with the most important ones. You can let customers know they’re viewing the beta version of the site and they can expect improvements soon.
3. Identify Your Users. You might assume that potential customers are seeking your particular solution, only to discover after launch that your product might be too expensive or doesn’t precisely repair the problem. Take the time to understand exactly what they need and are willing to pay for.
4. Don’t Target a Small Niche. While targeting a niche limits competition, it also might not garner enough users to render a profit. Make sure to perform market research, plan to expand the niche once you service its need and realize that when you evolve your original idea into adjacent markets, you will increase the probability of exponential growth.
5. Raise Enough Money the First Time. You want to raise enough money initially so that you can hit a major milestone and have something to show investors.
6. Don’t Waste Money. Start-ups often overspend on things that can wait until later, or on a tool that doesn’t get them the expected results. By outsourcing a variety of activities, however, startups are now becoming less expensive to launch.
7. Have Multiple Co-Founders. A startup can be very time-consuming so it makes sense to divide the work among trusted partners with necessary skills sets, and be able to bounce ideas off each other freely.
8. All or Nothing. Any time spent focused on outside tasks is an opportunity for competitors to beat you to market. You need to focus all your time on your startup if you want it to succeed. And this may mean quitting your day job.
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