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The development of technology has made many changes in business models, and many new opportunities have emerged. As proof, many startup companies have emerged today. As the name implies, a startup company means that the company has not been operating for long and is still in the development phase. If appropriately run, this young business is protected from dissolution. Therefore, consider the tips for starting and developing a startup below.
Preparations Before Starting a Business
Before starting a business, there are some essential points to consider first. To make it easier, the Business Model Canvas created by Alexander Osterwalder & Yves Pigneur explains the business model through 9 blocks. The nine blocks show how to generate profits from the business you will run. To find out more about the nine blocks or categories in it, see the following points:
- Customer Segments, to find out who will become consumers, what are the social characteristics, and how demographics.
- Value Propositions, to find out the added value of the product or service you will sell.
- Channels explaining how the products or services you sell can be delivered or used directly by customers.
- Customer Relationships: Find out how to get, keep, and increase customers.
- Revenue Streams to determine where the sources of profit can be obtained and what steps must be taken to increase sales.
- Essential Resources are assets needed for the business to run well and smoothly. These resources can be tangible or intangible.
- Key Activities describes the most important things that must be done for the business model to work.
- Key Partnerships to determine which parties can become partners in building the product or service you are selling.
- Cost Structure, explaining all the costs incurred in running the business.
Starting an Early Stage Business Startup
Many startup businesses are born with a brilliant idea that emerged from a social problem that the founders discovered. They have the vision to provide a solution to the problem. At the beginning of their establishment, some startups still need a mature business plan. Such startup businesses are usually led by young people with high idealism but need more experience in terms of business management. Therefore, the role of mentors is often required. This opens up the opportunity for many incubators to emerge to help the direction of the startup’s development. They will usually support in terms of financing as well as mentorship.
The most crucial thing in a startup business is a solid team. With a solid team, new creative and innovative ideas will emerge. With creative and innovative ideas that are appropriately executed, startup founders will be able to attract public interest and find investors. In deciding to fund a startup business, investors will usually assess the team’s solidity with the idea’s strength and its execution capabilities. After that, investors will determine the startup’s business model.
Tips to Grow a Startup
Building the business right from the start for startups still in the early stages will be essential. This will serve as a reference for where the startup business will go. The following are startup development tips that startup business owners should take note of:
- Understand, respect, and get the perfect Minimum Viable Product (MVP).
- The next step is to immediately make the product in beta version for a limited circle when the MVP has been obtained.
- When you have started creating the product, it is time to hire experts to help the process become faster.
- After the trial, the next step is to correct the shortcomings or errors in the product to the existing design.
- Once the beta version for a limited audience has been tested and updated and product improvements made, the next step is to launch the beta version for the public.
- After the beta version is established for the public, the startup business will organically start to show what kind of features work well and have the potential to be sold.
- This one stage is the final process of tips for developing startups in the early stages. That is, convincing investors to invest based on the product in the startup business.
The world of startups has become a trend in the world. Various success stories and tips on developing startups have fueled the enthusiasm for the emergence of new startups. The potential of internet users in the world, which is increasing yearly, is also a catalyst for establishing a startup business.