Nowadays, being an entrepreneur has become a future option for many people. Thus, creating a startup is the dream of many, but, if it is not well executed, it can go straight to failure. There are many factors to take into account when setting up your own startup in order for it to achieve its goals. It is not an easy task and, because of that, it is necessary to know well the steps to follow and, if possible, have the help of experts who can advise and guide you in your adventure as an entrepreneur, as with the team of mentors of La Lonja de la Innovación.
To make it easier for you to fulfill your entrepreneurial dreams, in this post we bring you how to create a startup so that it is not destined to fail.
Steps to create a startup
Before getting down to work, there are a series of traits that you must have in order to create a startup: desire, enthusiasm and perseverance. Without these three characteristics, the path can be twice as complicated. If you have everything, is time to start creating your project with these steps:
- Define your idea and target market. There can be no startup without a good idea. This is the key to achieve success and, also, one of the most difficult tasks. In this first step there are some questions you must ask yourself such as what product or service you want to offer, in what it differentiates from the others, who are your clients and competitors, that is, you must make a brief business model. In addition, it is necessary to be clear and determine where you want to go and, of course, trust in your idea.
- Do market research. You can’t start a company without first analyzing the market in which you are going to operate. It is fundamental to know well what are you going to face, thus, you should do a SWOT analysis to know which are your strengths, weaknesses, opportunities and threats. On the other hand, you must define other aspects such as competitors or the buying patterns of your target audience
- Create a brand. Define your startup identity and how you want it to be perceived by your customers. Even though it sounds easy, this step requires time and special attention, since the brand and branding are essentials, as it is the identity of your startup and, depending on it, your positioning in the market will vary. In this step, you must know which values you want to convey to the outside world, which are the customers you are targeting, your objectives, etc.
- Create a solid team. A startup can’t be led to success alone, it doesn’t matter how much confidence you have in yourself, you need to surround yourself with the right people to help you take your project forward. Look for colleagues who are passionate about what they do, who share the same values as you and, also, that compliment you, because the basis of a good team lies in the diversity of skills and perspectives.
- Find funding. An idea can’t become a reality without money. This is not easy, but neither is it impossible. For this reason, you shouldn’t get discouraged if you don’t achieve it at the first try. Nowadays there are many options to resort to in order to finance business projects. Take a look at all the existing possibilities and decide which one suits you the best. It is possible that when the time comes you will have to make an elevator pitch to attract your future investors, so we recommend that you go prepared to seek funding, with a presentation of your project idea that will not leave anyone indifferent
- Develop your minimum viable product (MVP). Don’t try to launch directly into the market your startup, before this it is important to avoid risks by developing an MVP. Thanks to this basic prototype you will be able to collect the first feedback and validate your idea. In addition, through all this information collected, you will be able to improve your product or service
- Validate your startup. You have already launched your MVP and made your first validation, now it’s time to launch your final product. Here come into play different factors, such as marketing strategies to be able to communicate and position your startup, increasing sales, or networking to boost the development of your startup through collaborations with key partners. Once your product or service has entered the real market, a constant validation begins, in which you must listen to your customers, observe the market and adapt and respond quickly.
Some extra tips
Having a startup can be a very rewarding adventure, but, at the same time, full of challenges. In order to avoid them, in addition to following all the previous steps, there are some essential tips you should follow:
- To be in continuous training. A true entrepreneur does not settle or remain stagnant. He is attentive to what is happening around him and to the changes and trends, therefore, he is in continuous training, acquiring new knowledge that allows him to introduce novelties in his startup and, in this way, to be always up to date.
- Networking. Networking is one of the keys to entrepreneurship. Attending events, technology fairs, conferences, etc. is essential to build a network of contacts that can open new doors and provide support and even collaboration.
- Maintain passion. As we have already said, the entrepreneur sometimes encounters obstacles in his path and, despite this, he must not lose the passion that led him to embark on this adventure. It is important that you maintain motivation and perseverance in the most difficult moments and know how to respond to these crises to come back even stronger. This is what will take your startup far.
Now you have everything you need to pursue your dream of entrepreneurship and not fall in the path. Along with all these steps and tips, if you also join an acceleration program like La Lonja de la Innovación, taking your startup to success is much easier.