I launched my startup in 2008 as Unique Business in India, awarded by IIMA, didn’t work for 2 years as I was first to do and had NO MARKET. The idea started getting acceptance in 2010, got funded later and now over 100 (estimated) startups are trying to do the same in different cities, i am making #partners in every city ( goo.gl/1wc5sK )
I did the following things correctly:
1. VALIDATION :
Minimum “Valuable”, Viable Product (MVP). Nothing works well until you do TEST with the market if that will work or not. You have check if people will pay for your product or service and how much they will pay. Even you think your idea will change the world but if nobody accept and pay you, you can not survive. Even Investor do separate TEST and get stats from their own dedicated team if how much your startup can grow before they invest into your startup.
2. FOCUS :
I didn’t loose focus what i want to bring VALUE for my customers. Even I failed many times but the mission is still the same to provide SAME service with CHOICE for customers and Saving their money. I am still working upon my idea after 9 years with same vision. There will be many people around you to ask you to quit but only you know “what you want to build”. Never Stop 😉 Focus.
While doing small tasks, building team, operational level stuff, loosing focus is very common and especially, when you have NO CASH in the bank and you jump into something that creates CASH and forget what you were trying to build. There can be temporary HOLD but when you have money come back to what you want to do. Smart Investors always understand this stuff of loosing focus in operational stuff.
3. NETWORKING :
Meeting people must be your hobby 😉 You will get everything from this world, people give you ideas, support, funds and REACH 😉 You should be in touch with everybody in your circle even if you are not doing well and struggling. I got all my funding rounds just having casual discussion who connected me to relevant people. i met my 2nd investor at #TiEcon, even that happens every year. You can register at http://goo.gl/BkqzcM
4. SHARE : Like I am sharing my ideas here, I share with every one. I have written two books (one is FREE eBook to download at http://goo.gl/fcU3FY ) and speak on many startup events and invited as Guest Lecture by top #institutions of India like IIM, NIT and Management institutions.
Hope this is helpful.