The concept of a startup in Ukraine (Kyiv, Odesa, Lviv, Vinnytsia) and Eastern Europe will not soon disappear from the entrepreneurial card. Their founders are excited about the fact that they can follow in the footsteps of global giants like Facebook and Google. However, as it turns out, many people equate any new company with this idea, thereby distorting its meaning. Meanwhile, not every young company is a startup, and not every startup founder will become an entrepreneur. Maybe it’s time to explain what a startup is and how it differs from a regular company?
One of the most popular definitions of a startup is Steve Blank’s definition: “A startup is a temporary organization looking for a profitable, scalable and repeatable business model.” These types of companies are focused on dynamically finding demand for their product, and their goal is to achieve success quickly. More often than not, a startup does not spend a lot of money on this process, and most of its activities are carried out and developed on the Internet. Thanks to such activities, the company’s maintenance costs are reduced and the range is increased. Thanks to this approach that a startup has a better chance of financial success in the global market than an ordinary company.
What are the benefits of a startup? Creation and launch of start-up projects with iTizzi
These modern businesses are primarily associated with the IT and tech industries, but more and more startups are working in other industries. The popularity of this business model is due to the fact that it has many advantages: Starting a company of this type does not require initial capital – this is an excellent solution for young people who have an idea for a business but do not have the resources. This allows you to gain invaluable experience in the local and global markets. Even if the project does not meet the interests, the entrepreneur acquires knowledge and business skills that can help him develop another idea or start a business. The absence of a business model imposed from above makes it possible to search and test new solutions for doing business. The popularity and innovation of startups has made it easier to obtain funding for this type of activity. A startup provides an opportunity to bring innovative products to the market at a low price. One of the most famous startups in the world is Facebook, invented by Mark Zuckerberg. In 2008, he became one of the youngest billionaires in the world.
How is a startup created and what stages does iTizzi go through?
STEP 1 – You are still contemplating and critical. The longer you meditate, the better. It is wrong to start working on a new idea right away. It is better to look at it several times from all sides. Give loved ones the opportunity to criticize the idea. Let them point out all possible flaws. Can the idea be improved? Or maybe this is not necessary?
STEP 2 – Preparing a startup. From concept to presentation, prototype, demo, MVP. When you really want to start a startup, your first goal is to create something that will be some form of materialization of your idea. Maybe a simple presentation that will allow potential clients to understand your services? If your competencies are broader, maybe something like a prototype or a demonstration that gives you a feel for what you are proposing? The next step is to create an MVP or Minimum Viable Product. The service allows customers to “try” but only offers basic functionality.
STEP 3 – Collision with the market. It’s time to take a look at the market. Customers see your MVP, and you add new features based on their comments. This is how your product will evolve until you feel the balance between what your customers want and what you offer. This is the most difficult stage. From time to time you can hear a voice of criticism and doubt. You change positions in the proposal.
Changes of the elements in the offer are necessary until there is an ideal Product market fit – product conformity to the market. When the offer starts to perform really well, you can think of STEP 4 – scaling your business: What tools to use to attract customers? How to persuade the purchase? And how to keep the entire project profitable while reducing costs?
STEP 5 – Stability on the horizon. You want your startup to sell steadily and generate income for you. You successfully turned an idea into a product, and it burst into the market with success. And if you managed to create an effective formula for customer acquisition and sales, the stability of your business startup is very close.
What are the main reasons startups fail?
Reason 1. Failure to properly understand the market and customer needs.
Reason 2. Insufficient attention from founders.
Reason 3. Fast business development and scaling without a proven business model.
You can avoid defeat by ordering start-up projects at iTizzi
Such a project is a great start for building a personal brand and creating your own thriving business. Working in a startup is excellent preparation for the development of a profitable business precisely thanks to the iTizzi Software Development Company, which reflects in creating a product that fully meets the client’s criteria, in the possibility of adjustments and changes that contribute to improvements, under the control and supervision of experts. Once again ask yourself why it is worth creating a startup, and come to us, because we will help you in its implementation.
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