Startup and Product Development both of these are close to my heart and experience. After working with a couple of IT giants, one day I decided to explore Startup and so joined a company with just 2 employees before me. Loved it so much that I was associated with the company for the next 10 years then. During my 10 years of tenure also has witnessed Product Development. This is how you fall in love if you love accepting challenges. Sharing my own experience.
Here are tips to make successful Startup product development:
Why Product?
The root-cause behind an idea of any product is to solve a problem. This problem could be an existing issue that needs a solution or to automate something so as to make the process/life easy and fast. These are the main reasons behind any product idea.
Product Ideation and Planning
Product is an outcome of life given to an idea. Getting ideas is easier than developing them. For a successful product, concrete planning is very important. Invest enough time in planning the product. 75% of time should be invested in planning a product, the rest 25% is enough to execute. Do not rush! Any idea is a good idea if planned and executed properly. Prepare Plan A and Plan B. If Plan A does not work then change the plan but not the goal.
Create Roadmap to reach to an end goal
A roadmap to reach the end product is very important. Do not get lost in between! If steps are clearly defined in the plan then the roadmap would look easy and transparent to all the product stakeholders. It is like a Cross-Country race where the race is not won by a single runner but the win actually depends on all the stakeholders during the race who efficiently and effectively fulfill their responsibilities within the stipulated time.
Go Live with MVP (Minimal Viable Product)
Carry market research before developing an idea. However amazing an idea could be but it is important to understand the end-user perspective. Perfection has no end so do not spend most of your time perfecting the product business. It has to and will modify once launched into the market. Therefore, it is advised to go live and start gathering feedback to make it better simultaneously.
Great team culture is the key
Hire passionate people who take ownership. Culture is created by each one of us and it is not just one person’s responsibility. So, having great crazy people around would be a fit team to create a successful product. It sounds like a Viral!
Trust people
You cannot do everything on your own. You have hired people to do their job so trust them with that and give them the freedom to accomplish the task. Your guidance is very important. After all, it is your idea so no one else can train/guide/coach this team better than you.
Trust me Fundraising is not easy
It always takes longer than expected. Do not panic if does not happen in time thought by you. Every business has certain ups and downs. You need to stay motivated and keep going. Create a good first impression which makes you stand out from the crowd. Practice patience and have the guts to hear NO because knockbacks would come in the way.
Make mistakes
Do not hold yourself from trying out on something just because it would go wrong. Making mistakes is a part of the learning cycle. So make mistakes and learn from them. Make a list of Do and Don’ts based on your experience. Remember, even the perfect person is not right all times.
Take proud and enjoy it
Retrospect! Always appreciate how far you have come. Look at the list of achievements be it small or big, it matters. In the course of establishing a product and the business generally, one stops enjoying due to working day and night but it should not be this way. Enjoy every moment as it won’t come back. Gather experience. Time flies!
About Tecpinion
It is a custom startup software development company which aims at empowering enterprises and startups with the help of technology. Founded in 2016, we strive towards providing software solutions to best suit your business needs. Our solutions are deployed effortlessly at the backend and can be managed without any hassle. Tecpinion provides web and mobile solutions to various industries like E-commerce, Social Networks, Startups, Healthcare. Fantasy Sports and Sports Betting.