Story of Joey Underwood
Joey Underwood was driving home from his job at Linked.in, stuck in traffic at Marina Boulevard in the pouring rain. On the other side of the road, a bike and segway rental shop for the tourists caught his attention; it was closed early due to the bad weather. Because of the rainy days, he saw the same thing the next day and the other day– almost for a week it was the same scenario. The owner of the shop wasn’t even showing up, so Joey concluded that no one wants to ride a bike or rent segwayon the rainy days. And he thought it’s a pretty poor business idea.
And when Joey gave it an in-detail attention, he came to know that the shop owner is making money in monsoon days based on how many days it rained. Then he did a little more research and discovered almost 75% of the businesses are affected by the weather every year. And this is where an idea sparked – weather insurance for businesses - when weather affects the businesses. However, Joey didn’t have an idea about how to run a weather insurance company, but fortunately, with the help of the right strategic technological solution provider, he successfully formed an enterprise. A month back, Joey sold his billion-dollar startup for $3.7 billion.
Just Like Joey How To Build Startup To Bring Success
The First Thing You Need To Stop Saying Is,
Dreaming to have a billion dollar company is so easy, but when it comes to the actual scenario of building one from scratch, the real though startup challenges appear.
But, there’s good news, because of the digital revolution to the advancement of technology, it has become so convenient to have a product building support with the help of the right strategic technological solution provider. Many seasoned software engineers, CEO, CIO, VP, as well as first-time CTOs are utilizing the most advanced technology to have a great edge in business competition. To help you bring success with your startup idea just like Joey, I have written a comprehensive guideline, let’s have a look.
Where Is Your Startup Idea Taken From?
Identify Business Opportunities for Business Growth
Knowing your audience is key to success. If you don't have an accurate understanding of the features you have chosen for your business, then the efforts will be in vain. So, ensure that you are not opting anything that you are not familiar with. Explore the market from your customer’s point of view.
Be Fast Enough
Mark Zuckerberg, Kevin Ryan, Thomas Gensemerand many more quickly reacted to the changing market needs and built a successful startup
The CEO of Airbnb, Brian Cheskywas was unemployed, and he required some extra money, so Brain decided to offer a room with an air bed and breakfast. Today this American online market place has become a globally renowned name in the hospitality industry. Airbnb has completely revolutionized the tourism industry.
Let me list down three types of startUpers who have a perfect type of vision.
Several Risk’s You Should Never Ignore
Market Risk: Is there a genuine need for this product or service? Will people pay for it? Is there a market for your product or service? The first step is to identify answers to the above questions.
Product Risk: Another significant priority is to identify your service/product’s features, its worthiness, and the problems that can be solved or how it will make your end user’s life easy. If your product or service has real potential to solve the problems, then there are very high chances of success.
Financial Risk: To get up and running, your startup idea requires investment. At the initial stage, you can take help from your friends, family, angel investors, or venture funds. But, for further growth, it is necessary to have potential investors as they will pay in-detail attention to your ability and will also help you articulate your business plan, to reach the next stage of development.
The idea will Get Copied: There are very high chances of getting your idea copied. While searching for potential investors and executors, itis easy to give your idea away, and risks associated with your startupidea are simply out of control.
However, there are always ways to manage them. One of the best ways is to build Minimum Viable Product. Before you bring your idea to life, the essence of MVP is to narrow down your ideas into the smallest quantity of things that determine the viability of your assumptions. One of the significant advantages of it is that you are not required to spend too much money until you know there’s a target group or market for your product. It’s also a potential way to save your valuable time and hard earned money.
So, if you have a potential business idea and you want to start fast, rise strong and scale easily, then get in touch with us today. We are a one-stop strategic technological solution providerfor startups and startup accelerators. We have helped hundreds of startups to bring their product ideas to life.Even if your first attempt of creating a successful startup experience wasn’t rewarding, don’t give up to difficulties. Remember, TechnoSIP team always stands by you to be a part of your success story.