Disclaimer: the headline on this article promises you 11 steps to launch a startup. It does not promise you 11 easy steps or 11 simple steps or 11 anyone-could-do-it-before-breakfast-without-breaking-a-sweat steps.
Launching a startup is difficult—there's no way around that.
In the best of markets, 75% of venture-backed firms fail to deliver returns on their investments, according to 2012 research from Harvard Senior Lecturer Shikhar Ghosh.
Today, VC firms are debating whether that grim statistic might be exacerbated by a forthcoming tech bubble. Nevertheless, many entrepreneurs decide to launch companies every year.
If you're determined to join their ranks, here's what you need to know about how to launch your business so it lasts.
1. Make sure the service, product, or business you're launching is something you're passionate about and you're in it to win, no matter what. Don't start a business that you don't know much about and for which you aren't willing to learn more. It will never grow.
2. Partner up. Launching a company is a long journey (if things go well) that takes multiple skill sets. Few people can claim expertise in product development, operations, marketing, sales, and every other function you'll need in the early days of your business. That's why so many successful startups are founded by partners or teams. Just make sure you have defined roles and mutual respect from the beginning.
3. Articulate the vision and test-drive messages. Even if you plan to stay in stealth mode for a while, to boost your profile and set the stage for your eventual coming-out party you'll need to craft some messages and positions on industry trends. As you near launch, you'll also need to test-drive your value proposition and overall messaging with beta customers and industry analysts. If those messages aren't resonating with those audiences, you're not ready.
Take the first step (it's free).
You may also like:
- Four Considerations Before Investing in AI for Marketing
- Eight Growth-Marketing Lessons From WeWork's Rapid Rise (And Its Imminent Global Domination)
- How to Use Product-Market Fit to Drive Business Growth
- Budgets, Channels, and Technologies: Stats About Marketing Today [Infographic]
- Marketers Know AI Is the Future, But Do They Understand AI Today?