An innovative idea is the foundation of any startup. But once it gets launched, what will keep you sailing are your execution plans. You may lag behind others if you don’t focus on implementing your ideas.
According to a statistical analysis by Explodingdata, 90% of startups fail without making any impact. The success rate of any startup at any point in time is meager.
However, your startup can still be a game-changer if it correctly implements ideas and transforms them into reality.
Great ideas may remain in the backseat unless they are properly channelized in the right direction. The same goes with startups, too. A startup can’t run on your ideas only. If you wish to move forward without getting lost in competition, you’ve to be very serious about executing your ideas.
If you’re a startup and find it overwhelming to execute your ideas properly, this article can help.
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Here’s a brief guide on how to turn your startup into a successful venture-
Don’t Chase Perfection
It might sound bizarre, but chasing perfection is just a mirage. The more you try to do a thing perfectly, the greater the chance of going nowhere.
It’s important to understand that startup ideas are never perfect. They can keep on changing depending on the circumstances and situations around them.
Even after getting a startup launched, you’d still need to respond to changes as per the customers’ preferences or market needs. In the early days of a startup, handling uncertainty remains a big challenge, but it’s inevitable. You need to start working on your business plans and get the same modified or altered as per the available feedback.
Pay Attention to Feasibility
Developing business ideas can be tricky. What works for you may not work for others. Also, it’s important to understand that all business ideas may not work together and can’t be utilized simultaneously. Here, you need to shortlist business ideas based on their feasibility and then decide about their implementation.
Go for MVP Approach
No product can be perfect in its first step. Product development should go through the process of relevant stages of MVP development.
MVP stands for Minimum Viable Product. It means before you roll out your final product, it should go through multiple stages of iterations to allow you to test the product in real time and find out if it lacks anything.
The stages of MVP development should be adaptable to changes. It should undergo the necessary changes based on customers’ feedback and opinions, if needed.
The purpose of developing MVP is to gauge if the product is able to meet the demand of the customers and address their concerns or not. At the same time, you need to go ahead and constantly work on the MVP approach to gauge the market sentiment and understand where your product stands in it.
The Essence of Accountability
The success of any business depends upon how well its team performs throughout the conception-to-creation stage. A startup should hire employees who’re passionate and know their responsibilities well.
They should be made accountable for what they do. Lack of accountability in any firm should be discouraged.
Thus, to succeed and move forward, a startup needs a responsible team who knows what they are doing. Each employee should be properly allocated tasks based on their skills and experience. Should there be any deviation from their core tasks, each employee needs to be held accountable for the same.
Prioritize the Execution of Ideas
You may have hundreds of ideas, but you can’t implement them altogether. That’s why you need to first work on ideas that are on your priority list and then execute them one by one.
However, you need to examine these ideas before implementing them. If you go on to implement an idea without knowing its purpose, it can backfire.
Every idea can remain an idea forever if the same is not worked upon. You have to relate the idea to your business. Once you can do that, you can move forward and implement the same.
Keep Tracking Your Business Performance
Every business or startup comes out with a new idea to work upon. But you’d be surprised to know that most of these businesses fail to create any impact.
Ideas without their proper execution won’t take you anywhere. So, it’s crucial for startups to consistently execute ideas and evaluate their performance from time to time. If a particular idea doesn’t yield desirable results after execution, the same needs to be replaced with another feasible idea after a thorough consultation with the key stakeholders.
In Conclusion
Ideas and their execution should go hand in hand. You can’t keep an idea on hold for a long time. Because it’s a competitive world, you never know when someone else will start a business based on a similar idea as yours.
Another problem is you can’t go on to implement all ideas at once. You’ve to be selective and implement the most feasible idea first, which can help you generate ROI and reach closer to your business goal. That’s how all great companies and businesses have been able to grow over the years and keep moving forward, besides fulfilling the level of customers’ expectations.