You’ve figured out your business idea, now what?
Entrepreneurship is a skill which anyone can learn and you do not to be a genius to become an entrepreneur. You do not have to attend any B-school or take any courses to start your amazing journey. Bill Gates, Steve Jobs, Richard Branson and hundreds of successful entrepreneurs did not even complete their college degree. But they had some qualities that set them apart from people who are happy with their 9-5 jobs.
You need four things to make your company work and if you figure out these four things, no one can stop you from becoming a world class entrepreneur.
1) IDEA
2) PRODUCT
3) TEAM
4) EXECUTION
You have figured out your idea. You have completed a big step of your journey towards being an entrepreneur and now it is time to think about your product. A great product is very necessary to build a great company. Nothing else matters if you do not have a great product. You can have all the media coverage and advertisements you like but no one will give a care unless you provide them something valuable.
You have to build something that people love. It should be something that they cannot wait their friends to tell about. Even if your product is loved by a small number of users, it is much better than being liked by a lot of users. It is much easier to expand from something that a small number of users love.
Don’t worry if your competition gets ahead in delivering a product ahead of you in the market. Just continue to deliver on your promise of a product that your customers will love. A great product will not need much marketing or growth hacking. It will spread by word of mouth.
In order to build a great product you will need to get a constant feedback from your customers. You cannot spend months building a product and figure out later that the customer thinks it is crap. You need to show your product to your customer at each iteration and ask them what changes would they like in the product.
You need to iterate through the above loop again and again to come up with a great product. Once you have a great product in hand, everything else will start to become easier.
