5 steps to maximizing your odds of startup success

1. Start with an audience

  1. It helps you build an audience via engagement, subscribers, followers, etc.
  2. It is the very bare minimal investment you can commit your resources to in order to determine what really jives with your user base.

2. Define the problem

  • What recent projects seem to be consuming the most mental energy for you?
  • Can you walk me through the first couple hours of your work day?
  • What are the things that you love to do? When are you in flow?
  • What would you wave a magic wand at to make disappear?

3. Validate some solutions

4. Build some prototypes

A beautiful way that TempTraq has prototyped some new features with minimal investment and no development time

5. Refine and scale

  1. Crowdfund. Assuming some of your users are businesses, this solution directly correlates to an increase in their ROI. Figuring out a price point is easy once you quantify the value they get from your solution. Ask them this simple question: “if you pay $X, we’ll let you use it free for life”. Ask a bunch of people this and you have a funding source.
  2. Venture Capital. If it’s super clear that you’re on to something here and you can share the work you did to both validate the concept and identify product market fit then build a pitch deck and send it to some VCs.
  3. Self-Fund. Get a pricing estimate from a developer or firm and fund it yourself. This approach expanded in the very bottom.
  4. Build the software on your own. Always an option…
  1. You don’t need to be a technology wizard or even understand how software works to be successful in this process
  2. You do however need to put yourself out there and become an expert in understanding the problem while being solution agnostic. Who cares how the solution works as long as it solves that deep problem your users have.

So get started, build an audience, find some problems and test your solutions. I want to hear about some of your successes, failures and lessons learned by commenting below.

Shameless self promotion:

Product Manager, Software Engineer, Problem Solver https://ethansteininger.com

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Ethan Steininger

Ethan Steininger

Product Manager, Software Engineer, Problem Solver https://ethansteininger.com

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