Time plays a huge role in terms of – probably – almost everything. Thus, it would be neat to ask: ‘’is this the right time to start your certain business?’’, ‘’is this the right time to start your venture?’’.
It is very important to keep in mind if your idea would be relevant to this age and time and if it would be able to cater the current necessities of the market.
And what kind of market are you planning to establish your business in? Are you entering an existing market with the product? Is it a slow moving market, or a fast moving one?
Starting from a small market or niche and scale from there. Ensure that you’re going to enter the right market. If you can’t monopolize a unique solution for a small market, you’ll be stuck with ferocious competition.
Every start-up or business starts from scratch – oftentimes, small at first. Every monopoly dominates a large share of its market. Always go on the side of starting too small. Thus, the infamous saying ‘’go big or go home’’ does not apply to this situation.
Having a prototype of a product and marketing it are important materials, however, it is also good to ensure that you have a way to not just create but also deliver your product – that’s one way for you to know what mechanics you need to have in order to sell and deliver your product.
You can never expect consumers to buy a superior product merely in its obvious great quality without any distribution strategy, you should never assume that people will admire your company without any public relations strategy. A great press can help to attract investors and employees.
Will your market position be tenable 10 and 20 years from now?
Always opt for a long-term planning. Be the last mover of a certain market— the last man standing, as they say. It would be great to plan things out and make projections! Both financial and market — these are crucial materials in a start-up world.
Have you distinguished a unique opportunity that others don’t see?
There may be a hidden opportunity in your future.
Look where other people don’t see because best opportunities are often hidden. All great companies are built upon finding answers to secrets– this is the heart of innovation.
For instance, AirBNB or how Albert Einstein found the Theory of relativity. Secrets are problems which have an answer, but nobody has figured it out yet or we can say they’re waiting to be uncovered, you just have to look and find them.
