Normally new ideas which are worth being commercially exploited, follow the path through startups. Inspite of a thoroughly
researched project report of a worthwhile idea (as examined by several experts), with the support of a technical board of advisers, all the projects or the new companies, started on a small scale, may not, & do not succeed in reality. Some may fail in first year, & some may go upto five years. There could be several factors for this success, some known & some unknown. The known factors could be taken care of, but unknown & unexpected factors are very difficult to take care of. The research team of the author, spent years to study the business startups in detail, so as to get the tools, which led some startups to succeed. As a result of this study, it presents various factors, which the startups must focus on. Its findings are, in ten different &
important areas. This book is, a step by step guide in this field.
One of the important points, is making the product or service unique, or high quality. For this, product development is one of the biggest challenges faced by an entrepreneur. This includes product idea, process, involvement of prospective
customer(s), quantum & time for investment in R & D etc. As per the author, the entrepreneur should acquire & involve customers in early stages, ascertain their requirements, share various options, test in the real situation, & draw conclusion about the final course of action. Of course, with initial uses of the products, we can get more improvements in the product quality & packaging etc., thus leading to larger profits to the startup. The research by the author indicates that, such startup companies got more success. A highly developed product, without early customer involvement, is not likely to lead to success. A slow & steady rate of progress is better. This is also an important & key parameter, for obtaining funding for the startups, since it gives adequate indications of a likely success in future, with its plans for future. However, there is all round pressure, for reduced time for development of the products, & subsequent progress. Failures by startups in their initial stages of development, prove to be too costly, as this may lead to loss of customers, & the very survival of the startup may be at stake. The most important key in this mode is, that the startup should share with, & involve the prospective customer(s) early. We may not be able to show all the features of the product at one go, but piecemeal showing is also in order, as it saves time & cost. We must discuss & have open dialogue or feedback or response or opinion or input, or whatever you may call, with the prospective customers & hear their problems, their preferences for the product(s), & the features therein etc. This is extremely important. Inspite of several doubts that may be existing about such inputs, ignoring these is fraught with danger. In this way, the startups should be able to think of the likely future developments of the products, & try to incorporate them in the initial stages. For final success, startups have to strike a balance between investors pressure, & product development stage. All prematures are risky & troublesome. Final destination for any product, esp. that of a startup, is customer satisfaction.