17, June 2017: If startup tests new business models and vacant market segments, is it possible to find a reliable formula of its success? Entrepreneur Igor Yankovsky is convinced that it is possible. On his new blog on the Medium Yankovsky tried to summarize his experience of doing innovative business and enrich it with the conclusions made on the basis of other successful cases.
The right motivation is the one about which effective entrepreneurs tell: “I cannot help doing!” At this point a personal enthusiasm “intersects” with an obvious market demand”, claims the author. The one who decides to start a startup shall not focus primarily on a commercial benefit. The idea that meets the actual need of the consumer and a professional team are more valuable.
Meanwhile, the first-time entrepreneur shall not be afraid of the competition. “A completely new niche is mostly a myth. The excellent news is if you have competitors, then your product will have a market. The ideal option is to enter a promising segment, where the competition is still small. It is even better, if your business can scale – increase without substantial additional funding”, writes Yankovsky.
Contrary to the popular belief, an innovative product does not necessarily have to be complex. In contrast, the simpler, the better. Functionality benefits “cool devices”, which do not serve any obvious practical purposes. However, after the launch a service or a gadget shall still be further developed. Amongst other things, constant developments are important for the founders as a reason to keep going forward. “Even if you are implementing a long-term project, you need “small victories” at least once every two weeks. Test different approaches and define immediately which of them is better”, advises the entrepreneur.
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