We (as everybody else) were well aware of the dreadful start-up failure statistics. It goes like this: 9 out of 10 start-ups fail. Moreover, we were going to enter a highly competitive market. Therefore, we decided that we had to be a smart-up, not a start-up, if we wanted to succeed.
As already discussed in my article Start-up VS Smart-up: Is there a magic formula for startup success, according to CB Insights the top three reasons for startup failures are lack of market, cash problems and inappropriate team. They are followed by strong competition, price or cost issues, poor product or business model, and inadequate marketing. Our intention was to eliminate any possible failure scenario beforehand and invest as little as possible. Continue reading “How did we launch our startup with €200!?”
Due to technological advancements, it is easy nowadays to push your ideas further and try to develop them. All types of resources and investments are more accessible. As a result, startups spring up like mushrooms, but stormy winds just as easily blow them away. It seems that only 10% of startups have found the magic formula. Many people and organizations try to analyze the reasons for such a high failure rate. Continue reading “Start-up VS Smart-up: Is there a magic formula for startup success?”
You might have read Eric Ries’ book The Lean Startup and even apply his principles in practice. But do you apply them throughout the whole process of product development, to every single activity – from the sprout of your idea to picking its fruits and beyond? Few people and companies do. Somewhere on the way they forget to think lean. They get caught up in the game and forget to take it lean – to invest less time, money and efforts.
For those who are not acquainted with the lean method, we shall summarize the concept in several words – maximum results with minimum efforts. Eric Ries also popularizes the idea of minimum viable product (MVP): Continue reading “Smart Lean Ideas for Business Development”