Entrepreneurship is often treated as a buzzword when it is symbolic of a different kind of grind. If you are losing sleep over an app idea that you want to bring to fruition, you should definitely give entrepreneurship a go.
However, before you set out on this journey here are some of the things to consider before you start seeking funding, hiring professionals, and dedicating your time and effort.
Do I Have a Minimal Viable Product?
This is the most important aspect of launching a startup. Is your product addressing a need in the market? What is the competition like? And does your app have the competitive edge to take on this competition?
Do You See Yourself Doing This For The Next Decade?
You cannot tell yourself that you will quit if it doesn’t stimulate you anymore. Running an app startup is a massive responsibility, where the livelihood of a lot of people depends on you. There is no one destination, it is a list of milestones and successes and everytime you achieve a win, you just have to get back to work and on to the next one.
What Skills Do You Bring to the Table?
If you have a set of skills that can be actively utilized in your startup that means there is a part of the business that you can dedicate yourself to. However, founders often stretch themselves thin by doing everything themselves even if they are not well versed in those tasks. You have to figure out where your weaknesses lie and then be ready to hire and impart control to those resources.
What is the Market Like?
Before you launch your startup you have to do primary market research to ascertain where your product would stand once it launches. This will also give you a realistic view of the opportunities in the market. By doing a competitor analysis you can tell what worked for similar businesses and how you can do things differently to take on challenges in which they failed.
Do You Have a Plan?
Building a product is not the same as having a viable plan to start a business that won’t crash in its infancy. Most aspiring founders make the mistake of creating a brilliant product but entering the market without a real plan with mapped out projections and milestones.
A business strategy is the most valuable thing you can have as an entrepreneur. Not only does it act as your guide but builds confidence in your abilities every time you cross a projected milestone. On top of this, prospective investors like to view a business plan over other things to really see how you will be running things.
How Do You Plan to Budget?
Marketing can swallow a hefty chunk of your funds. How do you plan on dividing what you have? You cannot compromise on the functionality of the app itself? Should you be factoring in the money it costs to advertise your app into your pitch? Definitely!
That being said, you do not always reach your target number, so you have to budget out the money carefully.