You might surely know or have visited the mythical place called the Silicon Valley which either makes or breaks the fortunes of the tech entrepreneurs. With a perfect confluence of culture, geography, networking and the widespread tech, the place has a lot to teach the businesses and entrepreneurs. As entrepreneurs, here are a few points you must know and learn from the Silicon Valley to become more competitive and smarter. This since it will definitely take you to a new level altogether.
Minimum Viable Product (MVP)
Entrepreneurs refrain from getting into complex product sales or end up developing easy ideas to avoid hassles. However, they have a huge competition that leads them to the ultimate failure. But when you have a complex idea or a product to sell, try to figure what’s the minimum you need to do to start generating sales. This is called the minimum viable product strategy and works excellently to give your business a start. Start with the minimal efforts needed to create cash flow and then keep growing. This leads to the next point as follows.
When you start selling your products using the MVP strategy, one should undergo multiple Iterations to assure the business services are at par to the trends. Adding new features to the product and removing the ones that are obsolete are the two critical factors to understand. Again, considering the examples of smartphones, the trends have moved to dual cameras. The upcoming smartphones of various companies have triple as well as four cameras at the rear. At such a point, launching a smartphone with a single sensor at the back is likely to have a lower demand in the market. Hence, one needs to keep iterating and updating the ideas/products.
Why do maximum Tech startups fail quickly? As discussed above, it is because of the complexity of the products they end up avoiding. The minimum viable product model strategy lets people at least identify what’s new and that too at an inexpensive price. Once they have adapted to the basics of your new product, you may then keep adding more features and bring out the upgraded versions. One of the best examples are the smartphones. As customers, we see a new feature added to the newer versions of smartphones each and every time. And hence, the giant smartphone companies tend to gain the market.
This is where you need to keep your employees, or team members motivated in performing their tasks. A proper allocation of work, communication and coordination along with planning and control are the essential aspects of a successful business. After all, a company is built with a team and grows as the team grows. Therefore, strategies to empower employees is a big factor in determining the success of a business. You may offer perks to the employees for their excellent work. Along with the business, you need to focus on the growth of your team members too.