How to start a startup?

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Hey guys, We all know we are at the peak of startup culture. Everyone is coming up with their ideas and starting their startup but most of them fail anyway. In most of the case, the reason for failure is bad execution, even if the idea is good. But don’t worry if you have an idea and want to execute the idea then stay with me, I’ll share with you three things to follow to build a successful startup.

1. Go Zero to One

Now let’s understand what does zero and one means,

Zero = When there are no such products or services like yours. In simple words, an empty market.

One = When there are existing products or services like yours.

So going zero to one means, solving a problem from the existing market or creating a whole new market. We’ll know that goal of a startup is to solve a problem.

2. Become a Monopoly

Hey, I am not talking about that board game. According to Google, this is what a monopoly means,

monopoly
/məˈnɒp(ə)li/
noun
the exclusive possession or control of the supply of or trade in a commodity or service.
For a startup, It’s hard to afford competitions.  So you should avoid competitions. Also when you have a monopoly you can keep higher margins as well.
For example, Google is a monopoly in the search engine market. When you are the monopoly of a particular market you don’t need to think about the competition. You can keep your margin as much big as you want. You will dominate the market with high profit. But remember you have to know how to maintain it.

3. Start with a Niche Market

When you just start, begin with a small market and first acquire that totally. For example, Facebook was just for Harvard’s students. After acquiring that small market, you can scale up and start dominating related markets.

 

So this is it for today. I shared these points form the book Zero to One by Peter Thiel (co-founder of Paypal ) and Blake Masters. I’ll catch you guys up in the next one till then stay safe. Peace.

Check the book out here

More about startups:

  1. 7-day startup

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Shafaet

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