Thinking of an idea for what you think can be the next unicorn. The infographic below shows the steps on how to start up a business.
- What is missing in the world?
- Live in the future ahead of your time
- Write it down & bounce ideas around
- Make a prototype
- Show the prototype to 100 people
- Iterate on the prototype until it makes sense
- Find a co-founder
- Register your C-corp split equity
- Look for funding & build version one at the same time
- Launch! Let everyone know you have made something
- Follow up with users. Are they coming back?
- Get to 1,000 users
- Keep Growing
The infographic below discusses the other side of a startup’s lifecycle and the things that contribute to the failure of a startup business.
- Don’t listen to your users
- Build what you think people want even if it is not
- Don’t use your own product
- Hype up your startup, but don’t improve the product
- Scale before you figure out what your product is
- Fight with co-founders endlessly
- Try to do everything yourself
- Burn out from overworking
- Raise so much money that you can’t show growth in the next round
- Run out of money before becoming profitable
- Hire more people just to show you are growing
- Create bot users to fake growth
Infographics & Insights courtesy of Larry Kim – CEO of MobileMonkey. Founder of WordStream. Top columnist @Inc ❤️ AdWords, Facebook Advertising, Marketing, Entrepreneurship, Start-ups & Venture Capital.