Mike Maples, known micro-investor in companies like Twitter, Uber and other very famous names, has the magic touch when it comes to doing good business. Maples described the five essential pillars for successful startups during a workshop at Blackbox Connect:
Background and motivation have to fit together to build a successful company.
Naturally, the product also has to fit the market need. A product that doesn’t add value to the market nor causes emotions won’t have any or very little success.
“No matter what we do, it’s about growing and achieving our goals.” The founders mustn’t lose their focus. If you want to grow, you have to reach many people and this only works with corresponding marketing and making the brand widely known. Companies that only rely on investments and debts will disappear from the market in the long run.
When the founders fit, the product is good and the business model is right then it’s essential to build your company correctly. It’s crucial for success to recruit good employees with the right competencies and to offer them prospects.
Which market should I choose for my startup, what business model do I want to use? You have to analyse your business area very carefully. Doing medical business needs a completely different approach compared to online video games. Multimedia like video platforms require much more structural thinking since a lot of data has to be processed at the same time. Social Media requires high marketing effort to be noticed.
Maples is convinced that it’s important to specifically look for the right users for your product to grow continuously and organically. “If you have the right users, they will talk about your product automatically, and this creates momentum. You should never put all your eggs in one basket, but rather think carefully and act purposefully”, recommends Maples.
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