Business

How A Typical Startup Founder Should Commit In Building A Great Product?

When considering how a typical start-up founder should commit to build a great technology product, first consider their commitment, opportunities of revenue growth, and customers.

Commitment

The co-founder or co-founders of the start-up must be willing and able to commit upfront for the initial 24 months. It is the very period that is required if revenue can be made and usually a minimal viable product can be developed. It is pointless for any co-founder to forfeit before the end of the period.

Same story as above. If the startup founder should commit, he must make sure all other co-founders and/or major partners are able to commit as much as possible.

This applies particular true to technology startups. The start-up must commit the resources it possesses to build a great software, web application, or solution to resolve whatever problem they have chosen to solve for the end users.

Revenue

Company registry is never a step that can be skipped by the founder and his co-founders. A start-up can only stay without incorporated for a limited period. Eventually, the founder, co-founders, and all other partners must get the startup legally registered, whether it is in the United States, Singapore, Hong Kong, or other places in the world that is deemed suitable for the business.

Most the successful start-up founders would eventually make the majority of their profits from the shares that they own. Secondly, the one main job of the founder is to ensure the creation of wealth by growing the value of his company. Usually in the beginning, the founder would get paid relatively less salary than many staffs/employees who are working for him. This situation changes only when the company is able to make much more revenue and when the company already possesses capital in excess.

Customers and external factors

Some founders tend to be over-confident about the development and marketing of their product. This is what it usually takes them to go through the finish line. They often think the customers (or rather potential customers they imagined) would care. The truth is that customers do not really care. In today’s most I.T. products, the finish line has become rather blur. First the start-up would have a minimal viable product to begin with. The potential customers would be asked to test the product as a freemium. It depends on how satisfied their experience when using the product, the product may become instant success, or it may fail miserably. Most products would end up having to get adjustment to adapt to the customers.

One of the most important external factors is the competition out there. Some founders would believe when their product fails, it is the competitors are doing much better. Sometimes it is not even the case. When it comes to the products of the competitors, it can go on to long days of discussion among the founder and co-founders. Most companies do not get the best out of their product is because the founder and co-founders cannot even agree upon the directions, and sometimes some small details of the product.

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