Valuable knowledge to boost your startup to the traction stage.
Do you know what I love about QUESTIONS?
They have the power to drive our thoughts and our actions.
Ask the right questions and you’ll be in the right way.
So, here is my gift for you: the right questions to drive your learning and your actions on the development of your startup.
Each question that you confidently answer results in one big step on taking your startup to the traction stage.
SECTION ONE: THE IDEA
Make sure your startup idea is based on strong elements.
ARE YOU FOUNDING A STARTUP OR A SMALL COMPANY?
If you have just an idea in your head, your priority is to understand what kind of venture should you found. Depending on the type of your venture, you’ll must to take totally different steps. To save your time, money and energy, find the right track.
HOW RELEVANT IS THE PROBLEM FOR YOUR CUSTOMER?
If you want your startup to get traction in the near future, your first task is to find a problem that your customers really care about. Developing a solution for a small problem will bring a lot of frustration when your customers refuse to buy your product or service.
SECTION TWO: THE BUSINESS MODEL
Design a scalable business model for your startup.
WHAT IS YOU STARTUP'S BUSINESS MODEL HYPOTHESIS?
To have a clear and compelling business model hypothesis is key to turn your idea into a successful business model. Have you already thought about your hypothesis?
WHO ARE YOUR STARTUP'S CUSTOMERS?
If you still think the answer to this question is something like “male, 20-30, married, 2 children”, then you should urgently read this post. To deeply know your customers is not only important, it’s essential.
SECTION THREE: THE METRICS
Understand and monitor your startup’s valuable metrics.
CASH BURN RATE
To be aware of how much your startup is spending and how much of your cash is being burned is definitely one of the most fundamental questions you must know about your venture.
To know your cash runway is to understand how long your startup’s may survive without raising more funds and the time you have to act to prevent its end.