2) Always try to solve a problem which is hurting the most to a particular group of people. The bigger the problem you will try to solve, the more will be your chances of success. The problem must be the most hurting problem for the people for whom we are building the product. This ensures that people will be ready to pay for our products once it is built.
3) Once you are sure about that the problem is worth solving, create business plan showing your revenue generation, distribution channels, customer segments and your value propositions.
4) Never build the whole product at one go. First build the MVP, Minimum Valuable Product, and take it to customer. See their response. This will help you to make decision of whether to continue building the product or to pivot. This will save your time, money and energy.
5) Always start small. Don’t put all of your money, time and effort at the same time. Use lean methodology. If possible find 2-3 like-minded people with different skills to work in your start-up. This will help you to come up with your MVP sooner. It will also reduce the work load and will let you focus completely on important tasks.
6) Always have an industry person as your mentor. This helps you to eliminate different technological mistakes like choosing wrong technology or programming language or framework for developing your product etc.
7) Use free online tools to reduce initial cost of startup.
8) Start early, fail early, Pivot early.
9) Make sure that your product has at least 2-3 early adapters. ‘Early adapters’ are the customers who badly want your product and will chase you for it. This validates that the problem you are solving has demand and can be lucrative.
10) Try Hard. If you fail, try again.