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5 Tips for Starting a New Business

Daria Saharova is the Managing Partner at Vito ONE. The company seeds funding to technology businesses with bold ambitions. Her aim is to empower new entrepreneurs and help them with their careers. She also won the German Startup Award in the category 'Best Investor'

Tip #1: Build Startups That Address Real Pain Points

90% of startups fail. The reason #1 for these failures is low market demand. Often a founder believes that his/her idea or product is a must-have and there is a huge demand for it. However, it’s crucial that it’s not just a nice product to have, but that it addresses a real pain point.

Tip #2: Know Your Customer

When you know your customer better than anyone else, you will be able to solve their problems better than anyone else. Talk to your target group and thereby follow Albert Einstein: “If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.”

Tip #3: Test Your Solution – Intensively!

Have you found the right pain point? Great, but the next major challenge is just around the corner. Don’t lock yourself down in your room in hope to create the 150% ‚pefect’ product. Firstly, because your product will never be perfect anyway! Secondly, done is always better than perfect. Instead of aiming for the impossible, start testing as early as possible. Launch a landing page, make a cheap prototype, print flyers – and test test test! The direct customer feedback you receive (or don’t receive) is the most valuable for further development.

Tip #4: Focus

As an entrepreneur, you will always have an endless list of things you could be working on. But your time is your most important resource. So focus on things that really move the needle’ and build the best product for your customer.

Tip #5: Say No To Glorification Of Busy

Becoming an entrepreneur might be one of the most important decision in your life. This journey is full of positive experience and joy, however, it is as often full of pressure, conflicts and loneliness. Even when you think that working 24/7 is what you have to do to make your startup successful – you are wrong. Even when you hear being busy is cool and essential, it really is not. Keeping your physical health – sleep, food, exercise – intact will help to keep your mental health and business in a better shape.

 

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