Earlier today I was talking to a student about entrepreneurship. Naturally, he was very focused on the traditional model of identifying a problem, writing a business plan, building a product, and finally talking to customers. I told him that everything he was doing was backwards except for identifying a problem. After the conversation, I thought to myself that there had to be a concise way to describe the necessary steps for startup success.
Here are the five steps to startup success in 30 words:
1. Find a problem in a big market.
2. Line up customers willing to buy it.
3. Build a great team and culture.
4. Build a great product.
5. Build a repeatable customer acquisition process.
In 30 simple words we have five actionable steps in order of priority. While there are many more details, this provides a great outline for entrepreneurs to follow.
What else? What are your thoughts on these five steps and 30 words for startup success?