A session was conducted at Women Economic Forum held in New Delhi on “Ten steps to start-up success” where Norah Casey, Author, Broadcaster, Publisher, Harmonia Publishing gave her personal insights on the ten steps necessary to establish a successful start-up.
She started her talk with stating that ‘innovation is a state of mind’, she further went on to talk about the first step, “The first step to launching your own business is that killer idea. It is very hard to find. If you want to start your own business, you should constantly think about what’s missing.” She further added the next few stages which were- conducting research on the competitors; finding out whether customers want your idea; figuring out the gap between the customer’s need and the market offerings; and adapting to survive through experience and failures.
Going ahead to the sixth stage which she referred to as ‘proof of concept stage’ and called it the big test, she said, “You need to prove that you can sell your product to one person at a profit.” The next few steps included were – failing fast in earlier stages rather than later; conducting homework and creating a strategy on four P’s- Product, Price, Place, Promotion; strategising at speed and showing your vision to investors.
The last step she concluded with was, “Fund it, Fold it, Flog it” which meant, Fold it if it is not working or not right, Flog it as you may have competitors in this space who want to buy your business and give you financial reward in exchange, Fund it- Don’t go to friends and family since it’s emotional money, instead go for bank funding and business angels.