Idea Discovery
The first stage you have to face when building your startup and there are two harsh realities entrepreneurs are facing in the process which you would want to bear in mind Build something your customer want, basically if you don't make something with a demand, it will fail any day. On average, entrepreneurs spend 4-8 years to make a business viable, so stop wasting time making something people don't want.
Typically, you would go through these 6 stages:
- Founding team is formed
- Prospective customers are interviewed
- A Value Proposition is found
- Team joins an accelerator or incubator
- Team raises small bit of funding from friends and family
- First mentors & advisors come on board
There are 5 main roles to take up in the idea stage.
Product
One of the most important role as the person leads all the discussion until a viable value proposition is found.Engineering
As this is when you actually build anything, they have to do a lot of preparations especially on timeline expectations, technology stack etc.Marketing and Sales
They bring creativity and analytical skills together where they have to create a brand identity (Company website, logo, brand DNA etc.). A reason and a story that bring your team together will be needed for your early adopters/ early customers. Also, they also have to research the current market size and a guess estimate of how much share of the total market of this company would you get.Governance
A team never works out if there is no leader/governance. The governing position needs to handle all the legal and financial matters of a startup and building the team’s culture.Design
A great startup team have a great design as its fundamental building blocks. These are some sites to help you out.