People, Process, Product
If you are building a startup, congratulations! You've taken the first bold step on making a decision. Just like other things in life, the most crucial thing is how we conduct it and the ability to continue on adapting in the course of running the startup, starting a start up is not the only important thing.
As a little bit of my background, I've built two startup companies in the Internet industry and Technology field. The first company is more mature and have joined (by Merger and Acquisition) a new company to form a greater company. However, the second company, is still a startup and currently entering the second year running. Incidentally the second company (Kurio) was selected by Google to receive a two-week training at Google's Headquarter in Mountain View, Silicon Valley from the 17th to 29th January, 2016.
Experiencing a failure is normal and is very reasonable. There are many areas where failure will continue to occur, but there are some things we should always keep an eye on and shall not let these fail and be constantly ready to fix it from the beginning, among others are:
1. Founding Team (People)
As an entrepreneur, build a team at the earliest stage is the most important step. The business ideas and the right products doesn't necessarily guarantee the success of the company without building and having the right team. The requirements or criteria that are important is that we have to make sure that the people in our team have the same passion to the product or the type of business that we are building and they must have the capabilities that could be contributed in the startup’s execution.
2. Execution (Process)
Too often the founder of a startup “ fell in love" with his own idea, but an idea only builds 2% in building a startup, and 98% is the execution itself. Often we are stuck with the idea and concept of the product/solution that we are building, but an execution distinguishes an ordinary startup and successful thriving startup. A mediocre idea might actually be more successful if executed properly, than an incredible idea which might be just ordinary if the execution fails.
3. The Need of the Products/Solutions We Are Building (Product)
As entrepreneurs we should always verify whether the product/solution we are trying to create is something that a lot of people need and would want to use. To make sure that we chose the right product/solution that is appropriate for the targeted market. Try not to be "stuck" with your own ideas. On the end of the day, the new company that we build would only be successful if we are able to provide something that the people need and is useful.
Try to focus on the three things above: People, Process, Product. There is always still time to diagnose our own company for these three things that will consistently help in the long run of the venture.