Without a market, a business doesn’t have much of a future. Actually understanding the potential size and shape of the market is a critical step in the early stages of developing a business, as it will help to inform everything from your short and medium-term objectives, product development, right through to the way you pitch to investors.
It doesn’t matter what sector or vertical you’re entering, your startup is going to have to deal with competition. Your business idea should be a game changer in some way, but you’re also going to have competition and for this reason you will need to do a competitor analysis early on in the startup journey.
Vision and mission statements are a way of defining your company’s purpose, goals, and brand. Unlike “hard,” tangible value drivers (e.g., your coding team and financial assets) or “soft” drivers (e.g., a marketing strategy and management team), these statements are an intangible driver of value for any business. These intangibles are difficult to quantify and often seem to be driven by feeling rather than anything substantiated.
Early adopters play a vital role in the growth and prosperity of your startup. Not only do they provide your first source of revenue, but also provide impactful feedback at a time when it's still possible to make changes to the direction of your product. In fact, many well-known businesses had to pivot rapidly after receiving feedback from early adopters, which led to the thriving businesses they are today.