The startup goes through several stages before it achieves product market fit and then scaling.

Here are the key steps that come before:

The founder establishes the team.  

This is often driven by a passion or a business opportunity.

The founding team develops a vision for the business they will build.

This is often improving the customer experience around a current problem.

The team envisions a product that provides value to the customer that solves the problem.

The team tests the market by talking with customers.

This often involves building minimum viable products and prototypes.

The team builds an initial version of the product and tests the business model.

The goal is to see if the customers use the product and if demand will spread.

The team takes the product out to a broader range of customers to check interest.

The initial customers are often family and friends and may be biased in their assessment of the product.

The team works on the product to achieve product/market fit.

The goal here is to make sure the product works well for the customer and meets their needs.

Consider these steps in establishing a startup for your idea. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.