Building a product is one thing, building a successful startup that can stand the test of time is a completely different thing. Yes, your product and startup go hand-in-hand, and there isn’t one without the other—however, the business landscape is littered with startups that built great products but didn’t have an eye on the long-term. In today’s startup space, it is critical that you build a great product while congruently building a startup that can pivot, innovate and scale.
Articulate Core Values
All businesses want to make money and maximize shareholder profitability; however, this isn’t enough to build a long-lasting business. Think about what is at the core of your startup. What drives you every day? How are you creating value in society? What are you aiming to do?
One company that is excellent at sharing their core values is Patagonia. This company is unequivocally focused on helping the environment. Every headline you read related to Patagonia speaks to their mission to help and how they are going to do it—whether it’s investing their $10M tax break to environmental causes or fighting for more environmental protection. You always know what drives this company and what their core values are.
Your startup will begin with a single product, but one product that never changes isn’t going to lead to long-term success. Your successful startup needs to be able to show that there is a second and third act in the pipeline. Listen to your customers and respond to their needs through product development and continuous innovation.
The product development process does not just stop with one final product. If your goal is to build a successful startup and long-term business, then product development should be viewed at as a cyclical process that has no end. You are going to constantly strive to better your product so that it continues to meet the needs of your customers.
Plan Ahead—Way Ahead
Startups are traditionally focused on the short-term. While you need to have an eye on short-term goals, long-terms goals are just as important. Having long-term goals clearly communicated lets you constantly evaluate what you need to do to achieve them. The long view helps your startup focus on measured and sustainable growth.
Designing a successful startup that will mature into a long-term business takes tenacity, business acumen, endurance and a growth mindset.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.