The entire mobile ecosystem is very new compared to web-based startups, and many first-time app developers have misbeliefs about the entire journey.
These myth-busters will help the first-time mobile entrepreneur set out on the right path and know what’s coming their way in the journey to launching and getting traction for their app.
1. Overwhelmed by technology: If you’re from a non-tech background, don’t consider technology as the end-all and be-all for your startup. Technology is only an enabler -- the idea is your business. You don’t have to know about coding to create a tech product. Hire someone who knows his stuff or outsource to an agency that can help you achieve your business goals through technology.
2. If you build it, they will come: Nothing could be further from the truth than thinking that your job is done the moment your app is live on the app store. Building an app is the easiest thing in your journey to build a business. Getting customers to use your app consistently is the toughest part.
3. Ideas are everything: if your idea is so unique that no one else has ever thought about it, then chances are that no one else will identify with it. A Cornell University’s published paper concluded that the more novel an idea, the more uncertainty can exist about whether that idea is practical, useful, error free and reliably reproduced. It’s all about the execution -- how you give your idea life is what matters. There are many great ideas that don’t succeed just because they weren’t executed well.
4. Get funding based on prototype: The overall costs of building a technology-based venture has drastically come down from the days of traditional software companies. Demos and version 1 are built at hackathons within days. Venture capitalists look for ideas that are validated (tested by users) and exhibit growth in user signups and retention before they even begin to think about investing.
5. Asking friends for idea validation: Asking someone for feedback on an imaginary product would get you an imaginary kind of a response. Don’t ever take someone’s advice who doesn’t have to bear the consequences of it. Believe in someone who’s used your app. Better still, seek advice from people who’ve paid to use your app.
6. Marketing means spending money: Of course, paying for marketing is the easiest route to take, but not necessarily the most effective. Growth comes from building a great product and delighting your first set of customers. Every successful app has become popular based on word of mouth. And people tend to endorse products that stand out. Marketing dollars may get you download numbers, but not user retention.
7. Getting funded is Plan A: Raising venture funding is one of the toughest things to do. When you want to build a startup, focus on building the product and getting customers. Your Plan A should always be to get to market assuming you wont secure a VC before you launch. Your startup ambitions should not be dependent on a VC, but your determination to become a successful entrepreneur.
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