Israel was home to more than 450 new start-ups last year. This shouldn’t really come as a surprise, as the SME industry has exploded in the last decade, reaching over 20% increase in the number of start-ups since 2000. Technology in particular has seen something of a meteoric rise in this particular industry. The question then becomes about what it takes to deliver a successful start-up.
There’s more to it than a great idea
Great ideas are at the root of all start-ups. Google is the perfect example, as it started with two guys working out of a garage in California. The idea is worthless with proper execution. A lack of technical knowledge can see entrepreneurs quickly become bogged down in the early stages. You need to know whether you will be playing a role in the technical aspect of the idea, or whether you will be focusing on the strategic side of things.
Help will definitely be required if you are not technically-minded. This will mean either hiring a developer or finding a partner who has those technical skills. Taking part in events like “Geektime” is a great way to network and find the types of people you need to help you move your idea forward.
Do a little bit of market research
Before you get down to the task of writing code, you need to see if there is a market for what you are creating. Failure with a product usually comes when start-ups don’t take time to research and develop the market. Before you invest precious time and money, get out there and find out exactly what people feel they are missing in a specific niche or service category.
See what your competitors are up to
The chances of there being zero competition in the marketplace are slim to none. See what the competition is doing and think about how you can design your products or service to be better, leaner, and meaner. This is easier to do if you have already put in the time to do market research.
Get involved in the local startup community
Getting a start-up going can be a lonely affair, which makes advice and inspiration from others almost essential. It’s not just Tel – Aviv where all the action is happening, so be sure to check out Jerusalemstartuphub in Jerusalem, hiCenter in Haifa, as well as other cities across the country.
Load up on self-belief, determination and tenacity
The entrepreneurs that make it to the top are those who are supremely confident in what they are doing. There is never the assumption that a product is finished until it has been shown to potential customers and all the feedback has been properly evaluated. They have no room for assumptions and will work tirelessly to deliver exactly what the customer expects. There is a belief that there is always something new to learn.
Seek out a business mentor
Having a mentor by your side can be an invaluable asset. You can choose someone you met while networking, or you can choose a family member or close friend. Just make sure that it’s someone who can help you along the way. You also need to ensure that you listen to their advice and take the feedback they deliver to heart. Have a clear understanding of exactly what you want to get from your mentor. You should be able to share your ideas and goals with an expert and receive solid advice in return. This can be found at TARGO CONSULTING as we offer strategic planning and financial services for your business.