On our journey to provide better customer satisfaction, we constructed a 12-month quiz that will help us learn more about the mindset of our clients, aspiring mobile app developers.
During that quiz, besides getting to know our clients better, we also managed to gather lessons from 10 000+ aspiring entrepreneurs, and some of the stats truly surprised us! That is why I have decided to share them with you.
If followed correctly, they will undoubtedly help you in your journey toward skyrocketing your business growth.
Read along.
Lessons from 10 000+ aspiring Entrepreneurs:
45% of aspiring entrepreneurs believe their idea is unique:
This begs the question: is the idea actually unique, or have they not researched the market fully? Often after a bit of digging, we were able to find similar businesses. Can the technology be made to fulfil that need? Is there even a market for this idea? Don’t neglect to verify your idea before spending capital.
18% believe they have a unique angle on an existing problem:
With mobile innovation moving fast, this makes sense and enables disruptors to innovate on existing models by transferring learning from other areas. This is one of the important facets taught in this course on validating app and startup ideas.
62% of aspiring entrepreneurs had never shared their idea:
We live in a world where people are scared that their ideas will be stolen, but the truth is, it takes a lot of effort and a great team to make an idea succeed. As an example, if you sent an email to the CEO of your biggest competitor laying out your idea, do you really think they would copy it? The truth is, speaking to people will help you move forward with your idea.Don’t use the “I can’t tell anyone ever about my billion dollar idea” excuse to never do anything about it, instead explain your idea and ask people for thoughts/ contacts/ ideas to make it succeed.
61% have little to no social media presence:
In today’s digital society, having reach on social channels is a differentiator and will help you market your app. Therefore, if you do not have a following yourself, think about what influencers or partners you know who could help you. I say this as someone with little social media presence… it can be very helpful!
76% are not experts in their sector of choice:
The easiest place for aspiring entrepreneurs to innovate successfully is where you know where the issues truly are and understand the market. Therefore, think about how your idea fits into your expertise, and if it doesn’t, see if a crossover opportunity is available – see if the same style of the idea can be applied to your sector of expertise.
89% do not have strong links to people who have a strong network in their sector:
This relates to the previous statistic, but having routes to market is critical to succeeding up and through the proof of concept stage at a low cost. If you do not have links/routes to market, can you partner with someone who does?
51% have no money to take their idea forward:
And last but not least tip from this quiz about lessons from 10 000+ aspiring entrepreneurs is the problem of funding your app/business idea.
Because part of being an entrepreneur is about taking risks, and you’re going to have to make financial risks to get your idea off the ground. No one will invest in your idea unless you’re willing to yourself.This is why we try to keep costs as low as possible when working with Entrepreneurs, focusing on the one thing that can bring a disproportional return: creating a solid prototype to show their vision.
Adding a bunch of insights/ consultancy/ advice into the process, this prototype enables the entrepreneur to:
- Know exactly what problem they’re solving;
- For whom;
- Channels to distribute it;
- Pricing model;
- Crucially be able to show it to get:
- user feedback;
- sign up for strategic partners;
- and raise investment…
Not bad for a £3,000 investment.
Get in touch with us now with your idea, and let’s see if we can help you avoid the lessons from 10 000+ aspiring entrepreneurs from our study.
