It is appreciably easy to start a company in 2013. The product development cycle is the shortest it has ever been. You and your roommate can whip something up overnight with little or no cost given today’s technology. This change has upped the supply of startups considerably. Logically, one would expect the demand of startups to decrease, but it hasn’t. Problems don’t just go away on their own, markets are still fragmented, and a better solution always exists.
In truth, the supply of startups destined for failure has increased. I firmly believe whilst there has never been a better time to start a business, there has never been a more difficult time to grow one. There is no silver-bullet to customer acquisition. The term “customer acquisition” is in a sense misleading. Customers aren’t just picked up somewhere, they’re developed into ones. They evolve from doubting visitors to zealous referrals. It’s incumbent on the leadership of a startup to engross their potential customers in as many encouraging ways as possible.
Early-stage validation is really the chasm most startups fail to span. Every startup must build a foundation in its larval-stage that will slowly generate growth through the aptitude of compound interest. It is better to have a 100 people who can’t live without your product than a 1,000 people who are some-what interested. These 100 people will work with, fight for, and stay loyal to you despite all the mistakes you make. I encourage the CEO’s of companies to get into the mindset that they are really recruiting an army. The culture, drive, and passion of this army is completely sourced through you. Your extended network is in fact larger than you actually think it is, and the network of your 100-person army is exponentially larger. The secret of growth lay within the density of these connections.
No one demographic is completely the same. If you constantly try to exhort one demographic over the other, your discrimination will eventually cap growth as you mistakenly focus on differences rather than consolidating similarities. Instead, seek for a unifying thread between your potential customers. Look for a raw, captivating nerve that fastens your startup’s diversifying community. This connection can’t be faked, and you must do your due diligence in understanding the authentic behaviors of your customers. For Lovaash it’s creativity. We’ve come to understand that all our early adopters have an insane appreciation and curiosity for it– whether you’re a student with a dorm, a young professional who just signed a lease in the city, or a first-time suburban home-owner.
This indescribable pursuit of creativity and its originality is the heartbeat of Lovaash.