Guy Kawasaki, Co-founder of Alltop and entrepreneur has rightly said, “Ideas are easy. Implementation is hard.”
In the startup world, anyone can come up with the next billion-dollar idea. But the ability to pursue it relentlessly, to believe in the idea even at the darkest times and breaking through every hurdle thrown at you is the mark of a real entrepreneur and it is those start-ups that taste success. Maybe because of these frustrating ordeals, over 90% of the startups stumble and fail in their initial years.
The path to a successful venture is never predictable. You can face an issue that had been staring you dead at the face but you did not anticipate it!
Somebody has said this before, “A smart person learns from their own mistakes, but a wise person learns from those of others.” Hence it is important to assess other startups that have faced a large number of these issues. So, let’s have a look at some of them:
Threadless is a crowdsourced e-commerce site that makes and sells t-shirts. Their uniqueness lies in their business model. They accept various t-shirt designs on their website. People then vote and rate the designs based on their choices. The highly-rated design gets printed by managed printing solutions and is available in their markets. This is a great example of a community-driven t-shirt design concept that has allowed them to engulf it with their e-commerce site. Without spending a lot of money, they have managed to churn out millions in revenue. They have a huge 200,000+ strong community that regularly updates their designs and rates them. Their exciting monetary benefits for the designers whose designs have been selected has helped them retain them over the long period.
This community concept has allowed them to stand apart and instead of printing designs without understanding the needs of their customers, they are able to validate them during the design process itself.
It is a global travel agency that allows people to plan their trips in any part of the world. It is a very popular youth travel company that has worked with about 150,000+ customers across 58 countries.
They have correctly identified their customer segment in 18-35-year-old travel enthusiasts and have used social media very effectively in their marketing campaigns. Their recent social media campaign is called #NOREGRETS and is attracting the youth like bees to flowers because they are promoting the need to travel. They want people to leave constraints aside and just go enjoy themselves on vacations because they will not get a chance to do it again.
Their successful social media campaign has been reflected in its annual bookings and revenues.
This is one of the best online fitness communities. It allows users to keep track of their fitness goals and regime and to diversify their workouts in walking, running, cycling and so on. The results can then be shared online to compare with their friends and this keeps workouts challenging and the users motivated about their fitness. The users can also win prices in MapMyFitness sponsored events.
Its biggest feature is its multiple device compatibilities. You can run this app on over 200 devices like FitBit and a Garmin bike computer. They always stick to their principles of making fitness workout simple, social and rewarding. Their app has many extra features that really make it useful like calorie tracker, workout log, and challenges. They have a subscription-based revenue model and advertising is their main source of revenue.
It is a newsreader app that provides you with highly relevant news articles according to your tastes and what your friends are reading. The site makes use of its innovative algorithms to serve the users with customized news feeds to keep them best informed. Their app covers news on all current topics like political, environment conservation, review of drones and so on.
Prismatic’s current user base of 25,000+ weekly users is all thanks to its unique algorithms and collaborative team working conditions. The entire team works for hand in glove to deliver the best user experience. The designers and researchers work closely with the software engineers and app developers to deliver their best.
Their strong teamwork is critical to their success.
It is an app that provides extremely personalized English learning platform. They are very adaptive when it comes to customizing a user’s learning experience. Backed by over 30 years in educational research, their solution helps every user. They make use of patented technology to adapt their lessons in real time.
Voxy’s approach has attracted millions of users from over 50 counties. They started with teaching Spanish speakers. From then they have expanded into other languages but they still limit to teaching English.
They have stuck to a particular niche and they have made sure that they excel in it. This makes them a formidable force.
There is a lot to learn from the success stories of these start-ups and much more that are there. I hope this helps in your startup journey!