I was on the way home from the office yesterday and as the usual routine goes I jumped on the MRT from Phra Ram 9…. On the surface it seemed like a normal day until I recognized a familiar face.
Allow me to provide context, a few days ago I attended a networking event where I met Amarit Charoenphan (CEO of HUBBA)… and there he was sat beside me. I took it upon myself to embrace the moment and use this as an opportunity to learn from an experienced professional.
Heres an insight into our conversation.
I asked Amarit what I thought was a simple question…
“what do I need to do to create and run a successful start up?”
However, his response was highly insightful and practical.
Amarit gave me five tips :
1. Make Sure to Solve a Problem
“Make sure whatever you are doing, weather you are providing a product or service, that you are solving a problem”
People tend to have what they believe to be great idea and are surprised when no one is interested. There is a reason why some businesses are extremely successful and others are not.
Look to the world and try to identify a way to make things easier for people. Take Uber for example, they made the process of getting a taxi effortless.
2. Team Work Makes the Dream Work
“Get a strong team of people who believe in the idea”
It isn’t enough to have a great idea. The foundation is key. If your startup is centered around a tech for example you need to figure out the following; who is going to be the software developer?
Who is going to market the idea?
Who is going to manage the finances?
And who is going to take care of the day to day activities?
You can try and do this all by yourself but you will find things move smoother when specialists are involved.
3. Don’t Forget the Paperwork
“Get the paper signed!”
Once you’ve organized the team and the idea is finalized it is imperative that you get your intellectual property and company registered.
If not this can lead to a whole heap of problems such as; people stealing your idea, copy right issues and financial problems could occur.
For example the company is your name and you’ve borrowed money from the bank, the business has made a financial loss and now YOU (not the company) owe the bank.
4. Know the Market
“Test the Market”
Develop a first version of your product, put it out and gauge the response of the public. Various scholars and academics encourage entrepreneurs to put out a beta version to identify a few things;
Do people like the product?
Are they willing to pay?
And how many people are interested?
Eric Reis (Author of Lean Startup) states one should develop a “minimum variable product” aka version one of the product. This will let you know if you should carry on with your idea or pivot to something different.
5. Keep Innovating
Once you’ve tested the market and received feedback from the public it is time to innovate and develop an improved adaptation using the feedback as a guide.
Thats what I love about Bangkok you can bump into a CEO on the train and find opportunities at every corner! I have only been in Bangkok for one month, but even so, I can truly see why some say this is the next Silicon Valley. Bangkok has everything you need to create a startup:
- creative people,
- amazing work spaces,
- loads of networking opportunities,
- and low rents.
The only thing that is missing is YOU!
So What are you Waiting for?
I hope you found these tips useful and applicable to your current position.
Let me know what you think by leaving a comment below, also if you have any useful tips on how to create successful startup they are more than welcome.
“Every startup should address a real and demonstrated need in the world. If you build a solution to
a problem lots of people have, it’s so easy to sell your product to the world.”
—Kevin Systrom, co-founder of Instagram