When you are working on setting up a startup, it is very important to understand what are the startup phases. Although there are many opinions on this topic, still you can identify a lifecycle which is common for most of the startups. In this article I will be sharing with you the most common and accepted opinion on the phases of a startup.
So, here are the startup phases for your new business:
Phase 1: Ideating
- In this phase you will start with identifying the potential scalable product or service idea.
- And then you will need to identify how the idea would create a value.
- While as a founder you can do it alone.
- Yet It would not be a bad idea to have your prospective team members involved for brainstorming.
- Also your prospective team members don’t need to give any commitment in this phase.
Phase 2: Concepting
- In this phase you start with defining the following:
- Initial Strategy.
- Key Milestones.
- You will identify 1 to 2 core co-founders whose skills will compliment each other.
- So, all the founders of your startup will work together in this phase.
- You will come up with an ownership plan for each of the founders.
- Also if you have identified your team members, you can include them for discussions on some of the aspects.
Phase 3: Committing
- In this phase you will have the committed and balanced team in place.
- Also the MVP (Minimum Viable Product) will be developed and ready at the end of this phase.
- In addition it would be better if you develop it with the committed members only.
- You should choose a reliable person if planning to go for some one external.
- In case you are service startup then your service should be in place.
- Shareholders sign an agreement finalising the time and monetary commitment as well.
- Thus this phase is one of the startup phases where you will need legal and financial consultant’s help.
Phase 4: Validating
- Also it should attract additional resources.
- Finally you will need to validate the product market fit.
Phase 5: Scaling
- By now your startup should show signs of growth.
- Also the growth should be easily measurable using parameters such as user or revenue.
- Furthermore it should support scaling for future growth.
- Most of all it should have sufficient funding to support the scaling.
Phase 6: Establishing
- Finally you have reached a phase where you have achieved a growth.
- Your startup is continuing to grow.
- Also the struggle for additional resources ends in this phase.
- You can continue to grow and still behave like a startup culturally.
- Sometimes the founders exit in this phase.
Startup Phases : Conclusion
Although the phases mentioned here are the common ones seen in most of the startups. Yet, there is no hard and fast rule that your startup will follow the same. Because of the people involved, each business is unique. This article was inspired from an infographic. You can visit it here.
I am very eager to know the story of your startup. It doesn’t matter if your story didn’t reach the success you expected. It will always motivate the others and help them learn. Share them in the comments below.