LIFESTYLE

Eren Legend On The Cold Hard Truth


Building a startup is not for the faint of heart. As a startup, failure is almost inevitable. 90% of startups fail, and depending CB Insights, the main reason for this is that there is no need for a real market for the product or service, while the second reason is that there is not enough. financing. CB Insights found this data in 42% and 29% of cases, respectively.

Not to dissuade promising entrepreneurs, but to repeat that; being part of the 10% who succeed is not child’s play. Your startup needs to work hard for success.

Remember, a startup often tests untested hypotheses and ideas, and even if those ideas exist, the goal is for a new startup in the ecosystem to perform better than existing ones. Given that this need should be different, one can understand the main reason most startups fail: the lack of real demand for their products and services.

If you’re planning to set up a startup, here are some things you can do to save yourself from falling hard from failure.

Understand your target audience; Is there really a need for your launch?

Don’t create products and services that no one wants, or based on the rave of the moment. The goal is always of long-term importance.

The goal of a startup should be to create a scalable business model and for whom and for what it needs to be built. In contrast, some startups create “blindly,” and they barely take the time to evaluate what people really want. They are often so “obsessed” with their idea and vision that they don’t realize that the proposed audience may not really need what their business has to offer.

Photo: Eren Legend, with permission

According to Legend of honor– professional athlete, world champion and renowned fitness trainer; when you understand your target audience, your business starts to set up, and things don’t get so difficult. “Trying to please all kinds of listeners will only burn you out, and it also assumes an incoherence. As an entrepreneur, it’s essential to understand your audience. They will start putting things together when you specify this”He advises.

In September 2021, Epic Games announced shutting down its HouseParty app, including the ‘Fortnite mode’ feature. HouseParty allows people to talk and play with others and create that “home party” feeling. It is justifiable to say that HouseParty increased its importance because of the pandemic and the blockade that came with it. People were confined to their homes, and they had plenty of time to interact on social media.

Houseparty registered 50 million new registrations during the blockade, but as the pandemic gradually went away, other video chat apps were created and gained more space. And according to the data Apptopia, the number of registrations has been steadily declining since the pandemic rally. And now HouseParty has finally closed the curtains.

Creating a product or service that will stand the test of time and that your audience will need in the long run is essential to the success of your startup.

Investigate your existing competitors: What have startups done before you?

It would be best if you don’t underestimate market research.

Always do a preliminary research before setting up a startup. The investigation cannot be skipped. It’s very essential, especially if it’s not your new idea and you have existing competitors. You need to know what others have done before you, and how we can put your products or services on the front line.

Proper market research should be done to understand your target market (proposed). Knowing the needs of your (anticipated) customers and helping them meet their needs in a more skilled way than existing startups. In addition, this research can give you an insight into untapped opportunities in the niche, identify consumer issues, and maintain a competitive advantage in your industry. And in the long run, that helps increase your sales and business growth.

As Canada’s first Physique World Champion, Eren Legend shows how she did extensive research before deciding to pursue a career as a high-level professional athlete. “By the time I started as an amateur, I saw a gap that needed to be filled. There wasn’t a natural athlete in Canada, and there wasn’t even a conversation on the professional level that I was looking for. I realized that once in my life I had an opportunity to pave the way and determine history. The introduction of the male body division was new to the world of competition; therefore, it was a unique opportunity to make history”He recalled.

However, keep in mind that you can’t only research early in your startup (or career). You need to do some research at different stages of the initial life cycle, which will give you a good understanding of your market as things evolve.

Build the right team

Teamwork works like a dream. And as Andrew Carnegi once said, “Teamwork is a fuel that allows ordinary people to achieve unusual results”.

Let us confront the reality of this; you can’t create a startup yourself. To give your startup a lively idea, you would need a team to help you take action and implement it. Even with a group of 5 people, it’s much better than trying to do all the work alone.

Anyway, there’s something that some business owners do wrong; they do not build a team that embodies their vision and mission. Startups need a clear direction and idea of ​​short-term and long-term goals. To achieve this, your team must have a sense of cohesion and harmony to achieve the ultimate goal of the startup.

Photo: Eren Legend, with permission

Teamwork is important. Throughout my life and career, I can attribute many of my successes outside of athletics and in the business world to him; to establish and implement appropriate groups and systemsLegends agree. Values ​​like teamwork and being loyal to helping people achieve a better body awareness have made Legend a fitness advisor, wellness coach and celebrity coach. Harley Morenstein (Epic Meal Time), Pablo Schreiber (Halo TV series) and Ricky He has been able to train actors like Whittle (American Gods TV show).

Collect

In short, these are essential and basic tips to help you get started on your launch and at the same time prevent it from failing quickly. However, these are not the only factors that would determine the success of your startup. These include sufficient funding, proper branding and advertising, building customer satisfaction, among many others.

If you have these tips at your fingertips, you are one step ahead.





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