Lately, my boss has been preparing me and my colleague to be real startup founders and not just being all about codes and programming. Mind you developers try as much as possible not to deal with anything that has to do with business or being in charge of organizing anything. Meetings are like a curse to us, we so much despise it that sometimes it's just funny.
Some of the key terms and important information he has been taking his time to teach us is as follows:
For whatever product you are building, you should also build yourself an online presence that talks about the product, the problems in the niche and their solutions. Posting these values consistently helps the algorithm know you as an authority in that sphere and pushes your content to many audiences.
As important as building a product, getting feedback and reviews from your customers or clients is imperative. There is no point in building a solution that adds to your users' problem in their inability to use it. Whatever you do should be user centered, your preferences don't matter here.
KPIs. These are key performance indicators, they are measurable values that track an organization's progress toward specific goals. They help evaluate success, identify areas for improvement, and inform data-driven decisions. By monitoring KPIs, businesses can stay focused, optimize performance, and achieve their objectives.
SOPs (Standard Operating Procedures) are detailed, written instructions that outline the steps to complete specific tasks or processes. They help ensure consistency, efficiency, and quality in an organization's operations. By following SOPs, organizations can maintain high standards, minimize risks, and achieve operational excellence.
ROI (Return on Investment) is a metric that measures the return or profit generated by an investment, compared to its cost. It's calculated by dividing the net gain (return) by the cost of the investment, and is usually expressed as a percentage. A higher ROI indicates a more profitable investment.
SWOT Analysis is a framework used to identify and evaluate the:
Strengths: Internal attributes that give a business an advantage.
Weaknesses: Internal attributes that put a business at a disadvantage.
Opportunities: External factors that a business can leverage for growth.
Threats: External factors that could harm a business. By analyzing these four components, businesses can gain valuable insights and develop effective plans to drive success.
And a whole lot of other vital information that has to be known and properly understood for any startup, business or organization to function properly. Like...
Stakeholders.
B2B (Business-to-Business).
B2C (Business-to-Consumer).
Cash Flow.
Revenue.
Profit Margin.
Target Market.
Branding.
USP (Unique Selling Proposition).
For those of us into business, how many of these do we know and apply? List a few others you know that I didn't mention in the comments.
The penitself!