The Business Model They Don’t Teach | Building a Tech Startup from SCRATCH in 90 days - Ep 3

Introduction

In this tutorial, we will explore a five-step business model that can transform any small business into a thriving enterprise, based on the insights shared in the video "Building a Tech Startup from SCRATCH in 90 days - Ep 3" by Adi Ravi. This model emphasizes the importance of defining your business's core aims and establishing effective strategies that enable growth and sustainability. Whether you are an aspiring entrepreneur, a tech startup founder, or someone looking to create a side hustle, this guide will provide you with actionable steps to kickstart your journey.

Step 1: Define Your Primary Aim

The first step in building a successful business is to clarify your Primary Aim.

• Identify Your Passion: Reflect on what motivates you. What are you truly passionate about?
• Articulate Your Vision: Write a clear statement of what you want to achieve. This should encapsulate your goals and aspirations for the business.
• Set Personal and Professional Goals: Consider both your personal ambitions and professional objectives. Align them to create a unified vision.

Tip: Remember that your Primary Aim should inspire you and guide your decisions as you move forward.

Step 2: Establish Your Strategic Objective

Your Strategic Objective outlines how you plan to achieve your Primary Aim.

• Define Success Metrics: Determine what success looks like for your business. This could be revenue targets, user acquisition numbers, or market share.
• Research the Market: Analyze your industry and competitors to identify opportunities and challenges.
• Create a Roadmap: Develop a strategic plan that details the steps needed to reach your objectives, including timelines and milestones.

Common Pitfall: Avoid being too vague in this step. Specificity will help you measure progress effectively.

Step 3: Develop an Organizational Strategy

An effective Organizational Strategy sets the structure for your business operations.

• Create a Business Model: Decide on the type of business model you will use (e.g., subscription, freemium, direct sales).
• Define Roles and Responsibilities: Outline who will be responsible for various tasks and functions within your business.
• Build a Team: If applicable, consider hiring or partnering with individuals who complement your skills and share your vision.

Practical Advice: Ensure that your team understands the business's goals and their roles in achieving them.

Step 4: Build a Systems Strategy

A Systems Strategy ensures that your business can operate efficiently and effectively.

• Automation: Identify repetitive tasks that can be automated. This can save time and reduce errors.
• Documentation: Create standard operating procedures (SOPs) for key processes. This helps in maintaining consistency.
• Use Technology: Leverage tools and software that can assist in managing your operations, from project management to customer relationship management.

Real-World Application: Implementing a systems strategy can help your business run on autopilot, allowing you to focus on growth.

Step 5: Implement and Monitor Your Strategies

Once your strategies are in place, it's time to implement and monitor them.

• Launch Your Business: Start executing your plans, whether it's launching your product or service, or initiating marketing campaigns.
• Track Progress: Use the success metrics defined in your Strategic Objective to monitor your progress. Regularly review performance against your goals.
• Adjust as Necessary: Be flexible and willing to pivot your strategies based on feedback and data.

Tip: Regularly engage with your team and stakeholders for insights on what’s working and what needs adjustment.

Conclusion

Building a successful tech startup or side hustle involves careful planning and execution of these key strategies. By defining your Primary Aim, establishing a Strategic Objective, developing an Organizational Strategy, building a Systems Strategy, and diligently monitoring your progress, you set a strong foundation for your business. As you move forward, remain adaptable and open to learning from both successes and setbacks. Begin your journey today, and watch your business grow!