What will be your priority in the coming months? Launch the product, get funding, get clients or prepare your legal structure?
Direct competition is always good. It helps to analyze what the market validates as convenient and necessary. But not always the first to move the pieces are those with advantages. Perhaps, quite the opposite. Successful examples abound of those who took advantage of the mistakes of others.
Accelerating time to market to validate the product can become a mistake. While testing your idea will always help confirm whether it is good or not, it is key not to put it at risk more than necessary. A poorly implemented good idea can turn into a lost opportunity.
Funding the project is key. To develop the product at scale and sustain it over time, invest in its distribution and positioning. Although it is not always convenient to rush to sell project shares at a low price, or to mortgage the future of the business in search of security and equity certainty.
It is also important, along with the launch, funding and clientele, to think about and implement the legal structure of your start-up. There are valuable reasons for not neglecting the formal: name; brands; designs; legal structure that is appealing to future investors; analysis of strategic jurisdictions; flexible structures that allow you to grow and take care of your project; agreements with your partners; relationship with employees or outsourced; confidentiality; legal framework of your activity; Data Protection; financing structures; tax and labor benefits; among many topics that will appear as you deepen your analysis and visualize growth prospects.
What you do in a timely manner will surely generate more value in your project. Of course, success cannot be assured. But if the processes are right, the chances of this happening will increase exponentially.