12/28/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Those interested in starting a business should first inform themselves well and develop a comprehensive understanding of their own industry, market, customers and competitors. It is important to develop a unique business model that stands out from the competition. A good business plan is the key to success. In addition, people interested in starting a business should not only rely on their own ideas, but also seek the opinions and experiences of others. Above all, they should have the courage to pursue their ideas and not be discouraged by setbacks.
12/20/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
The KISS method (Keep It Simple and Smart) aims to make complex ideas as simple as possible. By focusing on the essentials, founders and entrepreneurs can establish their product or service on the market more quickly.
To maximize the likelihood of startup success, it is recommended to develop a Minimum Viable Product (MVP). This is a small, simple product that contains the core features of the idea but is much easier to develop compared to the final product. It helps founders quickly develop a product that can be tested and validated without the cost and effort of a full-fledged product.
In addition, founders can also try to create a "proof of concept" to test the demand for their product or service. Through such a proof of concept, founders can find out if their idea will work and how it can compete in the marketplace.
These strategies can help maximize the likelihood of startup success by reducing product complexity and testing demand. If founders use these strategies, they can significantly increase their chances of success instead of failing like 90%.
12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A co-founder is a person who, together with the founder of a company or project, helps shape its development. Co-founders often take on tasks such as start-up and financing, leadership and strategy, product development, marketing and customer support. They often work closely together to make the company or project a success.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A startup is the process of establishing a business in which an individual or group of individuals establishes a business to provide a product or service. It can also be considered as the process of setting up a business or enterprise in which an entrepreneur or group of entrepreneurs establish a business with the aim of making profits.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Start-ups are companies that are created from scratch without taking over an existing business. They may arise from an idea, a gap in the market, or an innovation to offer a new product or service. There are different types of startups, such as start-ups, sole proprietorships, and joint ventures.