Driving a successful startup sometimes means tearing up the plan and restarting. In doing so, it is important to learn from mistakes and to avoid repeating the same errors and ending up with a failed venture.
In the third part of Digital Journal’s three-part feature on gaining insights from startup entrepreneurs we look at the value of experience. The first part looked at the importance of starting small and staying focused and the second part considered the importance of finding the right market for the idea.
In this article we hear from two entrepreneurs who work with Kilo Health.
“There was a time when we went all-in, investing heavily and assembling an amazing team. We churned out 5 products full of hope and excitement. However, as time went on, we had to face the reality that some of them weren’t as successful as we had hoped. We had to make the tough call to shut them down because they didn’t meet our goals or gain enough traction,” explains Mantas Kondratavicius, the co-founder of BoomeranGo!, at Kilo Health.
Kondratavicius likes to remind people that there are ups and downs in every journey, especially when co-founding a new product.
However, it is during these moments of struggle that startups can truly gain an understanding of what makes a lasting product. It is not, Kondratavicius outlines, about cramming in the most features; instead, it is about skillfully balancing the right elements to create something that succeeds.
Kondratavicius words of wisdom are: “That’s just how it goes when you’re co-founding a business. It’s a rollercoaster ride of successes and failures. You’re in a constant state of creation, where some things soar to new heights while others fall short. I saw an opportunity to make a change by creating a game that would make children feel like they were playing while simultaneously helping them develop healthier habits. And it helped that I had experienced failure before and learned from my mistakes.”
Aligning the development and selling efforts of a product to work in harmony is also important, says Gytis Labasauskas, who is the head behind the app Greatness at Kilo Health.
Labasauskas explains that what is important is with ensuring that the product being developed meets the needs and expectations of the target market while also having a sales strategy that effectively communicates the product’s value and drives customer acquisition.
Labasauskas states: “Having a clear value proposition that effectively communicates the unique selling points of your product is crucial. At Greatness, we have a highly skilled sales team that diligently keeps up with the latest updates and market insights. Their dedication ensures that our customers truly find value in our habit-tracking product by seeing it as a tool that fits seamlessly into their lives, helping them build habits that lead to greatness.”
In addition, Labasauskas recommends establishing a feedback loop between sales and product development teams. This means that you catch up and share customer feedback, market trends, and pain points to match them with product updates and upgrades.
