The fact that there is an app for everything you can imagine makes many entrepreneurs believe that the way to success is simple – just build the next hottest app and you are there. Yet, the reality isn’t that simple. There are million dollars apps out there (some of these highly successful apps were built by non-coders) yet the majority of launched apps didn’t make it long enough to become profitable.
On his website, Silicon Valley analyst Andrew Chen has published an article giving some interesting data that the average app loses 77% just 3 days after the install and the number grows up to 90% 30 days after the install. That is some shocking statistic, right?
In no way we want to discourage you from launching your app. We would be happy to achieve the opposite – we would like to encourage you to go for it and the best way to do so is to evaluate if you are ready to do it.
Undoubtedly, the future will be mobile, so you better get ready to align your entrepreneurial endeavors to it. M-Commerce (mobile commerce) is expected to increase to 45% of the total e-commerce spending by 2020. Why not preparing for the future starting today?
Building a million dollar app is an exciting journey that requires research and innovative thinking. To hit the nail on the head you need to focus on turning your idea into reality by giving your app users what they want and need and learn from those who have done it. The best way to learn how successful apps are built is to hear the tips and advice of successful entrepreneurs, who have done it before.
George Berkowski is one of these entrepreneurs. He has built businesses in highly-competitive spaces such as online dating, transportation, even space flight. In his TEDxCityUniversityLondon Talk, he talks about what it takes to build a million dollar app and walks us through the success stories of others who have achieved it. Hear his great advice in the video below!