Have you ever thought about starting a business but didn’t know how or what kind of business to start? Were you worried you would fail? Do all of this sound familiar to you? Those were my worries too and occasionally they still are when I embark on a new business venture. I have launched several businesses over the last 20 years from professional equities trading to a software development company (my current occupation).
Today I would like to share a few insights into starting a business hoping you will benefit from it while making something you truly love.
- Think big but start small. Focus on bootstrapping your business rather than waste your energies on a massive launch. This way you will be able to focus on developing a minimum viable product to test people’s reactions. Then, if people like it, you can add more.
- Test the idea. Once you have an idea, focus on how you can turn it into reality. Is the product or service something that people need? Can you make a profit selling it? Does the product work?
- Keep your eyes open. Always keep your eyes open for opportunities. What is it that people need or want? What problems need to be solved?
- Ditch the flamers. There will always be people indulging in destructive criticism. You want to stay away from these people and only surround yourself with positive people. For more inspiration, please read my very first post about wealth creation.
- Take advantage of free resources. I started all my ventures with little to no money. My time was the only cost. You can take advantage of numerous free resources which can offer advice, training and assistance. Then, once you start making money, you can avail yourself of paid services.
- Focus on helping your customers. Forget about hitting lofty targets. Rather, focus on delivering value to your customers while satisfying their needs.
- Choose flexibility over planning. Chances are that your original idea will have to go through several rounds of changes. Being able to adapt to change quickly to deliver what customers want will determine if your business will fail or succeed.
- Learn from your mistakes. Mistakes are inevitable. I personally like failures because they help me keep myself in check and stay humble.
- Share your ideas with friends and family. Those will mostly likely be the most honest with you about your business ideas. Talk to them first.
- Don’t get upset. If customers or investors reject your idea(s), do not get upset. This is the time to find out what they didn’t like, make adjustments, and try again!
- Be patient. Success doesn’t happen overnight. Well, sometimes it does but for most of us starting a business involves lots of hard work. Focus on meeting customers’ expectations. Everything else will follow suit.
- Blog, blog, blog. Be honest about your successes and failures. Customers will enjoy your honesty.
Now go to work!