How To Start A New Business Idea – The odds are stacked against you, and the critics are right about one thing: it’s an incredibly difficult way to make a living. But if you are aware of the possibilities but are still running, there are a few things you should know before you start.
A great idea is not to have a light bulb over your head. If you care about it, it’s an installation.
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Tesla and SpaceX founder Elon Musk attributes his phenomenal success to “first principles thinking.” This problem-solving philosophy dates back to ancient Greece and has helped emperors, business magnates, and physicists solve history’s most complex problems.
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In an interview, Musk explained the first principles, referring to Tesla’s early days: Back then, everyone thought batteries were expensive. They always were and always will be. Therefore, it is impossible to make a cheap electric car.
Using first principles, Musk attacked this problem. The result? The folks at Tesla have developed a battery that reduces the cost of energy from $600 per kilowatt hour to just $80. It asks the basics and asks, “What is a battery?” Made possible by asking.
Other companies have also had success with this approach, such as Mattermark, which “provides a source of startup data for venture capital firms to quantify the signals of growing and profitable startups.” BuzzFeed, founded on November 1, 2006, has used data to become “one of the most visited websites in the world, a billion dollar company” and has lost its reputation as “real news”.
To start your own brain, Jaime Hoffman, author of The First Principle and The Art of Thinking Like Elon Musk, oddly recommends that “all good startup ideas take action.” as
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Funders and founders compete to find fishing ideas. To catch the big ones, you have to go deep. There are two types of “hard to grasp” ideas.
If you can solve or partially solve a difficult problem, your startup can be successful and change the world.
An alternative is to deal with more clear and simple ideas. As a founder, you want to avoid 10-cent ideas.
More general ideas are harder to turn into a successful business because the more specific the idea, the harder it is to stand for your solution. You don’t need to solve a life-changing problem to cure cancer or run a successful startup, but you don’t want to sell yourself short in the brainstorming stage.
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Any idea needs revisions, revisions and many drafts to realize its full potential. Once you think you have a good idea (or several), it’s time to refine and expand your ideas.
When you first start thinking about creating a startup, it’s okay to speculate about your big ideas, but that’s different from thinking about what the process is. Now is the time to convert those ideas into what you can sell.
At this point, you want to get different opinions and criticism. Brainstorm ideas with trusted advisors, friends, and anyone who values your opinion. Here’s a strategy often used by micro-businesses with 9 or fewer employees: see what smart people you know have to say, and ask some people who know nothing about the industry.
43% of UK entrepreneurs consider “advice from friends and family as their most valuable asset”. You’ll also find that a quarter of UK entrepreneurs want to consult with experts to make sure your business concept is “financially sound and legally sound”. Then find your ideal customer, create a persona, and find out what they need.
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One way to simplify your product concept is to create a label. Write a sentence that describes what your product is, does, or promises to consumers.
As a founder, your job is to make the team greater than the sum of its parts. Find people who share your passion for the project. In an interview with the Harvard Computer Society, Paul Graham, a programmer, writer and investor, advised entrepreneurs to find the “animals” in what they do.
“A salesman who doesn’t take no for an answer; A hacker who goes down instead of sleeping leaves behind flawed code. a PR staffer who cold-calls New York Times reporters on his cell phone; A graphic designer who feels physical pain when something is more than two millimeters. “Almost everyone who worked for us had an animal that they did.”
Such people bring out their inner beast. They will be the best people to celebrate with when you get out of a slump and become successful. Enthusiasm for the project should be the #1 quality you hire.
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Proceed with your startup plan by officially registering your business. Gov.UK has resources to help with your legal issues, VAT and business registration.
It’s never too early to talk to a lawyer or financial advisor. These are the people who need your advice to implement your ideas. Noah built his ark before the flood. Before consulting an attorney, get to know them.
Startups and SMEs have an important advantage over large organizations: good people know how to invest. By keeping costs low, you give yourself more time, flexibility, and competition. Cloud and CRM tools can increase your team’s effectiveness and give you an edge over the big players.
Take care of yourself and create something. Test it after building it. Smart testing can show the value of your design even in very small markets. Testing saves money at this stage and when it comes time to launch.
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Use feedback to make changes and don’t stop asking probing questions. You probably already have people telling you that the idea is sound, but actually testing the product will allow people to vote with their wallets. A solid initial review is critical to your funding and evaluation.
Coming up with a great business idea is a rewarding exercise in itself. Part science, part art, part exciting pursuit – there’s nothing quite like entrepreneurship. But you don’t do all this for a little thrill. You want wealth, freedom and change.
In fact, research shows that in the UK, “independence is at the heart of many entrepreneurs, the desire to start a new business”. Many do it for “power and freedom” (37%), others for income (34%). Another 30% is because they want to work for themselves. The least common reason for entrepreneurs to start a business in the UK, at 10%, is the misfortune of losing their job or not being able to find a job.
In Britain, entrepreneurs set up their own companies. However, a great idea is not enough to get there. You need to start officially.
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So when should I start? According to funders and founders, “Launch your product when it’s marginally profitable. Additional features, better interfaces, faster loading times, and other improvements may not save it if the core features are marginally profitable.”
Your product may still have working bugs, but going to market isn’t the end of the testing and development process. Smart founders know that the real work comes after the initial launch.
When it comes to creative projects like starting a startup, there is no formula for success. Get the best feedback you can and use it to improve your product. You need to do it quickly because the watch is worn. Tong explains, “Not responding to customer needs quickly, efficiently or adequately sends many companies to the grave. Working against you is the amount of resources you have or have accumulated.”
For those who start with the right attitude to succeed in the sport, every failure is a learning opportunity. It’s not how many times you fall, it’s how many times you get up and what you learn in the process.
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Brian Chesky, founder of Airbnb, tweeted about the struggle entrepreneurs face: “If you start and don’t notice, start again. We’ve launched 3 times.” It goes back to the power of small business.
The bad news is that few people are paying attention when you’re starting out, but it’s also good news. A conservative approach in the early stages of funding means you’ll have fewer people to answer to and more flexibility as you manage.
Part of what defines a startup and sets it apart from other SMEs is its ability to grow and expand. The survey found that 64% of UK businesses plan to increase their sales over the next two to three years, while 38% plan to see stable or significant growth. These numbers are equal to those of France, Germany and the Netherlands.
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