How To Start Up A Business Idea

How To Start Up A Business Idea – While beginners often say that the idea means nothing and the implementation means everything, the truth is not binary and more understandable. For example, even the best marketer in the world with amazing execution will fail if their idea is fundamentally flawed or if their market is too small.

Adio Resi, Co-Founder and CEO of The Founder’s Institute, lectures on the “10 Laws of a Great Startup Idea” list, details of which were previously published on Business Insider in an article by Megan Rose Dickey. This list provides a good starting point for those who want to evaluate their emerging ideas early on.

How To Start Up A Business Idea

How To Start Up A Business Idea

What we found is that if an early stage founder can score the 10 points below, they have a solid foundation to build their startup on. You can’t guarantee success if you can identify these (nor can you guarantee failure if you can’t), but your chances of success are much greater if you can.

Checklist: 10 Rules For A Great Startup Idea

Money cannot replace passion, so every entrepreneurial journey must start with passion. In fact, every founder who wants to join the Founder Institute with the goal of “turnaround” their company is advised to quit within the first week to receive a full refund.

“Think big” is a common mantra for entrepreneurs. And it’s true – every entrepreneur should think big, because in many cases, starting a business with small ambitions can be just as difficult as one with big ambitions. However, many people mistake the idea of ​​”thinking bigger” to mean that they should try an “ocean boil” first.

Great ideas are created, not born, and are often shaped by minor pain points. For example, Mark Zuckerberg didn’t wake up one morning and say, “I’m going to do a social chart.” Instead, he set out to create a simple tool so Harvard students could see who was in their class.

All the great businesses of our time started with a very simple idea, and then expanded based on that idea. If you can start by solving the problem and the product for the customer, you will be very focused and can have a good foundation for success.

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For some reason, most early stage entrepreneurs believe that the more revenue their ideas can support, the better. In the early stages, you need to focus heavily on a single source of income, and your idea needs to have one clear source of income that can be large enough to support the entire business. If not, it’s time to go back to the drawing board.

Also, there is a common misconception that companies that focus on early growth of users (like Google) don’t think about the revenue model when they start out. In fact, these companies gained incredible momentum early on and then the founders made a wise decision to change their growth direction.

Can one build a giant zero-minded company from scratch? actually. But building a business with no income in hopes of becoming the next Instagram is like buying a lottery ticket—except that lottery ticket takes an extra $3 of time and effort.

How To Start Up A Business Idea

The more steps are taken to generate revenue, the more difficult the idea will be to build and implement.

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This is a very important step in the thinking process: What needs to happen before you can make a dollar? For example, if you have to provide a data collection service, which is sold to advertisers, you have a very complex business. That would be more than 5 steps to monetization. Try to reduce the number of steps to about three at first.

You need to understand very clearly who you are helping, what exactly they need, why they need it, how they are ready to solve their problems, why they spend their money, what their goals in life are. Living… In other words, you have to have a very specific archetype.

A common mistake we make is that people don’t do enough research in customer identification or customer development. For example, most people will stop at “I help big companies recruit”. In fact, they should be able to say something like; “I assist senior hiring managers at enterprise software companies in the US with 400-800 employees. They are typically women, ages 29-34, and earn an average of $58,000 annually. They report to the company’s HR team leader, KPIs Their are X, Y and Z are measured quarterly They spend most of the day doing A, B and C The biggest obstacles to achieving KPIs include X, Y and Z They are currently using company A and Z products B and C., but these products don’t let them do that. Do these three important things…”

And you don’t know anyone better than you. That’s why many great companies have been created out of individual needs.

Business Startup Isolated Set. Successful Development Of New Business Idea. People Collection Of Scenes In Flat Design. Vector Illustration For Blogging, Website, Mobile App, Promotional Materials. 3512346 Vector Art At Vecteezy

In most cases, there are many people who have dedicated their lives to your idea. To win, you need to immerse yourself in your market to gain the knowledge and insight needed to win. Chris Dixon (Andreessen Horowitz) said you need to spend at least 10,000 hours in your markets to gain this understanding – whether by working in the market, or living with the problem (like being a trader). A social network addict, starting a social network). media), and/or use the time to conduct research.

If you are not an expert in the market, now is the time to get started. There are no shortcuts here.

Large, fast-growing markets have the power to pull average companies to greatness, and conversely, dying markets can bring down established companies. If you’re going to dedicate your life to an idea, the market you’re best at has to be large enough (or growing fast enough) to support a meaningful, long-term business.

How To Start Up A Business Idea

Any market with less than 10 million people or billions of dollars in annual revenue that is not growing at a rapid pace is going to be very difficult to tackle and probably not worth your time. For example, even if you are lucky enough to be moderately successful in a $500 million market, you may still only have a business worth about $50 million.

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You will die if you win a small market, so be smart and don’t start your company in the graveyard.

Every great business has secrets. Obviously, not every company starts with a secret sauce, but building a company without a plan for how to differentiate and win first is foolish.

Also, the secret sauce should be natural. If it’s obvious, that’s always a bad sign. The best ideas have a secret formula that is transformative, not incremental.

What? Do you know what is the secret that will help you win? For example, Tony Hsieh started Zappos with a completely different understanding and secret sauce – customer service. His transformative vision is that buying shoes online is about customer service, not retail.

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It’s easy to fall in love with your idea — it’s your child, after all, and almost no one tells you your child is bad. It is very easy to find good boosters.

Your job at the idea stage is to figure out what makes your idea so bad. Try to remove your thoughts, and then, directly, repeat and remove the negative aspects of the thought. The result will be a stronger foundation to start from.

No one will steal your ideas. Think about it – do you think your idea is so good, so original that a person who hears it would go home, quit and devote their life to it? And we succeed? The probability is almost zero.

How To Start Up A Business Idea

You need to present your ideas throughout the day to anyone who will listen and incorporate all the feedback you receive to improve the idea. Feedback is an entrepreneur’s best friend, and entrepreneurs in Silicon Valley understand this more than anyone else. For example, on any given night, you can find 20 different events in Silicon Valley where people share their ideas openly, and this team-oriented, collaborative culture will lead to innovation.

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If you’re ready to take the next step towards starting a business, join Founder Institute today!

Copyright © 2023 Founder Institute, Inc. All Rights Reserved. | All rights reserved | Terms of Use | Privacy Policy | Code of Ethics: The odds are stacked against you, and the critics are right about one thing: It’s a tough way to make a living. But if you know the possibilities and are still excited, there are a few things you should know before you get started.

A good idea is not a lamp over your head. It is a plant that will grow if you take good care of it.

The founder of Tesla and SpaceX, Elon Musk, appreciates his wonder

How To Start A Startup: Make A Business Step By Step

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