Nowadays, technology, as well as success, is all around us. We are able to access any information in an instant through our smartphones and pads, which enables us to think in terms that used to be unimaginable. It is also what makes the concept of entrepreneurship easier to grasp and gives hope to hard-working individuals and inspiring entrepreneurs.
Developing a business has never been so easy: from market research to finding out the levels of supply and demand or just contacting potential costumers; it’s all available through the world wide web!
Let’s say you have an idea that could really work and could turn you into a new inspiring entrepreneur, but you don’t know where and how to start. Here are five tips on how to get a project started:
1. Find a great team of people who bring new ideas and assets to the table and who you and your coworkers enjoy working with (remember, you are the generation Y, your not recreating the archaic working environment were people are turned into machines, but rather creating an environment where you wouldn’t mind spending most of your time at). Together create your vision; who are you and what do you stand for? Why do you want to do this and how will it improve peoples’ lives? Make sure that your whole team stands behind the idea, that they feel inspired by (best co-workers are those who enjoy working) and write it on the wall; that way, when things get tough you can always come back to the inspiration that made it all happened)!
2. Brainstorm with your team; find different ideas that surround your concept and how to use them to your benefit. When you have a few very good and strong ideas, start pivoting. This means make the first sample product, test the idea on your team, test it on people you meet on the street, pay attention to their responses (where did the person changed his or her facial expression from: “Why is this person talking to me?” to: “Wow, ok this sounds interesting!”).
3. After the market research you and your team should be ready for creating a minimum viable product (MVP) which has the highest return on investment versus risk and what is also commonly known as Sharpe Ratio. In simpler terms this means creating the most basic version of the product and from the respond you get from market research you can think about adding other features (it is smart to add them later, as they very much depend on the response you will get; a feature you really like might not be something that others want, but they will point you into a direction which they find relevant – be flexible).
4. This step is often tricky and ungrateful but this is where you need to find funding. You are certain that there is a lack of supply but not demand (and you will of course fill the gap), you also know that this product will bring something new to the table and that it will improve lives in one sense or another (without trying to be cheesy, the more social your cause or product is, the more gratifying is the feeling you get in return). Funding can be found by contacting potential investors (but be careful how much percentage you give away), borrowing money (this is something you should probably try to avoid) and through Crowdsourcing (i.e. Indiegogo, Kickstart). The latter is very useful, because with it you can continue to research the market, start selling your product and become visible to new potential costumers.
5. When you have gathered money that you needed for your initial investment, you are ready to sell. Contact anybody and everybody who might be interested in buying your product, especially smaller companies who will sell in to actual individuals (this makes it easier for you as you can help them set everything up but you don’t have to be concerned with the day-by-day sale). At the beginning, selling and putting your idea out there is more important than making lots of profit. What is more, it is very important to create pleasant partnerships with people who you will be in business with!
Extra: Last tip you should really remember is that people who have failed are the ones who have gained the most. It is normal to be coming back to the initial stage of pivoting, where you will improve and even change your product many times. Don’t be scared or angry if the idea takes a different turn from what you have imagined, you are just creating the most optimal version of your idea!
Think outside of the box and good luck!