Question yourself and your ideas. Will people use the product? What’s so special about it? Look for a way to prove or disprove your speculation. Go back and review what you might have missed whenever you refute your assumption. That way you will be aware of the flaws and problems your product and the company may face once you are in the market.
As a young founder, you’ll need to make plenty of new connections with people from your industry. Get used to drinking coffee – you’ll most likely have to have at least one with each person you talk business. No matter how much you think you know the industry, it is essential to be humble and listen to founders you admire and respect.
There is only a small chance you will succeed in an industry that already has thousands of new startups and a few huge companies leading the business. Find flaws in the leading industries that hasn’t had a significant shift in a few years, and focus your attention there. That way you will be able to find an innovating product without trying to crack into the impossible; you’ll also avoid repeating someone else’s mistakes.
Unless you have a lot of money, you’ll need to find a private investor (or to take an immense credit.) For now, focus on testing your idea before asking for additional cash. Investors will trust your company and ideas more after seeing the results of your research. Also, pay close attention to who you’re hiring; funding is usually minimal in the first months of work. There is little chance the perfect candidate will agree to work for you if you offer him one-fourth of what salary he’s used to getting. Look for freelancers and internships – they will do the job for little money, and might even want to stay in the company once it grows big.
Write down all of the ideas you have had and simplify them to the fundamental core. From there, you can build upon the main thought instead of adding extra information. Too much white noise will do you no good, while keeping it straight and to-the-point will make your goal easier to understand for any potential investor.
Do not be embarrassed to ask for advice from a more experienced friend or a partner. Older startup owners were at the same business stage, facing the same problems just a few years ago. Build reliable connections that will help you in the downtime; after all, no one can go through all the issues all by himself.
Although income is a necessity to run the company, do not focus on turning a fast profit. Keep in mind that it might take long months for your business to make as much as you wish. Concentrate on your master plan and follow it step by step. Chasing the money without a dominant strategy will end miserably and with no turning back.
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