Here are 6 things I’ve learned along my journey that might help with yours.
1. Create a plan and be prepared to change it In its most simplest form, a business plan is a guide for your business that outlines your goals and details how you plan to achieve them. A business plan can take many shapes and forms. I have seen business plans over a hundred pages in length and some under three. Depending on the size of the business you want to build and how fast you want to get up and running you may not need to spend weeks or even months crafting the “perfect” plan. In this next normal environment, there’s a lot of uncertainty. Some industries are struggling to survive while others are “killing it” (e.g. ecommerce). Be ok with the idea that you may need to pivot on some aspects of your plan, such as how you’ll monetize or even who is your target customer.
But, don’t make the mistake of skipping this step. Whatever approach you decide to take, either creating a Lean Business Plan or just a simple roadmap document, take the time to put it down on paper, PowerPoint, or a napkin.
2. Be careful who you ask for an opinion
Opinions are just that, an opinion. Before you ask your friend, colleague or family member what they think of your idea, ask yourself if they would be among one of your target customers. Seek insight that both builds on your idea and sheds light on some of the possible hurdles.
Another important consideration is whether or not the person you are talking to has been down the road before. Elon Musk once said “Running a start-up is like chewing glass and staring into the abyss.” Real startup experience caries a lot of gravitas (They have felt the pain). Luckily, you will find that other founders will be supportive and help you navigate the landmines.
3. If you build it, they may not come Be prepared to market the sh*t out of your product or service. The reality is that you will need to do a lot of work to get the word out. However great your idea may be, there is a lot of noise in the market. So, it’s important to determine upfront how you will standout and differentiate from your competitors.
Don’t fall for that marketing person that tells you they can get you to rank #1 on Google. Yes, Google ranking is important, but there are many factors to consider. And, if you are like me and don’t have a ton of money to spend on hiring a “fancy” marketing agency, get your ‘learn on’. I recommend checking out the book “Hacking Growth”, by Sean Ellis.
4. Iterate fast (AKA ‘fail fast’)
If you’re in the tech industry then you are likely familiar with the term Agile. If not, Agile is an iterative approach to project management where you deliver value to your customers faster and therefore reduce the risk of not meeting your client’s needs.
Agile has been around for over 20 years and we’re now seeing it as a standard practice in other areas of business, such as in Sales and Marketing. Among other things, adopting the Agile mindset will help you improve quality and help you better predict costs and schedule.
5. Place the client at the center of your decision making
Jeff Bezos, founder of Amazon and known to be the wealthiest person on earth said “The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.”
Personally, I have found myself (and others) stuck on an idea that I thought for sure was the winning ticket. Customers would love it! Only, later to discover that feature or enhancement provided little to no value to the customer. Put your ego aside and save yourself from the disappointment and worse yet, money - connect with your customers (frequently).
6. Find your ‘Peeps’
Starting a business or launching a product can be a lonely road, especially if you’re taking it on yourself. In fact, I would almost go as far to say that the solitude is as much of a challenge as the business itself.
Seek out people that can help you expand on your ideas and accomplish your goals. Your network is a great place to start. Try LinkedIn. You can make use of many of its features for free. Once you find your people, make an effort stay engaged. You never know what types of opportunities may present themselves.
I hope these quick tips are of use to you.
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