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Develop your entrepreneurial potential to solve the world’s biggest problems and understand the principles of underlying entrepreneurship.
Step 1. Ask Yourself If You’re Ready
There will never be a right time to start a business. If the stars couldn’t align for Romeo and Juliet, they probably won’t align for you either. Turning nothing into something that makes money that can be a whole lot tougher.
It is tempting to claim the role of an entrepreneur. Here you don’t apply. You don’t get a salary. No one picks you.
Or it is not about how much money you’ve raised. Or what your valuation is a form of work profile.
Entrepreneurship is a chance to trade a solution to someone who has a problem that needs solving.
Solve more problems, solve bigger problems, solve problems more widely, and you’re an entrepreneur.
It’s appealing to industrialize this work, to make it something with rules and bosses and processes. But that’s not the heart of it.
The work is to solve problems in a way that you’re proud of.
Understanding what entrepreneurship is can help more people recognize the value they can contribute to the world.
Step 2. Pair Up With Founding Team Vs. Solo Ventures
It’s no longer about access to resources. It’s about choosing the right team that can lead to success.
A widespread consensus suggests that new ventures perform better when launched by co-founding teams rather than individuals.
Solo founders are twice as likely to succeed in business as co-founders — maybe it’s time venture capitalists reconsider their assumptions about what makes a dream team.
Graph: Solo Ventures Vs. Teams Performance
The co-founding teams tend to take the spotlight. Commonly believed, teams offer “fertile ground” for studying entrepreneurship and social sciences. Secondly, venture capitalists have a mental model in place that starting a business requires a variety of skills that few people possess all on their own, so having several founders would represent that the entire skillset is more likely.
Òrganizations started by solo founders generate more revenue than organizations started by founder pairs and do not perform significantly differently than larger teams. The taken-for-granted assumption among the wider community that entrepreneurship is best performed by teams should be reevaluated, with implications for team performance and entrepreneurial strategy theories.
Prioritizing your structure: solo or founding team to increase startups’ chances of success.
Step 3. Choose Your Model: Funded Venture Vs. Bootstrapped Venture
The goal isn’t to get money from a VC, just as the goal isn’t to get into Harvard. Those are stepping stones, filters that some successful people have made their way through. There are two kinds of venture: Funded Ventures and Bootstrapped Ventures.
Funded Ventures are the ones we hear about all the time. They use other people’s money to fuel their growth, and one day, they have to pay that money back, either by going public, selling, or distributing the profits.
Bootstrapped Ventures, bootstrappers build a business using their customers’ money. Bootstrapping is a purposive choice, the chance to serve your customers so well that they eagerly fund your growth.
Pragmatic Guide: Funded Venture Vs. Bootstrapped Venture
The local bank has primarily abandoned the responsibility of supporting and funding startups. Here’s the key thing you ought to understand before you invest the time and the energy to track down money outside for your great idea.
Funded Venture
Optimism is the key to success, but it doesn’t necessarily work so well when it comes to VC. Because this is a cottage industry with thousands of players, all with different objectives, it’s elementary to keep knocking on doors, just waiting to find the right match, and easy to spend your time cycle adjusting your business to what each VC asks for. While you could have been out there building a real company.
VC/Investors like to invest in categories they’ve already invested in. If your business is so new that it’s never been tested before is in a category VCs hate, think twice.
There are actually very, very few business problems that can be solved with money.
Investors are very focused on the company, not you. They’re not interested in having you take out your original investment or paying you a large salary as profits go up.
Investors want someone to run your company who has successfully run a company before.
Business plans are bogus. The act of writing one is critical, but no one is going to read more than three pages of what you write before they make a decision.
Investors don’t want you to use their money to cover your losses. They want you to build an asset (a patent, an audience, channel relationships) that’s actually worth something.
The companies that VCs most want to invest in are the companies that don’t need their investment to survive.
Bootstrapped Venture
A bootstrapper is someone who starts a business with no money and funds growth through growth. The internet has made bootstrapping much more accessible than ever because the costs of creating and marketing remarkable things are cheaper than ever. It’s essential not to act like you’re well-funded if you’re intent on bootstrapping (and vice versa).
Bootstrapping is freedom via service. Often by building an enterprise that customers want so much that they become the source of funding.
Bootstrapping entrepreneurs can make longer-term investments, building assets that scale instead of cashing them in daily.
The cool thing about marketing: Unlike most other functions in the organization, you get to choose where and how you do what you do. If you don’t have the money to do a full-scale TV campaign, you shouldn’t choose TV. If you don’t have the organizational support to engage in a long-term grassroots strategy, don’t do it.
If you don’t have a lot of capital, don’t choose a business that requires it.
Bootstrapping is every money not spent is money you don’t need to raise and to find customers who will happily pay you in advance because your service or product is so useful that they can’t live without it. And if your service or product isn’t that useful, make it better.
Step 4. Choose Your Business Category
When a customer engages your company or your product or your website, or your app, they desperately need to put it into an existing category because the mental cost of inventing a new category for every new thing is too high. In fact, that’s the way humans survive the onslaught of newness we experience daily.
Do make it easy to categorize your product/service, and you’re likely to end up in the category you are hoping for.
As a way, Uber solves a problem. A reliable way to get from a to b for many commuters.
The same thing goes for Zara. They solve the ‘what’s new in fashion’ problem for a lot of early adopters.
The customer buys (or doesn’t buy) what you make. The customer has the power to choose.
If a customer doesn’t like what’s on offer, they can come back tomorrow. If they don’t like what you deliver, they might leave forever.
You can do great work for either, but don’t confuse them.
Choose your customer. Choose your buyer.
And most of all, choose which category you’re serving.
And, people who used to have to take what was an offer can now get a customized version almost as easily. And people who used to pay extra for the bespoke version can now have the convenience and economy of merely buying what’s on offer. Keep it simple: your products, your services, your category that’s on offer.
Step 5. Shipping The Product
Every time you raise your hand, send an email, launch a product or make a suggestion, you’re exposing yourself to criticism. Not just criticism, but the negative consequences that come with wasting money, annoying someone in power, or making a fool of yourself.
It’s no surprise we’re afraid to ship.
It’s not clear you have many choices, though. A life spent wrap in a ball, hiding in the corner, might seem less risky, but in fact, it’s certain to lead to blues and eventually failure.
Since you’re going to ship anyway, then the question is: why indulging your fear?
In a long-distance race, everyone gets tired. The winner is the runner who figures out where to put the tired, figures out how to store it away until after the race is over. Sure, he’s tired. Everyone is. That’s not the point. The point is to run.
The same thing is true for shipping. Everyone is afraid. Where do you put the fear?
Step 6. Acting With Ethics and Governance
Organizations and leaders must openly and directly embrace integrity as the basic building block for doing business: Nobody wants to get involved with a company that lacks commitment, tricks, and outwits its customers; nor do people want to work for a company (or a manager) that is dishonest and disingenuous with employees. In other words, integrity should be a given, without the need to trumpet its existence.
Integrity is a factor of production as important as labor, capital, and technology. Without a clear, concise, and most importantly, actionable definition of integrity, economics is far less powerful than it can be. So too finance and management.
Build trust in society and solve important problems, and your code of business ethics is who you are every day.
Keep Learning, Don’t Give Up
Nowadays, the world needs responsible leaders to solve problems that matter. It is up to us to come up with sustainable solutions to shape a better world. Become an entrepreneur and be part of the change.
I don’t like to go places that don’t let me have my gun,” said Ms. Casey, 33, who sells memberships to a Las Vegas survivalist training institute and models for comic books (her likeness has graced the cover of one called Reload). Her New Hampshire plans include starting eight businesses “because nine out of every 10 fail, and I’ve already started two, so I need to do eight more.” [Libertarians Pursue New Goal: State of Their Own]
If you’re wondering whether you’ve got what it takes, but you’ve made it this far — take a leap. You’ll never know until you ship✈︎
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