Starting A Business Only Happens Once You Know What To Start.
The most common mistake made by virtually every single new startup entrepreneur is that they invest time, money and effort in STARTING A BUSINESS. “But wait” I hear you cry, isn’t that exactly what startup entrepreneurs are supposed to do? Else what’s the point?
Well the answer to that question is, it depends. And it depends on timing. The thing is, new entrepreneurs tend to jump the gun and miss out a fundamental component of the startup process by putting their “business building” hats on before they really know what they need to build. Let me explain that in a little more detail. Investing time, effort and often money and starting a business is not the first stage of the process, in fact “building the business” comes way down the line.
So if you don’t start and build a business upfront what do you do?
The most successful entrepreneurs don’t blindly build businesses straight out of the gate, they build labs and carry out experiments. In fact they utilise the same considered methodical approach as a scientist would. Just like a scientist your role first and foremost is to generate new ideas and then design and carry out a number of experiments within controlled environments in order to derive measurable data and insights that can be used to provide evidence of validity.
Once your hypothetical business idea has been tested and validated, then and only then should you move onto the development and build phase. By using this simple qualification method many entrepreneurial scientists quickly discover that their original thinking, ideas and assumptions were fundamentally flawed in some way and need to be reworked, reevaluated or in some cases completely redesigned.
The good news about using a scientific “ring fenced” testing approach is that it’s quick, simple and cheap to do it, and once completed provides very clear insights on the validity of your proposal.
Startup Pro Insight: In order to be successful at anything you need to develop a repeatable and predictable process for identifying opportunities, validating them and then delivering equitable value that you can get paid for.
Are you a new entrepreneur struggling to get your first ventures off the ground? Perhaps you are already running a successful business or solo professional practice but are falling to scale your revenues and incomes sufficiently? Or maybe you just don’t know where to turn to for some friendly Startup advice. Subscribe to my Startup Pro Insights newsletter right now and get instant access to to all the know how, technics and tools needed to start launching really successful Quick, Small, Simple “on the side” businesses? SUBSCRIBE NOW for instant access.