During COVID-19, the world of business has come to an abrupt halt – nearly every industry, sector, and business type (products and services) have been and will be impacted by the pandemic. If you are on the fence still wondering if now might be a good time to start your new business, I say, “Yes! …
Looking forward to meeting so many new #entrepreneurs from around the globe in our next #startup batch at Parallel18!📣 The word got out: APPLICATIONS FOR GEN.9 OPEN IN APRIL! 🙌 That's right, our acceleration program is officially back. We'll be looking for startups that:
📈 Have generated traction
🚀 Are highly innovative and scalable
🤝 They're looking for business connections
💰 Want access to investment opportunities
See a match? 👉 If you're ready to scale your startup with big business opportunities, complete the following form and stay tuned for updates: bit.ly/3pSx7pp.
🌎 We can't wait to see your applications! #WorkHardKeepMoving
💡If you’re considering starting a company this year, here’s a few lessons that should help you determine what’s the right business to start.
1) Don’t start a company in a space that requires other people to build every element of it for you.
Unless you’re well funded, typically in the early days, you will need to dig in and do the actual building. This is not to say you need to code if you’re not a coder - but it does mean that you need a good understanding of design elements for websites or apps in order to effectively guide your team to build your vision correctly.
2) Don’t raise capital until you have a working product.
This is a really hard concept for founders to get, because starting a business always requires capital, and we hear stories of founders raising huge venture capital, but the key is to see how far along you can possibly get without outside investors. Why? Because they can a) distract you from actually building the product b) guide you to build at a faster pace and do things that aren’t necessarily in your best interest or make you grow before you fully understand your customer.
3) For 30 days, while you are conceptualizing building your business - simply remove the requirement of a business model (to make money).
This is completely counterintuitive to running a business, but in the early days, you must focus entirely on listening to potential customers, satisfying them more than they can imagine (or have been by other products they currently use), and determine the viability of your market demand.
Adding a layer of monetization (making money) complicates the design process and forces you to try and “take” from your customers, where you should focus entirely on “giving”.
Do these 3 simple things, and your startup idea will be off to an incredible start.
After 30 days, focus in on what’s working, what’s not, and why. Double down your efforts on the market that deeply yearns for your solution, and ignore all others (at least initially). Focus focus focus is the name of the game for your first 30-90 days.
Comment below to let me know how you started your first business and how you got it from idea to market! 👇👇👇
#entrepreneur #nostartupleftbehind #startups #founder #business #entrepreneurship
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