The principles of running a business - delivering a service, getting the word out, managing people - are universal. Don't sweat the big picture. Embrace the real opportunities in front of you. They may lead to surprising places.
Over the next week. I'll be going through the whole process to build a business in a week. This process starts with generating business ideas on day 1 (today, Saturday 15th August 2015) and ends (the initial 7 day process at least) with the product launch on Friday. Exciting stuff!
In reality, when you take someone else's money, your job as an entrepreneur gets even tougher and riskier than before. I've seen many startups that might well have succeeded, if only they had not attracted all the money they wanted.
With a fund we could collectively share the risk of investing and the burdens of legal compliance, the costs, and the necessary due diligence. We could also leverage more capital than any one of us could on our own.
Of course, there is much more to a startups success than market, technology and design execution, including team dynamics, the competitive field, surrounding ecosystem and the intellectual property conditions.
A lot of businesses think they need to bring in equity investors as soon as possible. Every business is different, but building your customer base and revenue stream is going to help you get a better equity deal.
I would go so far as to say that most aspiring entrepreneurs ought to start their entrepreneurial journey while sitting inside a corporate umbrella. Especially for technical people, it allows for the enhancing of their technical skills, while also developing the bricks needed to build a venture.
Whether you are a man or a woman--if you work for yourself every time you go to a networking event you are representing your brand. Fortunately for some and unfortunately for others first impressions matter.
Indeed, surviving as a new firm is far from guaranteed, no matter how good your product or service. By following some of these tips from our experience, hopefully your business will not only survive, but flourish.