Aspiring entrepreneurs often face a dilemma: they are qualified in one field but may have a startup idea or plan to go into something completely different. What should they do? We suggest, use your prior knowledge, but don’t be afraid to go into a new realm. You might be, say, a marketing specialist by education and experience, but use these skills to promote your new VR startup.
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Think big. There is no limit to your imagination. The bigger the dream, the more you will be able to push yourself. Thinking big also helps you develop collaborations - find new partners and co-founders. When you dream big, you are in the passion space and the sheer feeling is positively infectious. Investors also are looking for ideas with sizable TAM (total addressable market) and a team that is 200% passionate to deliver results.
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Startups are the future. Whether you are stuck in a 9am to 5pm day job or a 9pm to 5am insomnia train, it’s the best time to start building your own venture. The future of work is “you” in control of your own destiny.
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200%. Running a startup is not easy. You are trying to lift a new business or an industry transformation from ground with limited resources. Remember, a brilliant idea is nothing until you actually work to make it real.
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Think long term but work with short deadlines. Plans that are set for many years and months don’t work because marketing and consumer preferences are changing fast. Think in terms of weeks, days and even hours. You will notice that the more you put into your schedule, the more you will be able to get done.
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Ideas are developed in loops: in the first stage it is important to see if your idea has general acceptance in the market. Would at least some of the potential customers say, WOW. It is a mistake to go too deep into product development and detailing too early without essential market feedback.
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Find a zero-capital way to launch your startup. Even if your dream business seems to require lots of cash, you can try to find a way to start it as a zero-capital startup. Take real estate for example: you could start as an agent for rentals and develop into a company that owns and builds its own property. Think creatively about what you’d love to do.
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Start immediately! Sometimes it feels like you need to sit on your idea for some time before you start to act. Thinking thoroughly is good, but if your idea is really good, eventually, someone else could come up with and actually implement it while you are still in thinking mode. Sitting on the idea only decreases your chances to succeed.
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It’s nice to be enthusiastic about what you do, but only to the point where you don’t get too emotional. You have to be able to take tough decisions, change your plans and, if needed, close your business and move to the next one.
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Offer shares. Set clearly the set of tasks you and your partners can do yourselves and those that will require external expertise. For the latter ones, look for great professionals and offer them shares in your venture in exchange for their work.
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