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MenuHow does one come up with a great business idea?
What's the process one can go through to come up with a winning idea? What considerations should the entrepreneur pay heed to (like resources, market) to figure out if it's something that's possible with a high chance of succeeding?
Answers
The best step is to look at things in your everyday life, and figure out what are the pain points, or what can run smoother. Your best chance to get a business idea isn't from something that you know nothing about (for instance, I'm sure there are great ideas to start businesses in aircraft production, but I know nothing about that industry, so I wouldn't know). What's going on in your world that seems like it could be easier? Think about everything you do on a daily basis and look for improvements. Then think through your head what those might look like. If you'd like to chat through this process, let me know!
This is literally one of my favorite things to do! The best thing to do is honestly be empathetic and listen to people, observe and just think. The truth is you can really create anything in this world with the proper strategy. Listen, to what people complain about, watch what people have a hard time with, spend time not constraining your thoughts on what is possible or isn't. Lastly, research the hell out of stuff, don't just take the immediate answer for things and don't be constrained by an idea, let it evolve with more knowledge and time. If you can start somewhere you already know, such as if you have worked in the health industry, do it. Your competitive advantage will be your industry knowledge.
I'd love to help you form some idea's, so reach out to me if you are ready to start!
As a Business owner myself, I would offer that the first step in this process should be some self reflection. Reflect on what your passions are, what makes you happy, what do you enjoy doing? You are going to step into an arena where for a considerable period it's going to be all on you or the select few who decide to partner and start this journey with you. I say that for a couple of reasons. Number one, is the fact that this will not be an easy process. There are too many challenges along the way for to not be a) passionate about your work b) enjoying the work you're doing. I would argue you that at 80 percent of entrepreneurs start in search of fulfillment that the mundane world can't offer.
Next after I've found what my passion is, I need to discover what's my niche in the industry. Where is my wheelhouse so I can get in and start on my small piece of industry. Here is now where obviously resources like finances, a space to work from, and customer/client base have to be then defined.
After that I would then begin a process to define and identify myself on digital and social media platforms. Everyone tends to take the easy way and Facebook, I personally use linkedin, twitter, and a blog on my own website. I also use platforms as such.
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How much equity should I ask as a CMO in a startup?
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My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
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What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.comKM
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How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
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How can I smoothly transition from full time worker to self-employment?
The ways I've done this in the past are 1) Find some customers that are willing to hire you (or your product) but know that you'll only be free nights & weekends to support/work with them. 2) Find a "partner" (co-founder or other) that's got a flexible schedule that can help build the business while you're at work. 3) Block out nights, mornings and weekends to build the business till you have enough orders to cover 50% of your salary. This might mean 7pm-11pm most nights, and 4 hours each day Sat & Sun. Make progress (sales $$$) and momentum. All that being said, it's risk reward. Sounds like you want to avoid taken the risk, and I get that .. but the upside is always smaller. Unless you put yourself in a position to have to succeed (ex: quitting your job) then you may never make the scary decisions that are required to build a company (like cold calling, going in debt, making a presentation, etc). I'm on company #5 with many other side projects started nights & weekends .. so I get it - but don't be afraid to bet on yourself and go all in.DM
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