Becoming a Successful Entrepreneur

Friday, September 09, 2005

Successful Startup Strategies

The hardest part for most people wanting to start a business is not coming up with an idea, but taking action!

When thinking about business ideas, I guarantee you found something good and then later found out it was already implemented… so you forgot about. Never do this again! Having a successful business is not just about having a unique idea. You can be successful by taking something that already exists and making it better.

There are three things you need to create a successful startup:
1) start with good people,
2) make something customers want,
3) spend as little money as possible.

Many startups fail at one of these causing them to fail.

Not only do you give something that customer's want, but it must inspire you. Why waste every week for the rest of your life waiting for the weekend to arrive (if that's when you have your days off). Find something that you love to do... choose something that motivates you to work even harder.

If you're going to spend years working on something, you'd think it might be wise to spend at least a couple days considering different ideas, instead of going with the first that comes into your head. You'd think. But people don't. In fact, this is a constant problem when you're painting still lifes. You plonk down a bunch of stuff on a table, and maybe spend five or ten minutes rearranging it to look interesting. But you're so impatient to get started painting that ten minutes of rearranging feels very long. So you start painting. Three days later, having spent twenty hours staring at it, you're kicking yourself for having set up such an awkward and boring composition, but by then it's too late.

So the biggest cause of bad ideas is the still life effect: you come up with a random idea, plunge into it, and then at each point (a day, a week, a month) feel you've put so much time into it that this must be the idea. I don't think we should discard plunging. Plunging into an idea is a good thing. The solution is at the other end: to realize that having invested time in something doesn't make it good.

- Information quoted from the essay, "How to Start a Startup"


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