This week we brought you an open mic discussion in choosing your next startup idea. What to consider, what is a priority, next steps, best practices, we covered all of it, and more. Brought to you by serial entrepreneurs everywhere, dedicated to cracking the code and what it takes to make a successful startup.
Here’s the rundown in simplest terms:
1. Give to Get – Yes, we want to make money. And we want to do it for ourselves, yes. We at SE believe in Giving in order to Get or Receive and we’re not alone in this! Other entrepreneurs know that it’s a secret to success as well. If (people) see that you are out there volunteering info or services, essentially helping just for the sake of helping, then (people) will naturally approach you in wanting to help and assist you and your cause. It’s simple really, we get what we put in. Are you willing to grind and put in a whole lot of elbow grease before asking for The Big Help, before the harvest?
2. Build a Problem Solving Plan – How will you handle customer service needs? How will you handle your digital real estate? Your taxes? Who or how will you handle the day-to-day operations? What is your plan to approach small and big problems along the way? Have a plan before you jump out of the airplane. What are your core values and mission?
3. Distribution – Where is your product manufactured? At what cost? Where is your product shipped from? At what cost? Where are the ingredients you are using, originating, and sourced from? Can you guarantee the quality of your sourced ingredients and products? Can you stand behind your product, ethically and ecologically?
4. Customer Needs – What are your customers asking for and how will you give them what they want or need? At what cost? Does the “market” need your product or your brand? Is there space to carve out for your niche?
5. Passion – Are you passionate about your brand? Do you feel invigorated in providing the market your solution to the perceived problem? Are you personally in alignment with your company’s mission?
6. Personal Development – What’s your raison d’etre? Why do you want to start this business? Have you wrapped up the loose ends and reflected on the learnings offered from your last one? Are you putting into practice the good theories you’ve learned about and espoused to others? Are you consistently open to feedback and growth? Are you committed?
7. Quality Team – Compose a productive and proactive team, ensure that every person knows exactly which decisions they are responsible for, and are held accountable for making those decisions in an appropriate manner and timeframe. **This is where core values should be addressed!
8. Domain Name – Do you own the google search terms? Do you own the domain name specific to your brand and business? Do you own both the .com and the .club and have you covered all the bases so that your competition cannot come in and use something “close” to your domains?
9. Defensible – Get yourself an accountant, an attorney and go through the copyright and patenting procedures as they pertain to your brand.
10. Competitors – What are your competitors doing? What aren’t they doing and why aren’t they doing it? How can you position yourself and your company to do what your competitors are not doing, or how can do you do it better? \
If you can answer all of these questions and approach all of the facets and dimensions in your startup idea, then you are that much closer to bringing your idea into reality. If you can see it in your mind, you can hold it in your hand. Just make sure that it’s defensible, it’s the most cost-effective, it meets a need in the market and solves a problem, it’s unique to your competition and you are passionate about it, committed to your personal development and your ideas excellence. Good luck out there Entrepreneurs!
Listen to the full episode above!