First Time Entrepreneur – More Tips to Choose Your Idea

Idea

Pick an idea or two!

This is Post No. 2 in How to Start a Business Series.

Are you a first time entrepreneur?

First time entrepreneurs, typically have less resources. They also have a smaller network unless you are a corporate executive turning into the entrepreneur.

If you are a first time entrepreneur, keep these in mind.

1. You should be able to quickly convert your idea into product/business.

First time entrepreneurs should work on ideas that easy to get off ground and do not take a lot of time to be launched.

If your time to market is more than 90 days then you should think about doing something else.

Developing an app, launching a consulting website, a business to get incentive based on sales – do not take even 90 days and can be a good starting point.

For example, if you have experience in crafting words. Then you can start a copywriting service, start a small website (optional), find people willing to buy, find a way yo get paid and get started..

2. Your first business should not need a lot of money to start.

If need lots of money to start – then it may not be a great first business. Projects in infrastructure, real estate, manufacturing – need a lot of money. So don’t try these as your first business unless you have been working in these areas for long. Even if you want to get in above industries get into something small that is a part of these – like sales of one of the components that makes entire business. Mark Cuban worked for a small computer business before he went on to create his billion dollar businesses.

So as your first business build an app or start a service business or something that you can build on your own.

3. You should be able to build it yourself/do it on your own.

Relying on an outside party to start your business, creates a long loop between idea and launch. Ideally after getting your idea and validating it – you should not take a long time to start your business. Between 7 – 21 days is good. Earlier the better, because motivation is at peak after you get excited by an idea.

4. Pick an idea that is not complex and is already proven.

There are people who are crazy about starting with a unique idea. The idea is to start and make it powerful enough by execution. Derek Sivers has this interesting point about the how the value of an idea multiples based on execution.

So do not worry about finding a great idea. Find an idea that people are already running a business around it and making money doing it.

Action for Today: Now you have read this and earlier post on business ideas. You also have this list of business ideas. Use this information to pick one idea that you want to go ahead with.

Any questions, ask in comments.

Photo credits

Comments

  1. Jigyasa

    Hi Mohit!

    Quite happy about point 1. and 2. and going through the 3rd one and I got ideas…and shall be discussing/writing to you about them soon.

    Thanks for sharing

    Jigyasa

Leave a Reply

Your email address will not be published. Required fields are marked *