Though I would not call myself a serial entrepreneur, I have often encountered the question: “How do you get started on a new business or project?” As a refresher, I have started 3+ businesses in the past in different industries (Finance, Fashion, Marketing) and rebranded, turned around, or built 3 non-profits as well (in the areas of adults with disabilities and female empowerment).
It is one of the most frequent questions I get at events, and honestly, you just starting DOING things and see what sticks. Debating over the best course of action is great, once you have developed say 2 – 3 options, and thought of the worse case scenario of what could happen if sh*t hit the fan, you just need to get out and start trying things.
I recently watched a Tony Robbins video clip where he reiterates the same concept, you just have to come up with and try as many approaches as possible until you find one that succeeds. Easier said than done because most people stop when they fail ONCE; they are so easily deterred I’m amazed that anything gets done in this world.
So here are my key steps to “getting started”:
- Note down all the brilliant ideas you have in a notebook
- Go talk about it with a few of your closest friends and get their opinion
- Go talk about it with a few prospective clients or users of your product/service and see what they say
- Take this feedback and strategize on what can be improved, what’s the minimum viable product you can throw out to the market to get some in-market feedback.
- Make sure you have a “testing fund” cap. For me it’s somewhere around $2000. If I can’t make anything happen with that amount, or even test for operations and logistics, then at least you tried. Don’t dump money into an idea that’s not showing any action after you exhaust your testing fund. If you do get any positive signs, it might be worth your while to keep testing – the decision is up to you.
- Produce the minimum viable product, launch it and observe the market reaction.
- Make changes based on the feedback and keep doing more rollouts.
- Repeat until you are successful.
Most people stop at step 2 or 3, because of what their friends or prospects tell them. Keep in mind the point is for you to gather information to see HOW you can make your idea work. Most of the time the market doesn’t know what it needs, or how much they are willing to pay for it, until the option to purchase the item is available.
So just get out there and start doing. Only once you get the ball rolling can you experience momentum, so crucial to giving you the good vibes of success to fuel your passion forward. If you fail, well, it’s time to pull out your notebook and try out another idea.
I challenge you to test out all the possibilities you’ve been thinking of.