What advice to under 20 entrepreneurs?
Many young people want to startup but they have no idea which door to open first. What are your suggestions.
Best Answer
Number 1, Be you. Find people you want to love you, and provide with them value. Love them and they will love you back with business. Number 2, Think, but think inside a market. Never think outside of a market. A market is a place where people pulls out wallet or credit cards. Only thinking inside markets are well grounded. Number 3. Start. Don't wait for a perfect idea to start. The first start is a failure, called learning. No one on the first try, and there is nothing to be shamed.
Other points
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Date
May 13, 2020, 6:40:43 PM
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choice
bold vs stupid
Bold is do the right thing that no one agrees and hard. Stupid is to do the wrong things that a few agrees and impossible.
business plan
business plan
A business plan has two parts, the aspiration and the traction. A business plan is about two parts: how the business runs, and how to start that business.
business plan
business plan and exit
The plan to reach the exit, including unknown uncertainties that will surely happen.
business model
business model
How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
value proposition
value proposition
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
passion
passion
You may like your dream, but if you have to suffer tremendous set backs to realize your dream, would you give up?
investment
due diligence
VC or investor check. Include standard items 1. Did you quit your job; 2. Did your cofounder quit his job; 3. is your sales validated.
traction
traction
When you finally connect what you love to do to what a lot of people love to buy. When you can focus all you want and still have unlimited work and fun.
founder
founder and CEO
A founder is not a CEO, until the company is making money and profit enough to stay alive on its own.
chance
Serendipity
After you have a sale or a market hit, you ran into all kinds of accidental discoveries that you never knew exist.
sales
Marketing vs. sales
Marketing makes the first sale happen. The sales department work on the rest.
value
Largesse
A general or CEO or founder who is tolerant and generous. Someone who recognizes own mistakes. Someone with big heart for hiring people better than him.
brand
Brand
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
validation
Validation
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
value
Value
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
marketing
Marketing
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
invention
Widgety MVP
A "MVP" wanna-be that is still at the widget stage. Lacking ability to demonstrate effects, only projected effects.
lean
MVB
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
MVP
MVP
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
value
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
cash
Cash Flow Is King
A company needs to have daily activities to keep employees busy and engaged. Otherwise the good ones will leave.
mission
Company culture
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
focus
Take a stand
Tell people what you stand for, clearly and loudly, and those who like you will come to your stand. Others will walk by and shake their heads.
bold
Bold
Veterans do things their way, because they know all the naysayers are just beginners and by-standers.
focus
Onlyness
When you find a full universe within a grain of sand, a life time of work to do by focusing on one thing. There is enough people behind you to support your living and cause.
success
Fame
People's reaction when they know you have done something they could never do And they know this is not accident because you have done it a number of times.
investment
Company valuation
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
investment
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
solepreneur
solopreneur
Someone wanting to build a lean startup by projecting, offering, and test.
traction
traction
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.
mission
mission
Things to make sure the founder will not fall into despair, boredom or get distracted during the long execution even in face of repeated setbacks.
disruption
Game changer
A new value provision that causes supply chain to move and customers getting more value for the same price.
mission
Mission
Mission is how to beat loneliness during startup, mission is why your employees get up in the morning.