Right now your new startup may just be a dream or maybe it’s already in existence but regardless of where you are on the road to creation, there is always more to do. Every budding entrepreneur has dreams of a company that becomes the next Apple but the road to that level of success is far from glamorous.
Tip 1: Proper Expectations
The first thing you should know is that the road isn’t easy for anybody. Long nights of research, dead ends, very little money, and an “office” that doubles as a bedroom may not sound too glamorous but that’s the reality for most. The road to creating something great is bumpy. Many ideas will be dead ends but that’s ok. If you get discouraged, read the history of the biggest companies and you’ll find those failures and dead ends in all of their histories.
Tip 2: Immerse Yourself
Next, immerse yourself in your idea. Spend every waking hour researching it. Market research takes a lot of time and if you treat it as only a part time hobby, you’ll never get your new startup off the ground. If you’re working for somebody else, find every second you can to research at work. Although not exactly model employee behavior, that’s what is necessary to get ahead. Prepare to stay up late, wake up early, and research and make contacts during your lunch hour.
Tip 3: Hold on to your vision
It is expected that as you do your market research, you’re going to change many of the details of your business idea but the overall vision should not change. What’s your one sentence mission? If somebody asked you what your business does, what would you tell them? Whatever your overarching business vision is, hold on to it.
As you talk to others, find partners, talk to experts, and go to banks, allow your idea to evolve but if the vision changes, much of your research becomes invalid. Along those lines, if you have more than one vision, research only one at a time. When starting your business, you must have tunnel vision.
Tip 4: Use Your Contacts
You aren’t going to start your business alone. Think of people who are in industries that could help you get your business off the ground and leverage those relationships. If you don’t have any professional relationships try to find them. Is there anything you can offer somebody else? There are websites that can help you make some of these professional contacts. Include making contacts in your early research activities.
As you plan your new startup company, keep these four tips in mind. Good luck!