First of all, thank you so much for all the support. The site got more views in the last 24 hours than it did all last year haha.
Before I get into today’s article, I just wanted to say that I’m getting back into basketball at school, and my schedule is getting really tight again, so I’m going to be writing all the super important articles during the weekend, and the easier ones during the week.
I get asked the “How do I start my own Business” question about 2 or 3 times a day on Quora. I didn’t actually plan to start a business, or have it work out the way it did, but now that I’ve run one business successfully, I’ve taken up one more and am trying to get it off the ground.
Accidental or not, it’s simple for me to look back and tell you how I personally came around to starting my business, but that wouldn’t help. Here I’ve gone through all the answers I’ve given on Quora about this, and picked out the 5 most important things to have BEFORE you start your business.
- Find your interest
- Most Entrepreneurs I’ve talked too (it was zero in December, now it’s probably around 40 people) decided that they wanted to start a business. They went to Silicon Valley, and just waited for people to pitch them their ideas and these entrepreneurs would make it happen. The problem with this is, you want to start a business, and you just might not have what it takes. Make sure you know yourself well in and out first and find what interests you and then start. Make sure you’re an expert in the field.
- Learn the Economic Fundamentals of a Business (Read Balance Sheets, Accounts, Legal Contracts, etc.)
- Great you’ve found your interest. Same thing as before, in December I could’t read the first word in a legal document – it was just too intimidating, now I can probably recite half the tax laws in the world and the entire SEC Trading Guidelines by heart. These legal documents are meant to stump you and trick you, but the internet exists, use it. Learning to read your Sheets and learning to Salary people an such is hard, but once again, Google is a thing. Also, reach out to people who have started businesses before you. People don’t just want to be mean and not help out, in my experiences I’ve found the opposite to be true.
- Find a Niche in you’re Interested Field that Needs to be Filled
- You’re finding something that you would want in your Interested Field, but it doesn’t exist. If it existed it would make a lot of people’s lives easier. OR it is something that already exists, but there is enough room in the market so you can join and make money.
- Find Like Minded People who Have a PASSION for your Interested Field
- As long as they have a passion for it, work hard, and care, you can teach them anything. If they’re already qualified, well that’s even better. This is where social media, and your real life friends come into play. You will have to sped some time on this if you don’t get lucky (I got lucky)
- Find Out How Much Money VCs Are Willing to Give you
- This is incredibly important. If there isn’t anyone around to give you capital to start your business you’re dead before you take off. You need to find out the value the market places on your product or service, and then take these aggragated numbers to a VC and show them. Now no VC in his right mind will ever give you money for just an idea, but they will tell you how much they’re willing to pay. Take your data and results of market interest, and you may even score some $$$.
I hope this article was helpful in some way. I just finished it and it is 11:59 pm right now, *whew* cut it just in time!