Starting a business is hard for a wealth of reasons, but the biggest thing holding most of us back is the big question: What am I supposed to live off while I wait for my business to become profitable?
"Everybody's got a plan—until they are punched in the face," stated boxer Mike Tyson. My experience personally reviewing over three hundred executive summaries each year, all sent to me unsolicited, seems to bear out the truth in Tyson's statement.
You have heard this advice at least once: Do what you love and the money will follow or do what you love and it won't feel like work. It seems easy but it's not.
How long did you wait to start your business? A week... a month... a year? Almost everyone I know has one major regret when it comes to their business: that they didn't start sooner.
Creating a great company in a relative vacuum is an exercise in complete trust that the entrepreneur knows what's best for the customer. I've developed the three step dance in order to help form a repeatable method of how to create a great company from an early idea.
Jamaican-born Lowell Hawthorne's recipe for entrepreneurial success has been to offer West Indian natives living in the U.S. a taste of home.
It has been proven time and time again that veterans make very successful business owners. It's about time New York, as well as other states with large veteran populations, understand this and start making efforts to utilize and harness the talent that is already within.
New entrepreneurs who want to survive, and optimize the growth of their startups, need to think globally, and act locally, from day one. This approach, popularly known as "glocalization," means you have to design and deliver global solutions that have total relevance to every local market in which you operate.
When people plan a road trip, they generally like to map out in advance where they would like to go, how much time they will spend, etc. For entrepreneurs, a business plan provides a road map or where you want your business to go.
The first step in building a product people love is to identify a problem that some group of people have. Solutions to clearly defined customer pain points make for the most compelling value propositions. You don't need to start with a "startup idea."