Tag: launching a startup

What You Need To Know Before Launching A Startup

Launching a new startup is an exciting, but also confusing time. Most entrepreneurs struggle because they are not entirely sure of what to expect. In this post, I share some of my best tips on what you should know before launching your startup.

 

I often get emails from aspiring entrepreneurs asking me what they should know about before launching a startup. If I had the magical formula or answers to everything you need to know before starting a business, I’d be some type of guru. The truth of the matter is that nobody has these answers.

 

Why you ask? Well, it’s fairly simple actually. No two startups, entrepreneurs or launches are ever close to the same. The obstacles, roadblocks and circumstances with every startup is completely different. As a result of these variables, you can never prepare anyone completely for the challenging road ahead.

 

However, looking back to the days of my first startup launch….I definitely wish I knew all that I know about entrepreneurship today. In this post, I’m going to share with you what you need to know before launching a startup so that you can be prepared for the roller coaster ahead.

 

Team 

 

Team is the single-most important thing that will define your rate of success and failure with launching a new business. You cannot do it alone and the sooner you realize that and effectively understand that equity distribution is for the greater good of your business, the better your chances of succeeding will really be.

 

Find a great team that not only compliments your skills, but compliments your personality. It’s great to hire a really smart guy that’s 30 years older than you, but are you guys really going to be able to spend 12 hours a day without ripping each others heads off? When building your team, don’t just access skills but also look for a connection between you and your other partners.

 

Chase The Passion, Not The Paper 

 

Entrepreneurship and being successful is NOT about money. That’s just a reward that you earn for hard work for creating value and really cool sh*t. If you chase the paper, your mindset and focus is on all the wrong things and your startup will inevitably go down a path you’ll probably regret in the future.

 

Making money is a great metric to track success, growth and keep the lights running, but that’s not what your ultimate motive should be. Follow your passion, what is it that you want to change about a certain market, niche or problem? Why are you so passionate about it and why do you believe you’re the right person to do it?

 

Know Your Customer Better Than Yourself

 

Before you go out and build or launch anything, take your idea and know who your ideal customer is and everything about them. Customers make or break your business and if you do not understand who they are, you’re going to fail.

 

Get out there, be social and survey your potential customers. You don’t need money, you just need information from these potential customers. Find out who they are, what they’re looking for, how far they’d be willing to go to get it and if you’re ideas are the right solutions they want.

 

If You Don’t Have Competition, Be Terrified 

 

You’ve probably heard this saying the other way around. If you have competition, be scared. To be honest, competition is great. It shows validation for the space that you’re in and it gives you a massive educational advantage you wouldn’t have otherwise. If there is competition, that means that other people think there’s a problem that needs to be solved as well.

 

If there’s no competition and you believe you’re the only one smart enough to think of it, there’s probably a 99% chance you’re wrong. In most cases, competition is the best thing for you because it provides you validation and you can learn from their mistakes and products. If you have no competition, rethink your ideas numerous times.

 

Nobody Will Understand Your Choices 

 

It’s okay if nobody understands your decision to become an entrepreneur. If this path was so normal and socially acceptable, the world would be filled with entrepreneurs. I’m always  weary when the public is heavy on something and far more intrigued when the public is against something.

 

As an entrepreneur, you have to understand that you’re about to embark on a journey unlike any other. The things you will learn, experience and go through will be unmatched to almost anything else you’ve ever dealt with in your life. You have to be prepared to go against everyone else’s ‘advice’ and follow your self belief.

 

Conclusion 

 

Even with this list of things, you will still face tons of other things that you will never have foreseen in your journey. This is just a short list of some of the things I wish I had known when I first launched my business as it would have definitely helped me in the long run. Share some of the things you wish you knew before launching a startup down below in the comments.

 

10 Reasons To Launch A Startup In College

This article will discuss 10 reasons to launch a startup in college. Entrepreneurship is something fun, exciting, and difficult that everyone should experience at some point. See why I think it’s wisest to create a startup during college.

 

I launched my first business at the age of 17 while I was still a senior in high school. It was the final semester of high school and I was extremely motivated to do something big.

 

 

I was lucky to find this motivation at an early age, which is something that other people don’t find till later on in their lives. While most entrepreneurs debate whether a college degree is important or not, I want to discuss 10 reasons why students should build a startup during college.

 

 

1. Professors Are Helpful Resources

 

Many professors or faculty members at colleges can be valuable resources for students who are creating a new startup. I’ve met tons of business professors who have businesses on the side or built successful companies in the past.

 

 

Not only that, but you have access to professors who have expertise in all different fields. It’s an easy, but effective way to reach out to faculty members to get additional help for your startup.

 

 

2. It’s The Easiest Life Will Ever Be 

 

While your college classes may seem hard, life could be a lot tougher. Launching a startup in college is the best timing for many students since it’s the easiest life will ever be.

 

 

As a college student, your expenses are low, frugal living is part of your DNA, and hopefully you don’t have any overwhelming responsibilities. This is the perfect recipe for building a successful startup.

 

 

3. Testers Everywhere

 

One of the greatest parts about starting a business in college is that you have beta testers and potential customers everywhere.

 

 

It’s as easy as reaching out to a professor or a club and asking them if they’d be willing to help you test your product or startup with a large group of students. This gives you a cost-effective way to get feedback and quality output from your classmates.

 

 

4. Endless Energy

 

Your 20’s are generally your prime years for getting things done. Even though most of us spend this time partying and having a blast with friends, it’s the time when you can be the most productive.

 

 

Utilizing your 20’s to build a startup company is great because you have the energy and drive to succeed. When your life has no direction, it’s the best time to create a startup because you can find that direction quickly.

 

 

5. History Repeats Itself

 

Popular startups that went on to become billion dollar companies have often times originated during college. Facebook, Microsoft, Dell, Apple, and many other successful businesses were started by entrepreneurs in college.

 

 

6. You Have A Backup Plan 

 

You’re in college for a reason. You’ve created a plan on what you will do once you graduate from college. If your startup doesn’t go well and fails, nothing changes.

 

 

By creating a startup in college, you literally lose nothing besides some sleep. If everything fails, you get back to the grind in class and start working towards your degree or fall back plan.

 

 

7. Networking For Life

 

In business, it’s all about the people you know more than what you know yourself. Connections can have life-long implications that can be extremely beneficial to your business.

 

 

By starting a business in college, you can have many doors opened to you. Not only that, but you may end up meeting people who may change your life forever.

 

 

8. Get Access To Tools

 

Many colleges provide tools to students to utilize for free at a library or computer science building. Tools like Adobe Master Suite, Prezi, or Dreamspark can be acquired for free simply because you have a .edu email address.

 

 

9. Your Story Sells

 

Students that show a passion for building startups while in college tend to sell a lot more in the media/press. It’s always great to see someone young chasing their dreams and succeeding.

 

 

If all these reasons aren’t enough, just know that your startup will get more media coverage because you’re still in college.

 

 

10. College Is All About The Experiences

 

You attend college because you want to experience new things and moments that will last you a lifetime. What better way to experiment in college than to create a startup to learn more about what it takes to build a successful company.

 

 

Conclusion 

 

Entrepreneurship is something that everyone should try at some point in their life. It’s fun, exciting, and can teach you a lot about business and life. These are 10 reasons why you should launch a startup while you’re in college.

 

 

photo credit: BdwayDiva1 via photopin cc