DataDrivenInvestor
Sep 15
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I am always fascinated with people venturing on the entrepreneurial journey.
When I was in college, I had Chinese friends who had a water distilling station — and sold various stuff to make money.
During that time, I did not have a knack for it — because it was not something planted in my system.
Becoming an office guy was the way to go for me after college. My dad was a great example of transitioning from employment to business.
I knew there were struggles — but I realized it was not easy until I built my own thing. Looking at things from the outside seems straightforward — until you navigate the wheel.
You must learn to diagnose the breaks and determine what went wrong (to discover new things).
The first step towards entrepreneurship is to find problems to solve. And make sure those solutions have commercial value.
In my boutique consulting firm — people with issues in life and career approach me. They are exploring solutions to make their situation better in the upcoming.
Solutions to offer must improve their situation. Otherwise, there is no value in the product or services you will offer to the public.
If the product educates, entertains, or delivers the objective of your prospect. Then congratulations, you are now in business sooner.
When I launched my first tech startup, it was a marketplace for caregivers and families needing care.
Many people were inquiring from me — but I had no firm solution to immediately address their query. After four years of working on it, I finally gave up.
It was a waste of money. But the learning was worth it — even if paid for the price.
Ensure you can carry out the solutions to problems — otherwise, it will hurt your reputation.
If you are putting up a brick-and-mortar business, you will often people say the key to a successful business is location.
While it is not an absolute truth — when your business does not solve anything. But if you have a great spot — and you address the need (of the market), consolidate the two — and you win.
Email and Social media have played a vital role for businesses serving the former as a distribution channel.
Because this is where people hang out most of the time.
There is no business — even if you have a great product or service without an audience.
Make sure you put your offer in front of the crowd.
There is no sense in putting up a business that does not earn money.
The same principle applies even if the intent is to build a charity.
Money is needed to carry out (the affairs) of an institution — whether it is for advocacy or profit.
The amount you are getting must not exceed the cost of operating your thing.
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