Questions

So I have money. I have business ideas. But when it comes time to execute on the elaborate plan I have written, covered all of the bases, etc - I come up with some excuse as to why I shouldn't do it. Perhaps I need a partner, maybe I think it won't work. Maybe it won't be as profitable as first thought. I get cold feet when I go to pull the trigger... How do I get over it and grow some balls?

To execute your start-up business, you need to have to keep the following things in mind and you will develop guts to take the leap:
1. Do your market research: Conducting market research is the first step to determine if you really do have an idea worth pursuing. Begin your research by writing down what you think the problem is that your business idea would be solving. Physically write it down and keep it in front of you. Figure out how many people are having this problem that you are solving and go talk to them. Consider writing up a survey for these potential "customers" to take and see what they have to say. After you get your results, check out the competition and figure out if you are different enough (in a good way) to do battle with them. Keep all your research materials when you are finished, as they could be helpful in securing funding later.
2. Secure intellectual property: Intellectual property (IP) refers to the process by which an individual or company can own the rights to a created product. Examples include patents, copyright, and trademarks. It is vital to the success of your company that you follow the proper protocol to protect your differentiating factor. By securing your IP early on, you will protect yourself against copycats. Conversely, make sure you are not the copycat, even inadvertently. Confirm that you are not violating any existing IP rights or non-compete agreements, otherwise, you could face serious legal ramifications. Once you know you are in the clear, file your patent or apply for your trademark or copyright.
3. Decide on branding: Branding is about more than just choosing a name; it is about deciding on an identity for your idea. You want to choose something you love, but you also want to choose a name that conveys the experience of using your product and the problem that it solves. Be aware of any existing product successes, or failures, that are associated with the name you choose and how they may impact adoption. This is the time you should also secure your website domain name and other associated marketing materials. This is also where you craft and internalize your elevator pitch, so you know exactly what to say to anyone who may ask what your company does.
4. Incorporate: Incorporating is a big deal for a start-up because there are so many aspects of the start-up lifecycle that affect it and are affected by it. Incorporating is the process of turning your business into a legal entity and deciding how it will be structured. Typically, start-ups will be incorporated as an LLC, a C corporation, or an S corporation. Both LLCs and S corporations have special tax exemptions, while a C corporation is considered a taxable entity. In addition to the tax differences, there are a host of other considerations that you need to make when incorporating. For example, equity compensation, which is a major issue when raising capital, is different depending on the business structure you choose. Additionally, you will want to consider where to incorporate, as different states have different ways of taxing businesses. One of the de facto standards is to incorporate as a Delaware-based Corporation because Delaware is considered by many to have favourable corporate law practices, and because C corporations tend to be looked upon more favourably by venture capital investors.
5. Choose a co-founder: Not having the proper support for even the best of ideas can kill your execution. In fact, some investors look at the founding team first before looking at the idea when considering making an investment. If you have a co-founder already awesome. If not, you should consider bringing someone else into the fold. Look for someone with solid track record who you have, at least, some history with. The key feature is finding someone with a skill set that is complementary to yours. Style and personality are also considerations to make, as you will be working alongside this person every day and need to know that you can accomplish goals as a team. Also, there might only be room for one person in the spotlight, so understand that one of you might be working behind the scenes and will need to be ok with that.
6. Write a business plan: One way to set your start-up off on the right path is to write a good business plan. Using the market research, you did earlier, create your plan of attack and decide what you want to accomplish with your new business. Determine goals and milestones, and what steps you need to make it to those milestones.
7. Pick a workplace: Where you work does influence your start-up as you are getting off the ground. Different environments will suit different working styles best. Many founders choose to work from home initially to save money, but others choose to rent at a coworking space, share an office, or rent and office for themselves. Do not be afraid to experiment, but do not let the search for the perfect space get in the way of your work.
8. Find a mentor: Mentorship is a touchy subject. First, you should determine if having a mentor is good for you as a founder. If so, finding the right mentor can make a huge difference. Even with the combined expertise of you and your co-founder, a mentor can provide deep industry insight and wisdom to help you navigate some of the challenges that come your way.
9. Apply for an accelerator program: If you need some additional resources and expertise, consider applying for an accelerator. An accelerator is a program for start-up businesses that helps speed the growth of the company by providing a mentor network and sometimes a small investment. These programs can also give their companies the opportunity to formally pitch the media and other members of the start-up community during a demonstration day at the end of the program. Bear in mind, however, that most of these programs require equity share of your company.
10. Raise capital: For many start-ups, taking it to the next level requires a financial investment in the company. Founders give equity in their company to angel investors or venture capital investors in return for money and, sometimes, advice. The resources can be an enormous help but taking capital investments does have a dark side that should be understood before you move forward. If you need to raise capital for your business, you should begin by deciding how much money to raise and how it will affect your start-up. Once you have that figured out, you should decide how you will be raising it by crowdfunding, from an angel investor, or through a traditional VC firm. Then, you need to practice your pitch.

Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath


Answered 2 years ago

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