Questions

I'm considering a membership site to address the psychological toll of entrepreneurship. Stress, worry, fear, rejection, being overwhelmed, etc. I don't mean to sound all negative. Successful business ownership can be exhilarating and liberating. But you have to be able to live without a paycheck and deal with the ups and downs. There are many decisions to make on the way to success. Do you think entrepreneurs will pay for this kind of support?

Here's an pretty reliable way to test ideas like that.

First, are there competitors already in that space? There should be at least a dozen because that indicates viability. You might very well be the first to succeed, but the odds are against it.

Second, are people losing sleep trying to find the solution you are offering? You want that sort of marketing power or the spend moves from the "need" to the "want" column.

Third, save up all the money you'll need before you launch. Debt is the modern equivalent of slavery and it's just too easy to think you have a great commercial idea when people are throwing money at you. And you aren't allowing natural market forces to tell you that's it's not a go. How serious, committed, and disciplined are you? Save it up. You'll spend it a lot more carefully, too. :)

Fourth, don't start anything without an exit plan, even if it's provisional. Address when you'll fold up the tent, too. Stopping takes as much courage as starting, and it's the TRUE mark of an entrepreneur. It's the stupid people who keep going when they shouldn't.

Fifth, spend a lot of quality time articulating your positions on this topic. Fill your head with ideas like you've done to this point and you won't gain much additional clarity until you empty your head. Besides, the clarity comes IN the articulation.

Best wishes to you.


Answered 10 years ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2024 Startups.com LLC. All rights reserved.