How to Start a Business

How to Start a Business

Someone asked me yesterday what is the first step to start a business. This person worked for a company their entire life and didn’t know whether they should first incorporate a company or find a product or service

I think the best approach is to find a market/audience who needs your product or service. The market should be sufficient in size to ensure the company can be profitable and reasonable to target. After this, speak to a real buyer who could potentially buy your products and services and find out what they need.

Even if you own/manage a company, you still to serve people and be social. Your success depends on your ability to create mutually beneficial relationships.

You have multiple stakeholders to serve including:

  • Customers
  • Team members
  • Investors
  • Vendors/service providers
  • Society you live in/governments

Pursuing a “passion” is okay only if you can satisfy your stakeholders first.

facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

X Prize For Best Ideas Sponsored by Government

X Prize For Best Ideas Sponsored by Government

I think governments should focus on the biggest priorities of its citizen by inviting public-private partnerships and voting on the top ideas.

There are many critical issues where some of the best ideas go undiscovered because people think their voice doesn’t count.

The best/smartest ideas should come from anyone instead of just a handful of elected representatives.

There are prize winning scientists who I’m sure would love to help politicians but currently the feedback loop from experts to politicians is not optimal.

facebooktwittergoogle_plusredditpinterestlinkedinmailby feather