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:
- Team members
- Vendors/service providers
- Society you live in/governments
Pursuing a “passion” is okay only if you can satisfy your stakeholders first.by