We’ve mentioned in the past in this Blog, that there are some methodologies and tools that are very interesting and useful for entrepreneurs, such as the business idea and the business plan. Both are great aid when defining an entrepreneurship and by all means, you should always use them when creating a new entrepreneurship. In fact, they will not only help you to clarify your ideas and goals, but will also be helpful when seeking investors, business partners and others.
Starting a new venture project is not easy, it never is. There are many elements that have to be considered and many of them involve a high level of risks. That’s why I’ve stated many times that the entrepreneur road isn’t for everyone and that it requires special qualities and characteristics. But besides this, we have to learn how to take action and make entrepreneur projects a reality.
Among the many reasons for not starting an entrepreneurship, we have lack of capital, no spare time due to a job, education or whatever, and many more. As I said, these are all valid reasons, but the truth is that they are standing between you and your dreams. It is sad that a good idea, a great entrepreneurship project sits in a computer hard drive because for any of these reasons it hasn’t begun.
In this article I want to tell you that there are alternatives to make the project a reality, even with all these reasons. For example, if one of the problems is lack of investors in order to receive the money to start the project, there is al least one thing you can do. In this case, my suggestion is to start with a Minimum Viable Product or MVP.
Your business plan might require a heavy amount of investment to develop a product, pay a team and more. With MVP, you might be able to start with the bare minimum. The product won’t include every single detail you want it to have, at least in the beginning. In this case, the product is launched with the minimum characteristics and all the time you iterate and launch improved versions of this product.
The benefits of this model include shorter development times, the need for less money and if you make mistakes, they can be corrected early. Also, if you’re seeking external investors, there are many that invest heavily but in companies that have already been in the market and can show they’re profitable. So by reducing costs early on you can market your product fast and be able to be part of this type of investment.
If the problem is lack of time for whatever reason, you can create a plan on how to free your time. For example, many people don’t start their entrepreneurship because they have a paid job that they can’t quit because they need this income. In this case an alternative is create a plan, save money, then quit your job or become part time employee and start working on your project. If there are several members on the entrepreneur team, some can keep their jobs and others could quit to work on the entrepreneurship. In this case, the first will subsidize the second one and the project in a beginning.
There are many additional alternatives, but I want you to leave with the idea that whatever problems you have, there are always ways of taking action. Please, don’t let your great business ideas die in a computer’s hard drive, and take action!
Image taken from Flickr.com