Skip to main content
4 answers
Updated Viewed 1208 times Translate

What is your biggest advice for aspiring entrepreneurs?

As a future entrepreneur, I crave for advice by the experts! business engineering entrepreneurship architecture small-business

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you

5
Pros
4
0
Students
1
0

4 answers


Updated Translate

Sonia’s Answer

Hello,
I agree with Paul Hauber. I will add that you need to build a strong business plan (market study, your competitors, what will make the difference ...).
You can develop your website as a show of what you can provide to reach a maximum of persons
go to entrepreneurs events to continue developing your red and contacts.
Your brand is key so you can ask feedback from yours customers to post it in your website (via Facebook social media) using it as a references posting photos (image are relevant).
You can protect your idea via National Institute of Industrial Property.
Good luck

2
Pros
1
0
Students
1
0
Updated Translate

Paul’s Answer

I referred your question to a colleague of mine and his answer is below:


My biggest advice for aspiring entrepreneurs is to first focus on going through 7 to 10 revisions of the Business Canvas versus going through process of doing a Business Plan. Most aspiring entrepreneurs find the business plan a little too stressful and lack the skills to really push forward in getting the business plan done or done correctly.


It took me about 12 weeks, working 4 hours on it each Tuesday and Thursday and any other time I can devote it to during the night. A better approach and I highly recommend all new business owners and aspiring entrepreneurs is to first go through the 7 to 10 revisions of the Business Canvas. As they grow and keep moving forward with their business they can then use the Business Canvas information to develop a well written and defined Business Plan. Most business owners will find that they don’t need a business plan after achieving the 7 to 10 revisions of the Business Canvas.



  1. First go through the Udacity “How to Build a Startup” video

  2. Then go through the video one more time but this time use Canvanizer to fill in the required information for the nine block of the Business Canvas. Go to https://canvanizer.com/

  3. One note even after your 7 to 10 canvas revisions, please continue to revise it yearly.

  4. Look in your local help
    a. SBDC - https://www.sba.gov/tools/local-assistance/sbdc

    b. SCORE program - https://www.score.org/


I hope this was insightful,
Paul

1
Students
1
0
Updated Translate

Paul’s Answer

This is a very good question. I think many entrepreneurs do not do their due diligence before starting a business and that is why over 50% fail in the first year.


I think you need to ask the hard questions: why, what, who, when, how, where. Is there a sustainability plan and strategy? IE, when and how is the new business going to provide and meet your financial needs? Are you financially strapped now with very little reserve and the new business needs to provide income right away? What is driving you to start your own business? Are you working in the field that you would like to ultimately have your own business? What value do you bring to the market that makes you different that people would want to buy from you compared to existing businesses? Can you work a day job and start your new business at the same time giving it time to get started? I would look for resources online to help with direction along with trusted friends and advisors.


I hope this helpful and all the best.

Thanks man! Very thoughtful questions to ponder about. Appreciated! Akatzin C.
1
Students
1
0
Updated Translate

Keith’s Answer

Don't forget that unless you simply have capital to invest, you have to be an entrepreneur IN something, meaning, you need to understand the industry you want to work in, and how to develop products and services for that industry. That means you should have a sound understanding of the fundamentals in a given field, whether it is in science and technology, economics, finance, humanities, or wherever your interests lie. And you may find it beneficial to study areas that seem unrelated. Often the best ideas come from the merger of different fields, because nobody has considered them, and few have the knowledge and experience to bring two fields together.

0