Entrepreneurs’ guide to getting started – Part 2

28 April 2016

➜ Read Entrepreneurs’ guide to getting started – Part 1 here

Be Resourceful

Ask people you know for help. You don’t need to ask for tangible resources, instead ask them if they know someone who could help you.

Build long-lasting and valuable relationships that will help you throughout your entire life. Start asking questions, finding mentors, testing ideas, looking for advice and uncover value in every conversation.

The worst thing anyone can do is say no to a meeting, question, advice, money or guidance.

Every conversation can lead to an opportunity or be a valuable learning experience.

Quick market research and value proposition

When you are starting your market research and validating your value proposition, ask yourself these questions:

  1. Who else is doing what you have thought of? Where are they doing it? How are they selling it? How well is their business going?
  2. What is your value-add or point of difference?
  3. What are your target customer’s pain-points and problems?
  4. What benefit is your idea bringing to their life?

If you can’t figure out how your idea brings more value to a customer than what’s already in the market, move on.

If you come up with something completely unique, ensure there is a pre-existing customer base wanting it.

Quick sales channel

Know how you are going to sell your product and do it in the easiest way possible.

Are you going to partner with a larger group? Does it take one sales meeting with the boss of a large group to get your idea out there? Do you need to sell in high volumes through an e-commerce site? Are you going to sell through other people’s stories?

Validate your idea as quickly and easily as possible

Show your minimum viable product to the people for whom you’ve made it, make social media accounts and spend a small amount of money on advertising to directly target your customers.

Ensure you understand exactly how your customers perceive your idea, would use your idea and the benefits it would bring to their lives. Pre-sell your idea and prove to yourself and those who may give or have given you money that your idea will sell.

Get involved in the community

Find like-minded people. Join a community, go to events, surround yourself with people who support what you are doing and also present new opportunities.

Joining a community will allow you to learn, get feedback, collaborate and empower you to create strong ideas, start your business, grow your business and, importantly, support you to never give up.

Starting out isn’t about creating a perfect idea that has the potential to become the next mega company overnight. Launch concepts before they are perfect, improve them as you go and engage with people who have a vested interest.

An innovation process that is trying to achieve something without faults is too slow and restricted. Innovation needs errors and failures to open doors to new ideas and better developed and strengthened concepts.

Start small and learn as you go. There is nothing stopping you from starting today.

Jock Fairweather

Founder at Little Tokyo Two

Jock Fairweather spent his idyllic and adventurous childhood years in Papua New Guinea and the Philippines then made the move to Brisbane for his high-school education. Europe was beckoning loudly. For the last seven years, Jock has travelled the globe socialising with some of the world’s most famous fashion designers and built a women’s luxury shoe label that broke records within the high fashion industry. After parting ways with his brand and a Swiss equity group, Jock is back in Brisbane building ‘co-working’ businesses where people from all walks of life have access to his Little Tokyo Two spaces to collaborate, innovate and build their dreams.

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