How to: You have an idea & No Money!
This is the oldest story in the book. There is a formula and it is no secret. Lets pretend your idea is something your passionate about or no formula will ever work for you. Here is a no-non-sense step by step guide:
1. Do market research until you are sore from all of the work. Define your market to as much of niche as possible. This means figure out the segment of your market who will buy your product/service fastest. Now go talk to them and get as much feedback as you can. If you don't talk to at least 100 people in this segment, you have given up and you need to pack it in!
2. Once you get your feedback, create a plan of action how to get this segment what they told you they want. Desire far exceeds need when it comes to human nature. Here is where you plan actions to be taken to get your customers what they want. Make sure each step is an action, not an analysis.
3. Figure out how much your "Action Plan" will cost to get started. You already don't have the money, but you still need to do the figuring. You will not be done with this research until you have figured out your Break Even Point. I'd define this for you, but you need to figure it out for yourself to really get the hang of it. Call it "Tough Love" if you will.
4. Get off your a$$ and start selling it (talking to your market segment) about your product/service! If you talked to 100 people in your segment, then you have a reason to talk to them, it is called a followup. End each followup with this statement, "If you like this idea, how do I get you to purchase it now?"
I realize you haven't even created it yet, but if they you can't get them to now, then they are not in the right segment. Find another person to replace them. Yes, this is a lot of work, but worth it when you start profiting from your new venture. Of course, if this is too much work, or you think it to be impossible, pack it in, you shouldn't be an Entrepreneur!
5. Calculate the pre-orders you have generated and figure out the support structure necessary to get your product/service to your identified market segment. Yes, I remember, you still have no money. Repeat step 4 if you do not have enough pre-orders to afford your support structure. Note: Your support structure is everything you need in place to provide excellent customer service.
6. Go get the money you need to develop your support structure! Get a bank loan, loan from friend, Investor, whomever. If you have completed all the steps above properly you will have no problem getting the money. If you run into fools, then PM me here and I will invest!
Here's the deal, Angels, VC's Mentors, are all smart experienced people who probably have been there before. We know what works and we all wish we had the time to seek out great startups, but we don't. I personally get pitched 2-3 times per week resulting in acceptance of one project every 4-6 months at best. It is hard work and very time consuming, but very worth it.
This is the oldest story in the book. There is a formula and it is no secret. Lets pretend your idea is something your passionate about or no formula will ever work for you. Here is a no-non-sense step by step guide:
1. Do market research until you are sore from all of the work. Define your market to as much of niche as possible. This means figure out the segment of your market who will buy your product/service fastest. Now go talk to them and get as much feedback as you can. If you don't talk to at least 100 people in this segment, you have given up and you need to pack it in!
2. Once you get your feedback, create a plan of action how to get this segment what they told you they want. Desire far exceeds need when it comes to human nature. Here is where you plan actions to be taken to get your customers what they want. Make sure each step is an action, not an analysis.
3. Figure out how much your "Action Plan" will cost to get started. You already don't have the money, but you still need to do the figuring. You will not be done with this research until you have figured out your Break Even Point. I'd define this for you, but you need to figure it out for yourself to really get the hang of it. Call it "Tough Love" if you will.
4. Get off your a$$ and start selling it (talking to your market segment) about your product/service! If you talked to 100 people in your segment, then you have a reason to talk to them, it is called a followup. End each followup with this statement, "If you like this idea, how do I get you to purchase it now?"
I realize you haven't even created it yet, but if they you can't get them to now, then they are not in the right segment. Find another person to replace them. Yes, this is a lot of work, but worth it when you start profiting from your new venture. Of course, if this is too much work, or you think it to be impossible, pack it in, you shouldn't be an Entrepreneur!
5. Calculate the pre-orders you have generated and figure out the support structure necessary to get your product/service to your identified market segment. Yes, I remember, you still have no money. Repeat step 4 if you do not have enough pre-orders to afford your support structure. Note: Your support structure is everything you need in place to provide excellent customer service.
6. Go get the money you need to develop your support structure! Get a bank loan, loan from friend, Investor, whomever. If you have completed all the steps above properly you will have no problem getting the money. If you run into fools, then PM me here and I will invest!
Here's the deal, Angels, VC's Mentors, are all smart experienced people who probably have been there before. We know what works and we all wish we had the time to seek out great startups, but we don't. I personally get pitched 2-3 times per week resulting in acceptance of one project every 4-6 months at best. It is hard work and very time consuming, but very worth it.
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