In the road to entrepreneurship, here are 7 quick tips to be mindful of!
1. Most startup ideas begin as a side project or hobby. It gives one the freedom and space to explore, experiment and validate the idea before taking on the risk associated with starting a business.
2. Before you start a company, it's always important to know your inner whys. A deep sense of purpose is essential to keep you going in a startup journey, because the journey is certainly not an easy one. There are four critical components for increased chances of success - a good vision, product and team, as well as perseverance. There are many reasons and factors that can lead to failure. Without the faith and determination, it is easy to pull the plug and give up.
3. In times of turmoil, you have to learn and know how to motivate yourself. You cannot depend on others to motivate you. Some people have a playlist of motivational music, or a list of movies from which they can watch and learn something new. Others connect with people of the same level to share their struggles. For example, in ACE, there is a peer group program where people are placed in groups of 6-8 individuals to form a support system.
4. When raising funds, it's important to know how much you need, why you need it and what you want to do with it. A good start is always funding from family and friends or government schemes. Approach angel Investors and Venture Capitalists only when you have something worth showing.
5. Learn to articulate your 'why' in a clear way. It usually takes time to craft a vision and there could be multiple iterations before arriving at one that you and your co-founder are comfortable with. It is important to have sufficient conversations (with employees even) and to be true to yourself. Then, share your vision with as many people as possible - close friends, investors. If people start referring to it, then you know you are on to something.
6. Figure out how to acquire your first 1000 users with as little as possible. First, determine where your users are and try to engage them there. For example, GRAB went direct to the taxi association. Second, ask friends to bring friends.
7. Learn to test fast and fail fast to get real feedback, tweak the product and find a mechanism to benchmark success. For example, if the industry standard is a 18-25% open rate for emails, what is your open rate statistics telling you?
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by Shane Yan Shiyan & Shamantha Yan Shiya