What do you consider when you want to start a business? Do you start with a vision first? Do you start with a problem and then focus your product or service around a solution to this problem? Do you create something you’re passionate about with no business model in mind? Is starting a business a good investment option despite the COVID pandemic?
Having started and acquired several businesses, we know what to do and, more importantly, what not to do when you’re just venturing out as a budding entrepreneur.
In this episode, we share some experience-based advice on starting a business. We also share tips and resources that you may want to explore as you take your initial steps towards creating your new venture. Finally, we share what industries we believe you should explore for the coming year and those that you might want to avoid.
IN THIS EPISODE, YOU’LL FIND OUT…
- What you should consider when starting a business (01:59)
- What is the long-term vision? (02:36)
- What is the job to be done? (03:36)
- Starting a business case study: Facebook vs. Google (07:20)
- Can you do something better? (09:11)
- How to look into your own life to start a business (10:11)
- A tip: start a business with low capital outlay (12:56)
- MVP: Minimum Viable Product (14:14)
- How to test and validate ideas (14:30)
- Industries you may want to explore (17:29)
- Strategies on building a business (23:52)
- How to employ a global, remote team (25:00)
- Businesses that you might NOT want to start in 2021 (28:42)
- Primary vs secondary business opportunities in the pandemic (29:45)
- Selling a product vs starting a business (30:49)
- How to explore partnership or acquisition opportunities (33:29)
ADDITIONAL RESOURCES:
- Competing Against Luck by Clayton Christensen
- Great by Choice by Jim Collins
- The Lean Concept by Eric Ries
- The 4-Hour Workweek by Tim Ferriss
For full show notes visit: rising.show
Like this episode? Have topics that you would like us to discuss? We’d love to hear your feedback and comments. Let us know by leaving a comment below.
WHERE YOU CAN FIND US:
CARL TAYLOR
PETER MORIARTY