Asked by Anonymous
Asked on 28 Nov 2019
What are some challenges faced? How do you know if your idea is good enough to build a business around? How did you take that leap of faith to begin your own company?
Top Contributor (Dec)
Company finances. Unless you have immediate client, you are bound to be negative income for at least a few months. That would be a big problem unless you have deep pockets. Calculate your finances in days, weeks and months and anticipate problems.
A working prototype. Are you sure your idea works with the current technology and available software/hardware
Market demand. Are you sure there is a market demand for a price that will turn profit for you? Will you be able to turn market demand into a profitable revenue?
Talent + staff- are you able to convince them to work for you?
If you can get 1 to 4 right, there you go!
Discipline and consistency. As a startup, you need to be extremely focus everyday to achieve your goals. Then you need to manage your emotions very well as it will be full of waves and battles. 🌊
Understand your strength and use it to your advantage. Understand your weakness and hire soeone to take care of it.
Well, you will never know how good your idea is until you put it to the test! Start with sampling, survey, and at a smaller scale. Gather feedback and improve it. You will know when you are ready to expand. The indicators are pretty obvious when you reach the stage.
Here is everything about me and what I do best.