4 Must Ask Questions When Starting A BusinessBy Pamela Dover on April 7th, 2015 /
“Where do we start?” is likely the first thought most startups and first-time entrepreneurs have when embarking on a new business venture. For many, the answer is to pursue the path of building out their product or service while, concurrently, going about the process of raising funds.
Most experts, however, believe that thinking is wrong and suggest the first thing an entrepreneur should do is to pulse his/her audience, convey differentiation, and validate their idea not only addresses, but also solves an existing real-world problem.
So where do we begin?
Before quitting your day job, draining your savings and printing those business cards, first-time entrepreneurs should talk to as many people possible that fit the potential customer profile of someone who’d buy your product or service. In addition to validation of your idea, you’ll quickly identify new questions and common concerns. You’ll also know pretty quickly if you need to abandon your original idea and business concept for a modified or even brand new version. Most revealing, creative ideas to improve or correct your original strategy will assuredly be an added benefit.
OK, I’ve affirmed my idea is good …what’s next?
Once you’ve validated (or corrected course on) your idea, if you haven’t already done so, now is the time to begin tapping into your network and building your team of trusted advisors. Despite how good any idea or opportunity is, very few of us can find that road to success working alone. Growing your network (especially your inner circle) is paramount as the infusion of objective advice and expertise from others is critical to stay on the path to success.
Should I work from home or with an incubator?
The benefits and advantages of working from a home office are both practical and many – no rental costs, no added overhead expenses and (for some, most important) the ability to work in your bathrobe. While working from home has its appeal, partnering with a local incubator, like Bamboo Detroit, affords you much more than just a space to work. Working with an incubator instantly connects you to an expansive community of like-minded entrepreneurs who are able to collaborate, share resources and offer best practices on growing a startup. Tapping into a diverse pool of compatible talent also opens up new opportunities for investment funding, marketing strategies and business development assistance. Additionally, an incubator has already invested in the secure, high-speed bandwidth (along with security, encryption and advanced services) needed that many startups cannot immediately afford.
What about technology?
When it comes to launching – and equally important growing – a successful business, experts everywhere agree that startups and first-time entrepreneurs are better positioned to succeed if they leverage the abundance of smart technology options available to them. Successful use of technology begins with having access to high-speed bandwidth. With a wide choice of products, plans and service options, enhanced bandwidth capabilities allow you to easily access cloud technologies for virtually unlimited storage and backup capabilities, video conferencing, presentations, customer interactions, team communications, training and more. Not ready or able to establish your own expanded bandwidth service? No problem as it’s just one more reason to partner with an incubator space where it’s readily available.
In the end, there are multiple scalable options available to help startups and first-time entrepreneurs succeed. Validating your idea, growing your team, partnering with an incubator, and embracing technology solutions are a great start to realizing your vision and goals for entrepreneurial success.