Question from a reader:
how important is having a business license and a business plan to running a successful website that makes money?
Is it more important then having a business idea and a product.
Business plan: 1/10, maybe 2/10
Business license: 1/10 if it's not required, just another general admin step if it is required in your jurisdiction or industry
Then I thought some more.
A business idea: 4/10
Understanding market needs/demand: 10/10
An offer that strongly appeals to those needs/that demand: 10/10
Definitely, the administrative side of starting a business isn't very important for starting a very early stage something. Okay, do it if it's required, but just move quickly through it. It sucks up your time and doesn't throw off revenues.
A plan could be useful, maybe, but it'd be a better use of time to go out and talk to people about their needs, sell a little bit, and try to understand their buying patterns rather than abstract planning.
A product that isn't built around real market needs is actually a dangerous thing - it's a trap you fall into. A product that's exceptional, best-in-class, and fully in sync with people's needs and desires would be a 10/10... but the odds of magically accidentally building a product like that without first understanding the needs is virtually nil. Okay, Steve Jobs could do it somewhat, but there was only one Steve Jobs.
Distribution is underrated. How are you going to get your product out into the world?
I'd ask in this order -
1. What do people want?
2. Okay, if I offer to sell exactly that, will they give me money for it?
3. How will I get this offer out to lots of relevant people?
4. Then, build or buy the product.
5. Then, maybe write up plans of what you've found if there's a good reason to.
The last questions are a great breakdown - hopefully I can still ask these questions now, even in the midst of development! I've actually been coming at my new voice products from these thoughts in the last week based on you suggesting working on my "Dream 100 Clients." I focused on subcategories of people, and then my thoughts jumped to considering what each of those categories would want in this area, which is shifting my thoughts on the building of the product. Thanks again!
Want to call yourself an entrepreneur? Than sell something.
This is a guide to making your first sale on a good or service in one day.
Most people think starting a business is a major risk. They consider it to be a HUGE decision that requires months of planning and significant upfront investment.
Well, that sounds like it would suck to me.
Very good question. Here we go -
I saw your post offering advice help, so I thought I'd take you up on that. I'm young, pre college, so time is on my side. I'd like to create a web startup at some point in the future, at least that's the dream. Should I focus on homing in on my technical skills, or business skills? Right now, I know much less of the latter, but I recognize its importance in entrepreneurship.
Also, do you think college credentials are as important as real world opportunities? And any reading recommendations would be much obliged. I'd love to hear your thoughts.
Thanks so much,