How small should I start? - 58/101 Entrepreneur Questions and Answers
This is an except from my book: 101 Entrepreneur Questions and Answers.Start with something you enjoy, that you are happy to work on and be competent with. Do it for fun and experiment.Start with something small that you are experienced with. Do not worry about making mistakes, because the chances are your first business will not be a big success, and you can take the lessons learnt from those mistakes into your future businesses.Risk only the amount of money you can afford to lose in this venture.Do not spend too much money getting it set up either, aim to spend £100 at most.Do your research and find ways you can make money online by leveraging other platforms such as Amazon, eBay and others. Helping you to keep under you £100 budget and allowing you to leverage others' platforms, systems and logistics.Define a certain problem and solve it for a certain audience. Define 1 type of customer and solve 100 of their problems.When I started my first business in November 2014 I spent around £1997 building a website, which was built on the 13th January 2015 and I immediately plateau. I should have spent more time researching how to many money online and how to use other platforms which would have been cheaper than building a website. I also picked something that over time I would lose interest in: selling video games.But I used the lessons I learnt and the momentum I gained from that business to become a better and stronger entrepreneur.Question of the day: What are you doing and how small are you doing it?
Published on October 18, 2017 01:58
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