Starting a business for the first time?
What’s your business idea?… a tech startup? A product that will completely change the world? A “Yelp for geriatrics”?
Before you get too excited, I must warn you:
If your idea is some world-changing, paradigm shifting technology or concept, you’re basically sinking your own ship before it even leaves the harbor.
I’ll put it plainly:
Most people I’ve met who are starting a business for the first time (myself included when I started) have essentially no clue what’s needed to actually successfully start a company.
Everything’s a shot in the dark.
Which is fine…shooting in the dark is how first-time entrepreneurs learn.
But if your business idea is something that’s so much of an uphill battle that it’s basically rock climbing…something way outside of your skillset and ability to executre…what do you think your chances of success are?
I’m not here to discourage you. In fact, I’ve got a perfect idea that can help solve this problem:
Go start a foundational business first.
What’s a foundational business?
A foundational business is a business that’s really easy for you to execute.
A foundational business is characterized by these key elements:
- The idea is straightforward and easy to understand (i.e. not very innovative).
- The idea primarily uses skills you already have.
- Can be implemented in a matter of weeks, or even days.
- Something you have a high degree of control over (i.e. not relying on other people to keep things moving).
- Has a super-straightforward way of making money (i.e. not “well this is Yelp + Facebook + freemium + ads”…I mean as easy as “You do X and you get paid Y”)
A foundational business teaches you the business acumen and mindsets needed to actually run a company.
You take the foundations you built with your foundational business, and apply them to a bigger venture when you’re ready. [click to continue…]