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How to avoid rushing into starting a business?

• nikita •

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I'm very impulsive and tend to rush into things without doing enough research or planning first. After reading Unscripted I've set myself deadlines (to avoid procrastination) for coming up with ideas, doing CENTS evaluations on them, and actually starting work. Now I've started narrowing my ideas down and my deadline to pick one is Friday.

However, new ideas keep popping up in my head and I'm worried I'll pick the wrong/not as good idea (I know execution > idea but still).

TL;DR: how do you know when you've done enough planning and research, actually picked the right idea, and aren't just rushing into things?
 
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MiguelHammond10

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No need to plan or research or anything. Be impulsive by selling something as fast as you can. That's the only thing that matters. There are multiple ways to try an idea, see what works for you.
you said it all I totally agree with you.
 

MarekvBeek

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Man! Rushing into business is the best you can do!

I think what you're asking is: How to deal with the shiny object syndrome?

If you're hopping from idea to idea it means you're not focussed on one project yet. And that's why no project has been a great success so far.

Learn to stick with one project at a time. Once you gave it your all and you still see no success, you still want to go on with your idea. You need to consider at least five times to quit before you really quit and move on to the next idea.

(All assumed your ideas are need based)
 
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MJ DeMarco

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Anyway you can test the market for all of them? And go with the one that is most responsive?
 

WJK

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TL;DR: how do you know when you've done enough planning and research, actually picked the right idea, and aren't just rushing into things?

You don't know until you test your idea with real people who get the money out of their pockets. BUT, after saying that, you can sniff out one under served markets and/or emerging markets. The big boys take the middle swath of market for their marketing path. The little guys find all kinds of business left on the table in their wakes. Stick you toe in the water and test your ideas, presented in different ways. Make the "different ways" a study in how your idea is received. Who responds to what, why and how much response do you get? You may have try several different ideas, presented in different ways. You may find out a whole string of stuff that doesn't work. You only need one big hit to make all the failures worth it.
 

• nikita •

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Anyway you can test the market for all of them? And go with the one that is most responsive?
Hm, I was thinking of creating a landing page for each and capturing emails...

This leads on to a slightly related question -- say an idea gets a lot of interest and people are "signing up" for the product, but creating it will take months, how would you sustain that interest? Surely there's so many "heh so my app comes out soon" emails you can send before they click unsubscribe.
 
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• nikita •

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You don't know until you test your idea with real people who get the money out of their pockets. BUT, after saying that, you can sniff out one under served markets and/or emerging markets. The big boys take the middle swath of market for their marketing path. The little guys find all kinds of business left on the table in their wakes. Stick you toe in the water and test your ideas, presented in different ways. Make the "different ways" a study in how your idea is received. Who responds to what, why and how much response do you get? You may have try several different ideas, presented in different ways. You may find out a whole string of stuff that doesn't work. You only need one big hit to make all the failures worth it.
Hah, reminds me of the Blue Ocean Strategy

Red-Ocean-vs-Blue-Ocean-Strategy.png
 

Longinus

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Hm, I was thinking of creating a landing page for each and capturing emails...

This leads on to a slightly related question -- say an idea gets a lot of interest and people are "signing up" for the product, but creating it will take months, how would you sustain that interest? Surely there's so many "heh so my app comes out soon" emails you can send before they click unsubscribe.

If your idea is good enough, they'll gladly wait for it. Even years if needed.
 

melissa_summers

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I'm very impulsive and tend to rush into things without doing enough research or planning first. After reading Unscripted I've set myself deadlines (to avoid procrastination) for coming up with ideas, doing CENTS evaluations on them, and actually starting work. Now I've started narrowing my ideas down and my deadline to pick one is Friday.

However, new ideas keep popping up in my head and I'm worried I'll pick the wrong/not as good idea (I know execution > idea but still).

TL;DR: how do you know when you've done enough planning and research, actually picked the right idea, and aren't just rushing into things?
You know, sometimes only a good idea is not enough. To successfully start a business, you need the following resources: an experienced team, technical capabilities and, last but not least, investments. But, as they say, who doesn't take risks, he risks even more, :smile: so, it's worth trying. In any case, the probability of failure is small.
 
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• nikita •

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You know, sometimes only a good idea is not enough. To successfully start a business, you need the following resources: an experienced team, technical capabilities and, last but not least, investments. But, as they say, who doesn't take risks, he risks even more, :smile: so, it's worth trying. In any case, the probability of failure is small.

Great line. Most people think it's the exact opposite -- that the probability of success is small or even nonexistent.

I don't think you need an experienced team or great technical capabilities, and a business can be started with minimal investments. But I do think the capability to learn and acquire those things is necessary.

I've put an end to the analysis-paralysis and started soft-proofing 3 ideas. The winner goes forward!
 

WJK

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Great line. Most people think it's the exact opposite -- that the probability of success is small or even nonexistent.

I don't think you need an experienced team or great technical capabilities, and a business can be started with minimal investments. But I do think the capability to learn and acquire those things is necessary.

I've put an end to the analysis-paralysis and started soft-proofing 3 ideas. The winner goes forward!
I think that you are both right. It just depends on the scope and size of the business that you're trying to create. The problem with starting very small is the growth curve -- a spurt of growth can out strip your capital investment in no time flat. Lack of business capital is one of the leading causes of business failure. If you don't grow, you can't take care of your daily needs. The business consumes you, your assets and your time like a huge internal tape worm. If you do start with all the right stuff up front, you have to build a larger business to support the built-in overhead and the team of people working on that business. Again, that growth curve has be funded with a lot of working capital that supports the lead time to your profitability moment. The bigger the start-up investment, the long it will take to achieve your first net profits. Either way, big or small, starting a business is still a very risky venture.

I know that sound negative, but I mean it to be cautionary. I play Monopoly with real money everyday in the real estate business. I take calculated risks all the time. I never do anything where the odds are against me! My job, as the investor and business person, is to carefully weigh the odds and up my chances of success. Sometimes things happen, and poof, my investment money is gone for that deal. (Usually this happens with an outside factor, that is out of my control.) Sometimes I miss something important, and end up on the wrong side of the ledger. (So, I chalk those up to an educational expense and I don't do it again or that way again.)

Saying all of that, and accepting that I can loose in this game at anytime, I can tell you this -- I win most of the time. Sometimes I win big and sometimes my win is modest -- but, I do my best to win.

I don't subscribe to the idea of a 4 hour work week. I have always worked long hours everyday since I was 11 years old. People sometimes ask me if I working, and I ask then, "Well, did the sun come up?" NO ONE in the world cares about my businesses like I do. I know that's one of my greatest weaknesses, but it's also the main reason that I'm still here making my businesses work for me.
 

melissa_summers

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I think that you are both right. It just depends on the scope and size of the business that you're trying to create. The problem with starting very small is the growth curve -- a spurt of growth can out strip your capital investment in no time flat. Lack of business capital is one of the leading causes of business failure. If you don't grow, you can't take care of your daily needs. The business consumes you, your assets and your time like a huge internal tape worm. If you do start with all the right stuff up front, you have to build a larger business to support the built-in overhead and the team of people working on that business. Again, that growth curve has be funded with a lot of working capital that supports the lead time to your profitability moment. The bigger the start-up investment, the long it will take to achieve your first net profits. Either way, big or small, starting a business is still a very risky venture.

I know that sound negative, but I mean it to be cautionary. I play Monopoly with real money everyday in the real estate business. I take calculated risks all the time. I never do anything where the odds are against me! My job, as the investor and business person, is to carefully weigh the odds and up my chances of success. Sometimes things happen, and poof, my investment money is gone for that deal. (Usually this happens with an outside factor, that is out of my control.) Sometimes I miss something important, and end up on the wrong side of the ledger. (So, I chalk those up to an educational expense and I don't do it again or that way again.)

Saying all of that, and accepting that I can loose in this game at anytime, I can tell you this -- I win most of the time. Sometimes I win big and sometimes my win is modest -- but, I do my best to win.

I don't subscribe to the idea of a 4 hour work week. I have always worked long hours everyday since I was 11 years old. People sometimes ask me if I working, and I ask then, "Well, did the sun come up?" NO ONE in the world cares about my businesses like I do. I know that's one of my greatest weaknesses, but it's also the main reason that I'm still here making my businesses work for me.
Guys, thank you so much for your replies. I really appreciate it. I hope you aren't upset, I don't mean that just me being completely right. Every thought deserves to exist. ;) That's why every startup is mostly unique, as everybody understands the business in his own way, uses different strategies and as a result, becomes something special.
 
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