Three Basic Steps for Any Startup Venture
Following are the three basic fundamental steps required for any venture:
- Find a Need
- Research
- Execution
Find a Need
Stay away from highly competitive markets as the profit margins are low and you find yourself stuck in a “hamster wheel”. Do not fear to venture into the unknown, even if it is an area you currently know nothing about.
The best needs are those that are either completely ignored or severely under served. Normally, I suggest that you also pursue that which you are passionate about; however, early on you may first need to create your financial foundation and you may not just be able to do that following your passion just yet.
Research
Spend the time understanding your market. You need to thoroughly understand the need and options to fulfill those needs. Research does not mean, Googling… although that is a good inexpensive first start that can help lead your direction. Don’t forget to actually spend time with your market and really understand their psychology.
Execution
- Do it Now!
- Test… Test… Test…
- Analyze testing and go back to number one