1. Start-Ups: That Million Dollar Idea
Starting a start-up. It is an idea that rises to the mind of many, is tried by many, is failed at by many, but these ideas can also change the mind of many. Probably once during a fun night with friends you together came up with a concept, agreeing together this would be the best business idea ever. Or perhaps if you travel through a country you just don’t seem to find a good website or guide informing you where to go. Any small thought can lead to big happenings, whether we’re talking about war, marriage or developing Facebook. Any start-up starts with a small thought, and sometimes all you need is just the extra push. This short series on How to Start a Start-Up may give you inspiration, could let you believe more in the ideas of others, or simply give you the extra push to pursue your business ideas.
But where to start? Using the definition of Peter Thiel as published in the book “Zero to One”, where he describes a start-up as ‘the largest group of people you can convince of a plan to build a different future’. Mark Zuckerberg, Steve Jobs and many more very well known names once came up with such crazy plans, including people to support them. Here is also where we must draw the line between entrepreneurship and a start-up. And entrepreneur is in the process of building a business, which can be a start-up, and is fully responsible for this minor company. Make an overview for yourselves, what do you as entrepreneur, or your start-up want to achieve? Will your customers like what you serve them? Start with writing down the 4 basic strengths of the business idea.
- What is your idea exactly?
It could be that you’re solving a certain problem, a service that is not yet provided, or a device that no one will be able to live without. First come, first serve, there are enough others out there with maybe an idea very close to yours. Timing may be an issue, when to launch your business is always the question and is different in every case. Do keep in mind that your idea will change along the way anyhow. Using Facebook as an example, it started when some boys wanted revenge by having people compare two girls against each other. Comparing others still happens, but the goal of Facebook has changed drastically. Remember to always stay true to where your business plan leads you, courage and skill developing are common terms in the start-up market.
- What product will you provide your customers?
Of course it could be that you invented the new Playstation, providing customers with quality will leave you good company reviews. Or be like Dell, when people complain about your product, involve them in improving it. Whichever relationship you choose to build between your product and your customers, loyal customers can lead to new loyal customers. If your mother is all about Nutella, why break her hart by buying the supermarket brand for your kids?
- How will you put together your team?
The Avengers in the 2012 movie were chosen for a reason. Marvel has many more superheroes out there, but somehow there are only lucky 6 starring as a team. The boys of One Direction were set together by their judges, look where their X-factor assembly led them. It’s all about a winning team. Creating such a team may seem like an impossible task, it is, but when starting a start-up you will have to keep in mind that everything may seem impossible.
- And how will you execute your business idea?
What, where, when, how?
Next time your friends and you come up with a funny idea during a night, or your mother complains about a certain household utensils that would make her life easier, why not try and listen? It all starts with a million dollar idea.
This series is based on the course “How to Start a Start-Up”, taught by mr. Bala Kamallakharan during the fall 2015 semester at Reykjavik University, Iceland. Visit the blog of Start-Up Iceland for more information and inspiration at StartUpIceland