While many business start-ups focus on trying to come up with a single ‘killer’ business idea and attempting to raise funding for their grand vision, this is the wrong approach according to the author of ‘The Millionaire Dropout’, Vince Stanzione.
Here’s why Vince thinks you should forget about the big business idea and just get on with starting your small business;
Please enough already, since The Millionaire Dropout hit the bookshops and made The New York Times Bestseller list I have had a stream of emails which go along the lines of;
“Vince I have this great big million pound idea, no one
has done this, if you finance it, we will split the profits,
I cannot tell you more now its top secret so I need you to
sign a Non-Disclosure Agreement (NDA). I know you get lots
of offers but I assure you this is different.”
Thanks but no thanks! The harsh realities are that an NDA will do little to protect you in the real world and your million pound idea is just that an idea, ideas are worthless it’s the execution that is the key. In other words do something.
The execution is more important than the business idea
A so-so idea, well executed, will make far more than a brilliant world changing idea. Whilst I don’t want to crush innovation the notion that you must have a new big idea to start a business and make money is false.
Many times you’re better off looking for a business that is already doing well and copying the idea, but adapting it so your start-up does something differently or better than those already in the market.
The harsh reality is you will likely not come up with one killer idea or business that will make you your fortune, it is more likely to be a series of businesses and the truth is what you start out thinking the business will be and what it really ends up as are totally different.
Sometimes a by-product of what your initial business plan was will be where the money is made.
Your business won’t develop as you planned
When people send me a 3 to 5 year business plan with stunning excel spreadsheets where all the numbers add up neatly and go up in a straight line I honestly think they are taking me for a fool!
Your business will never follow that nice steady upward slope none of my businesses ever have.
Rather than chase your big idea which needs financing, look at what you can start today in a small way and build up (execution).
The truth is some of the most successful businesses have been set up on small amounts of capital from the kitchen table, and some disaster businesses are ones that had elaborate business plans, highly-qualified advisers, a dream team board of directors and large amounts of financing.
For tips on business plans read these great ByteStart guides;
- If your startup doesn’t need funding, your business plan only needs these 4 things
- Top 10 business planning tips for start-ups
Sales and marketing are key skills you need
Don’t forget the main focus of your business should be on the marketing and promotion.
I don’t hear the word “salesman or saleswomen” very often these days it’s now all marketing and customer retention and being a sales person is a dirty business. But in my view, the best skill you can learn and develop right now is how to sell, how to promote and engage with what your customer wants.
I don’t care if its print, web, phone or face to face, it’s all about sales – getting your message across and asking for the sale. These guides will help you tackle this;
- The seven steps of selling – understand the sales process and close more deals
- Sealing the deal – How to close a sale
- Promoting your business online – A Digital marketing guide for small business owners
Always remember WIIFM
The secret to business success is to give other people what they want, and once you do, you’ll get what you want. As I wrote in my book, your customer only cares about WIIFM, no not a radio station, What’s In It For Me.
About the Author
Vince Stanzione is the author of ‘The Millionaire Dropout’. Having left school with very few qualifications he has started several successful businesses and also written, ‘How to Start Living and Stop Existing’ and ‘Making Money from Financial Spread Trading.
More tips and advice on starting up successfully
ByteStart brings you hundreds of great guides to help you get your new business off the ground. Some of our most popular ones include;
- The start-up survival guide – 6 practical tips to help you get through the early years
- The power of the ‘pilot’ – 3 good reasons why you should test your new business before launch
- Brilliant or bankrupt? How to work out if your business idea is viable
- 10 advantages of running your business as a limited company over being a sole trader
- Which types of insurance must your new business have?
- How to set up a limited company
And to help you grow your business, try these;
- The 3 issues you’ll need to overcome if you want your start-up to reach £1m turnover
- How you can build your business in 90 minutes a day
- Barriers to growth – how to identify them and how to overcome them
- How peer-to-peer lending offers start-ups and small businesses a new funding option
- The real cost of hiring your first employee
- How to choose the best online accounting software for your business