Posts

1) Don’t overestimate the value of your idea. It is exactly zero. And therefore, no need to fear your idea gets copied. Humans create on average 20,000 ideas in their lifetime. 99.999% get never executed. With over 7 Billion people, that are 14 Trillen ideas to copy. Passion? It is for pussy cats. Value is created by obsessive and relentless execution – nothing else. As such, share it with as many people as you can – every single day. You need that feedback more than anything else right now. And to amplify, use your social network. That doesn’t cost you anything.

2) Develop the best possible solution concept and presentation. Dream it in your head, spin it around. Don’t let it distract you from thinking about what it cost, what resources you would need, how much time you would need, and what problems could occur. Always remember: If you can imagine it in your brain – you can build it with what you have and some other people’s help. So this was not that hard either? Right? You don’t need money for that.

3) Find your co-founders. Let brilliant people complement you. Look for people that hate to do what you love doing and love to do what you hate doing. Put all your savings into this new company and request (insist) your co-founders do the same. Again no hard work at all. You don’t need money from others for that – but risk everything you have. If you don’t – why should others.

4) Together with your co-founder(s), validate your concept with 42 people you think would have a huge benefit from your product or service. If you can’t find them, find out if you are skilled enough to look for them or if the market doesn’t exist. Decide if you want to continue and build it up. It’s that easy. You don’t need money for that.

5) Together with your co-founder(s), build your first prototype and show it to everybody and their dog and get feedback. This is where you use the money you invested. Let people pre-order products (crowdfunding), so you get the liquidity and cash flow to build your first production batch. Start a social media campaign and get more feedback. If this was successful, you know you can create demand, whether there is already a market or not. Now you already have customers and revenue before you even talked to any investor. If not successful, it’s either because you did not learn how to crowdfund (Search on google) or there is no interest in your product.

6) Now is the time you may look for investors and funding to grow. As you have already pre-orders and good feedback, you validated your idea, and funding is not a problem. And that was not hard either. When getting capital use, it EXCLUSIVELY to grow your business, don’t waste it for technology upgrades. Keep running with your weak product (and it is weak) for the next few months and grow revenue. Get at least 1,000 feedbacks from your users and improve rapidly. Offer to upgrade for free.

This is more or less how the top startups in the world did it. And so did I. The most important keys:

A) Entrepreneurial mindset to solve a problem that many other people have.
10 most relevant founders traits

B) Never do it alone – always run with a co-founder that is NOT your best friend.
Best founders are co-founders

C) Forget the money part; if you need money to make money – you are an investor but not an entrepreneur.

You may want to consider joining the World Innovations Forum global exchange for innovative minds. A nonprofit organization from entrepreneurs for entrepreneurs.

Hope that helps.

Share

All living things consumes “food” to live. And all living things “hunt” for food. This starts with microbes, plants, animals and we, the human animal. That’s all we did for the longest time – simply survive – for approx 5 Million years.

Approximately 12,000 years ago some smart people recognized that if they collect seeds and plant them, water them and take care of the growth, they produce more corn than they could consume themselves. So they could trade the excess corn for other things. That started the first and most significant shift in the live of HOMO. It’s called the agricultural revolution. It actually was the birthplace of wealth creation. We found out that our uniquest skill: “ingenuity” allowed us to produce more than we need. Still droughts and other natural catastrophes killed a lot of people. But we used that skill “ingenuity” to improve the farming and later the hunting. We produced so much that we could afford to have some of us do nothing but building huts or working on and with iron or other metals. We were able to build homes and a few thousand years later we were so productive that only HALF of the population were needed to produce food and the other half was used to build things for our protection and comfort. Today, in developed countries, approximately 3% of the population is producing food, enough for the other 97% to do everything else. Some produce tools to be more productive in producing food and others build tools that allow us to transport the food around the planet. The wealth that is literally created is created through increased productivity. Everybody who is not contributing in the increase of productivity one way or the other is actually conducting theft. Speed traders for instant extract millions per day – contributing zero to productivity and simply extracting wealth for their own, from the rest of the society. Today it is legal to do so.

After the industrial revolution about 200 years ago, the increase in productivity exploded and an unimaginable increase in wealth was created. Over the past 200 years a steady stream of food eradicated hunger, steady stream of health care almost doubled life expectancy, steady stream of physical protection, reduced the risk of war, ongoing increase in productivity cut the time to work almost in half. There is a chance to even eradicate work entirely in the next 50–100 years through machines that completely do all the production for us. The more simple minds fear it because they only see unemployment – and workers have been trained – even conditioned – to see nothing but work. But if you elevate the point of view and realize our most powerful talent over all talents it is ingenuity. This ingenuity will provide us with the capability to create more wealth across the entire planet and so much that we can focus on even bigger projects. And that very ingenuity will help to educate future generations to focus on developing their ingenuity more than they focus on developing more workers that we will need to survive threats that we are already aware of.

The biggest of all projects is the ability to make our species survive the lifetime of our planet. The Universe is big enough to do so, but we will need to get there and that maybe our ultimate purpose. But first we need to create the wealth to afford getting there. And only our entrepreneurial spirit – built on our ingenuity – will be able to make it happen.

Share