Showing posts with label innovation. Show all posts
Showing posts with label innovation. Show all posts

Tuesday, 13 May 2014

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4 Basic Rule Every Entrepreneur Should Practice

Posted by Unknown at 9:53 pm No comments :
Every year there are thousands of entrepreneurs born and ready to rule the world. And almost (yes, I mean almost all) of these successful entrepreneurs practice these FOUR RULES of entrepreneurship. I called it MINO. The big four of MINO are: Motivation, Innovation, Networking and Opportunity.

Motivation

This is the ground rule of being an entrepreneur. Every one of us always have to start somewhere, and it is MOTIVATION that push us forward. What motivates you to be an entrepreneur? Is it passion? Freedom? Get away from regular corporate life? Or family? 
You identify what is your motivation, and set a goal towards what drives you to be a successful entrepreneur. This is how you can reach where you want to be.

Innovation
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It is the core of entrepreneurship. Especially during digital era where entering small business is too easy for everyone. Visit GoDaddy.com for a site, sign up with HostGator.com for a host, voila, you open for business!

Sometimes when things become too easy, its where the hardest problem arise. When everyone are doing the same thing doesn't make you any different with other entrepreneurs out there. Millions of them! 

Which is why we need innovation. How are we different from competitors? How to serve the customer the same thing in a different manner? 

Before Facebook, MySpace and Friendster used to dominate the social networking world. But Facebook stands out due to innovation. The creation of 'Newsfeed' is proven to be something out of the world. Offering the same service with innovation. That's how Facebook stands out.

Networking
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Networking can be done with anybody. Seriously! As an entrepreneur, you should always start by sharing your success or problems with your family or close friends. Listen to them, get their support, this is what keeps entrepreneurs going. 

Even for some entrepreneurs, networking is parts and pieces of success in the business. Always know someone better than you and learn from experience of veterans who have 'been there, done that'.

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” - Warren Buffett

Opportunity
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Every entrepreneur will always have to start somewhere. Where did you begin your journey as an entrepreneur? 

When an entrepreneur started their journey, its all because they have identify an opportunity. An unmet needs or new solution that can reach out to their customers. You could have all the motivation you can get, but without the opportunity to start a business, you are still standing at the beginning of the road. 










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Friday, 2 May 2014

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How to find the million-dollar business idea for a startup?

Posted by Unknown at 9:34 pm No comments :
Being an entrepreneur isn't a simple feat. It requires so many elements and knowledge to get things started. But before all else begins, it always start with a great business idea. 

How do you find the million-dollar idea? How do you find an idea that could start your engine and begin your great entrepreneur career. I believe many of those who have read this could have the same question. "I am passionate but I just couldn't find the perfect idea!" 
I've been through the same stage, I used to crack my brain to find the perfect idea. Making every move possible  to find the ultimate idea that make millions. But it doesn't work that way. 

 In fact there is no need to crack your brain to think of a million-dollar idea. The fact is, the million-dollar idea is already within you subconsciously, you just find the right way to get it.

FIVE RULES OF FINDING YOUR ULTIMATE STARTUP IDEA.


FIRST, what is your passion? What is your skill?
- What do you like to do or what are the things that can keep you awake doing, and time passes by without you noticing?
- Do you have any particular skill that can be traded for a payable service? Eg. copywriting, programming, consultancy, musical skill, dancing, etc.

SECOND, find a problem and identify solution.
 - By doing this, firstly listen to people. When people around you starts complaining about something, be conscious about it. It is a problem, and if you can think of a solution to people's problem you get the demand for potential business.
 - Can your hobby/skills solve people's problem?

THIRD, think your idea long-term
 - How long do you think your idea can last you? 
 - If it is a seasonal fad, it wont last you too long. When thinking of an idea, you start with the end in mind. How big and how far do you want your startup to grow?

FOURTH, ignore eureka myth, don't find idea that no one has done before.
 - If you are waiting for an eureka moment, you probably gonna wait forever. To source for an idea you need to work on it. Think, observe, identify, that is your eureka. Idea don't just bestow upon you for no reason.
 - Idea is nothing unique. Your new idea is actually the combination of different ideas. You can't waste your time thinking about an idea nobody has ever done before. You wont find it. A way to solve this, please refer the FIFTH rule.

FIFTH, be different.
- Thousands of entrepreneurs out there doing what you are doing. Your competitive edge is to serve the same business, but do it by being different. 
 - Serve the same audiences by adding something that no competitors has created before? 
 - How Facebook stands out from Friendster and MySpace? The answer, Facebook has newsfeed, the two players don't. That is being different.
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