I want to start an architecture firm with some people from university who also study the same thing as I do. Is that a good idea?

I have read from other reddit posts that it's a bad idea to start businesses with friends because it will ruin your relationship and also because they are more prone to slack off leaving one person doing all the hard work but then demand the same contribution. There's more reasons but I can't be bothered to list.

I would not consider these people to be best friends or really close but they have a good work ethnic like me and are determined to become successful. We get along, share our own ideas and also take into consideration other ideas too. We have some knowledge on the buisness side of things but we still need to research a significant amount to have a good enough understanding to actually start a buisness. We also want some kind of mentor with experience because those online tutorials that large companies try to advertise saying they teach you how to have a successful buisness is BS.

I just want to know if I should go forward with this idea or not. I'm willing to risk the friendship and to ensure that everyone does their contribution we want to have some kind of legal document involved too. This is 3 other people btw. I also want to know if 4 people is too much and will cause too many problems in the future. Please give me detailed replies.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

How do I find a technical co-founder to help execute my idea? I have an idea for a website in the real estate field. I have a non-technical business development background and no funds.

I know that this post reads like an /r/startups circlejerk, but I have a business idea for a real estate website that I've developed over the past several months and believe that there's a good fit in the market for it. I have no technical skills and would like to find a co-founder to help me execute it.

I'm willing to give up ~50% equity to the right person, but I cannot offer any money at this point. I do have a clear path to monetization, but that will be several months after the first version of the idea is up-and-running.

Where do I turn for talent that would be interested in working on a project like this? I know it's hard because developers are in-demand and are compensated well.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

7 Ways Every Entrepreneur Should Evaluate A New Idea

Board-Artificial-RobotAs an advisor to entrepreneurs, one of the most common requests I get is for an evaluation of a next startup idea. I try to explain that even the most innovative idea will fail if it is not a good fit for you at this time, so the question I ask them is “why you now” rather than “why this solution now?” The right person can make any idea a business success, and the wrong one will always struggle.

The reality is that I can’t judge any idea in your context, because I don’t know your passions, knowledge base, and experiences. If you show me a written business plan, I can assess it from a technical perspective, but that doesn’t tell me if you are the right person to create the business. Thus I can only recommend some context for you to make your own idea and business decisions:

  1. Play to your passions and personal interests. Pick an arena that gets your creative juices flowing, rather than one that everyone says is the next big thing. If your goals in life revolve around social change or the environment, aim in that direction for your startup, rather than maximizing revenue and profit. If you are not motivated, you won’t succeed.

    Entrepreneur Tony Hsieh, who founded Zappos, was passionate in his belief that he could “deliver happiness” to customers, before making a profit, through innovative moves like surprising 80% of customers with free overnight shipping. He succeeded well in both.

  2. Trust your background and intellectual strengths. The most successful entrepreneurs focus on solving a problem that they personally have experienced, and are convinced they fully understand. Also the same applies to dealing with the business elements, such as marketing, business operations, and finances. You may need a partner on this one.

    Bill Gates learned to appreciate the power of computers at a very young age, but was frustrated that available models were large and hard to program. He invented BASIC and Windows, snagged Steve Ballmer for marketing, and Microsoft helped change the world.

  3. Consider your access to resources for startup efforts. Take a realistic view of your ability to assemble the necessary funding, and attract the right people. Your strengths in physics and electronics may be excellent, but most of us could never attract the funding required for a new microchip process. Maybe you need to start with a smaller idea.

    Experts estimate the cost of the first next-generation chip factory to be at least $ 10 billion. Unless you have deep pockets, you probably need some strong connections and support from the people at Intel or AMD before committing your entrepreneurial life to this effort.

  4. Assess the time and effort you are willing to commit. Most startup ideas will fail, if you approach them like a hobby that you can work on occasionally and on weekends. It’s hard to win when other entrepreneurs, such as Elon Musk, are known to work hundred-hour weeks, and don’t have a family to balance. Your time is a critical limited resource.

  5. Count the depth of your relationships with key people. Most successful startups have deep relationships with experts who can mentor and support them, or provide access to critical resources and funding. There is no entitlement in this business. You need to enjoy building the new relationships you need, and nurturing the ones you have, to succeed.

  6. Check your interest in learning how to fill the gaps. No matter how experienced and knowledgeable you are, every startup is a new learning process. If you don’t enjoy learning, stick to ideas and businesses that are “cookie-cutter” versions of what you already know. Your success depends on enjoying the journey as well as the destination.

  7. Test your ability to communicate value to others. Some of the highest potential ideas and businesses require a massive educational and sales effort, which may not be your forte or interest. Very few ideas these days have such obvious value that “if we build it, they will come.” Most startups require leading a team of people, and engaging customers.

So before you make those cold calls to me, or any other constituency, for an assessment of the viability of your next great idea, my advice if for you to take a hard look at your own drivers and resources, per the items listed here. I’m convinced that there are more than enough startup ideas around, such that you can pick one to match your profile, and we all win with your success.

Marty Zwilling

*** First published on Inc.com on 07/21/2020 ***

Startup Professionals Musings

What are the methods that you or someone else have used to validate a business idea?

Currently, the only way I know how is to go out and sell the product before making it.

However, that's not a very scalable or unbiased way of validating a business idea. Are there any less biased or more data driven ways. OR, perhaps you know a super biased and unscalable way that just seems to always work. Please share some of these methods here!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Idea to Income: Your 27-Day Plan to Side Hustle Success

Author, speaker and entrepreneur, Chris Guillebeau, is the host of the Side Hustle School podcast and the author of several bestselling books, including “The $ 100 Startup” and “Born for This.”

In his book, “Side Hustle,” Guillebeau teaches you how to get your side hustle idea out into the world and make a profit in less than 30 days.

The following excerpt is provided exclusively for StartupNation from “Side Hustle: From Idea to Income in 27 Days” Copyright © 2017 by Chris Guillebeau, Crown Business.

WEEK 1: BUILD AN ARSENAL OF IDEAS

A side hustle has many benefits, but it all starts with the right idea. This first week of hustling will teach you how to generate hustle ideas that actually work.

Day 1: Predict the future

The path from idea to income begins with your answer to an important question: Twenty-seven days from now, what will be different about your life?

Day 2: Learn how money grows on trees

Some hustle ideas are better than others. Learn the three qualities of a great idea and how to find ones with the most potential.

Day 3: Brainstorm, borrow or steal ideas

Using what you’ve learned about high-potential ideas, brainstorm, borrow or steal at least three possibilities for your hustle.

Day 4: Weigh the obstacles and opportunities of each idea

Now that you have several ideas, examine them more closely to understand their pros and cons.

Day 5: Forecast your profit on the back of a napkin

To estimate the profit of your side hustle, you don’t need a finance degree or a scientific calculator. You just need a napkin, a pen and the power of observation.


Related: 10 Steps to Start a Side Hustle (While Working a Full-Time Job)

WEEK 2: SELECT YOUR  BEST IDEA

Once you have multiple ideas, you need to be able to identify the best ones. Learn how to instantly rank and compare ideas so that you’ll have confidence to proceed with the highest possible odds of success.

Day 6: Use the side hustle selector to compare  ideas

Once you start thinking about side hustles, the ideas don’t stop. This tool will show you how to apply “Tinder for Hustling” logic to pick the best one at any given time.

Day 7: Become a detective

As you move forward with an idea, study what other people are doing. Then, do it better or do it differently.

Day 8: Have imaginary coffee with your ideal customer

There’s one person out there who meets your profile as the perfect customer. What can you learn from them?

Day 9: Transform your idea into an offer

Once you have a great idea and a specific idea of who it’s for, you need to transform that idea into an offer. An offer includes a promise, a pitch and a price.

Day 10: Create your origins story

Like a comic book superhero, your side hustle needs a history. Don’t just give ’em the facts; tell them a story.

WEEK 3: PREPARE  FOR LIFTOFF

You’ve settled on your idea, you’ve transformed it into an offer, and you know who your ideal customer is. This week you’ll learn how to help that person understand why they can’t live without your offer, without getting bogged down in unimportant details.

Day 11: Assemble the nuts and bolts

Resourcefulness is your most valuable hustle skill. Get all the logistics out of the way so you can focus on more important things.

Day 12: Decide how to price your offer

Pricing can be a challenge even for experienced hustlers. Use the cost-plus model and follow two easy guidelines for much higher odds of success.

Day 13: Create a side hustle shopping list

Your hustle will require specific tools, resources and deliverables. Learn to find, gather or create everything you’ll need to bring your offer into the world.

Day 14: Set up a way to get paid

You’ve got a lot more than just an idea now—you’re well under way to a real-life side hustle. Before proceeding, make sure you’ve also got a real-life way to get paid for it.

Day 15: Design your first workflow

You’re almost to launch week. By listing out your next steps in an ordered fashion, you’ll prevent mishaps and feel more confident.


Sign Up: Receive the StartupNation newsletter!

BONUS STEP

Day 16: Spend 10 percent more time on the most important tasks

Many new hustlers get caught up in mundane details. Avoid that trap from the beginning, and keep your focus on just two things.

To read the remaining steps found in days 17 through 27, pick up a copy of “Side Hustle: From Idea to Income in 27 Days,” available now at fine booksellers and for purchase through StartupNation.com. 

More Chris Guillebeau content from StartupNation:

The post Idea to Income: Your 27-Day Plan to Side Hustle Success appeared first on StartupNation.

StartupNation

Where to start with a business idea and what to consider

Hi there,

I am currently looking for some help on where i would start with a business idea. I honestly have no experience in my own business or how i would fund this but was hoping the good people of reddit would be able to give some guidance and share any experience they have of owning their own business or any tips on where to start with this idea.

What I want to do

My idea in the simplest format is opening a retro arcade bar/restaurant. I feel there is a niche for this kind of business in the place that I live as we don't actually have anything that fits this genre. Apart from one place but this is actually very limited with the arcade machines that they have and i wouldn't totally consider it a retro arcade bar/restaurant. I think there is a good opportunity that is being missed here I also think you could host lots of different events through out the week and the weekends that would attract guests of all kind. I have been browsing place's online and have found a couple of places that I think could work for this idea.

Questions I have

What things do i need to consider?

How does rent work when leasing somewhere per annum, do you pay this at the start of the year or the end and is there some kind of deposit that comes with this. Are there hidden fees i'm not considering? (the rent i was looking at is £60,000 pa)

When leasing somewhere will they let me renovate the inside or will i have restriction because i don't own this place?

Are licences expensive to serve alcohol?

How do you find out what business rates you would have to pay?

How would i acquire the arcade machines? Would i lease them or buy them?

Do i need a licence for arcade machines?

What kind of insurance do you get is there just some standard business insurance that covers you or is it specific due to the machines etc?

I have some capital, could i go to a bank and get loan with some sort of business plan for the rest or would i need investors?

How do i start with a business plan when i haven't actually even got a business?

Where would a good place be to start planning all off this?

I know this isn't just as easy as coming up with an idea and it happening over night but i needed to start somewhere and get some advise as i truly believe this is an idea that would be worth pursing. Thanks for any help you guys have.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Great idea! Need help to get the gears moving!

Hey everyone,

I have a great idea that is currently not on the market for those who love the outdoors and more importantly overlanding. This would be a product, let's say a tent. How would I got about getting this in motion. Initially, I was thinking about designing a prototype on illustrator, then finding manufacturers and companies who produce the materials I need to go ahead and make sample batches. However, I do not want my idea to be stolen. Should I make a patent? And now should I go about aquiring money/investors. Thanks! Advice would be appreciated!!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

I see this in my mind when somebody tries to kill my idea

I was countered with the efficient market theory several times and I fell for it. Later, I've bitterly learned of great startups with my "bad" and abandoned ideas.

This March though, I ignored this piece of wisdom and devised a toy which has proved to be a great success at pre-launch. There is an investor trying to buy shares and the children and parents who tested it are elated. I hope it will really take off.

So, this is my mantra from now on.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Programs/Investors for people with no idea and no team ?

Hello !

I'd like to found a startup, but I don't have an idea or a cofounder. I would be super interested in a program that gathers people like me to help me find a cofounder and an idea.

Entrepreneur first (I don't know if i can tell their name here. If it is against the rules I'll remove it) do this for exemple: They recruit ~60 people interested in entrepreneurship, then the 60 persons form teams, find ideas and are coached and financed by the company to found their startups.

But it seems extremely competitive and specialized in deep-tech, which is not exactly what I'm interested in.

Do you know any other program like that, preferably in europe ?

Thanks a lot !

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Is it plausible/a good idea to get a tech co-founder on board at thus stage?

So, we ve been running our startup for 4 years. My cofounder left late last year, and I'm now a solo founder.

We're a staffing platform with a fairly good web interface, and weve got some good devs that we outsource to. But, it's expensive.

The feedback from our users has more and more been "are you going to make an app?", and "Can you add this feature to my user dashboard" etc.

4 years in, good and growing MRR, and I'm in it for the long haul. I run all marketing, sales (although we've just brought on our first sales/accounts guy in a commission only trial), product development, relationships, and from the industry we serve.

I've always dreaded the thought of being one of those people trying to get a talented developer on board with promises of equity and growth, but, we've been going for a few years now, things are looking good, and I'm wondering if we're a good opportunity for a talented dev to join in as a co-founder long term. Our roadmap now has a lot of stuff in it which is tech based (features, app, etc).

Would love to know anyone's thoughts.

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Startups – Rapid Growth and Innovation is in Our Very Nature!