Search:
Recent Posts
Categories
Archives
Start Right Now
Guy Kawasaki said that the hardest part about getting started is getting started. So true! If you’ve been mulling over an idea in your head and don’t know where to start let me give you some pointers:
- Write a business plan or at least write the idea down if you don’t know how to write a business plan. The simple act of writing will force you to start thinking about the mechanics of the business and will give you more ideas than you can imagine. Its a powerful exercise.
- Start talking to entrepreneurs - tell them your idea and ask them for their advice on getting started.
- Start talking to people who know something about your industry or idea. You don’t need to tell them everything (a little caution is always good) but tell them enough to let them help you evaluate the idea. Ryan Money of Hirevue says to talk to 100 people (potential customers, etc) to finds out what the market need really is. That’s great advice. Remember, this requires a lot of listening and you must truly listen even if what you are hearing isn’t what you want to hear. I’ve saved myself a lot of money by simply asking and then discovering that my idea wasn’t all I thought it was cracked up to be.
- Find a potential competitor(s) and investigate everything you can about their business. This will tell you a lot about the viability of your idea.
- Find mentors who can help you and start looking for qualified people to fill management slots who are willing to help on a part time basis for free.
These are just a couple of ideas on getting started. I am mentoring a young entrepreneur right now who is in love with his idea. He has spent and incredible amount of time working on the business plan and creating a great product. Two of my students have been helping him write a business plan.
I told these guys the other night that they need to put down the plan and start selling. I told them to go out and prove the model. I told them to put down the plan and start talking to people. I told them to start building relationships with potential clients. I’m basically telling them to get started. There’s million of dollars floating around in their heads now all they need to do is go out and get it.
So what are you waiting for? Start right now!Â
Wait, didn’t you just grill me the other day on whether I had taken time out from getting started to sit down and figure out all the details? http://www.chrisknudsen.biz/?p=164
I am currently living what you just posted here, but would NOT be living it if I followed what you said in your other post.
I haven’t had time to respond to your previous post because I’ve been working non-stop (quite literally) for the last 10 days programming, debugging, talking to VCs, talking to tons of people, building partnerships, getting investment money, getting into Launch Silicon Valley, running the company, setting up appointments with bloggers for when I’m in silicon valley all next week, getting our beta ready, and a hundred other things along the way.
So, I’ll respond to both of them here. Question 1) we make it so you can actually find blog posts that are ABOUT the topic you are interested in, not 3 million hits for the keyword you typed. 2) Our customers are advertisers, we’re 6 months out from marketing to them, once we get funded we’re going to hire a crack marketing team. 3) We will be making money by creating a highly focused and usable page for millions of niche keyword combinations and tracking the traffic on them. We’ll then sell a 2×2 square in the upper right hand corner to a single advertiser for that page. In addition to that, we’ll be selling subscription only data feeds that are the result of highly specialized data mining algorithms. 4) I’m qualified to build the business and the technology - not run it. I intend to bring in someone else to be the ceo of the company once we get going. I will maintain creative control over the technology. Sales and Marketing are still a ways out, but once we are funded we’ll be higher some superstars.
You state in your previous post: “remember, VCs are typically not interested in startup’s with no revenue’ - however, there are actually several VCs who focus on very early-stage startups, those are who we’ve been talking to. The VC appt that you are refering to was scheduled for 30 minutes, they kept us there for 2 hours and have scheduled a follow up - remember, VCs kick you out as soon as they decide that you’re a waste of time. The Utah Angel groups generally think more like VCs - they want a big chunk of the company for piddly money - I know of one deal that is closing now that is for 300k - and they are taking 10%. That’s BS. For 10% I better get enough money to keep the company afloat for a good period of time.
Most people haven’t seen TagJungle, we’re still pretty stealth, on purpose. I’ve shared it with about 50 people and that’s it. I’ve become increasingly more open and public about it as we get close to launching but it’s still closed.
I appreciate the concern/interest you’ve expressed for TagJungle and our team. I’d be happy to take you to lunch and show you the latest and pick your brain about what we’re planning on doing.
Left by Phil801 on 11/02/2006Phil:
I don’t think I “grilled” you on whether you had thought of the details. I asked four or so simple questions - it appears you have answered them. Both post compliment each other. Ask simple questions and start getting out there is the first thing you need to do and that’s what both posts are saying.
Everything I say about VC’s is true and comes from experience. If you are getting in front of an early stage VC that is giving you attention then great. You might be beating the game. If a guy is giving up 10% for 300k that’s a $3 Million valuation. That’s a bad deal? Sounds good to me. “bad” is a relative term. If you think that’s a bad deal you won’t get funding because that’s the type of term sheet tagjungle will get when and if you finally get one.
You know that I want to see you guys be successful. I have some concerns about your model. I’d be more tha happy to get together and have lunch anytime. Let’s hook up after Launch:Silicon Valley.
Left by ctknud on 11/02/2006Chris,
Grilled was probably the wrong term for me to use. I’ll just point out that I’m currently going on a couple hours of sleep a night for several nights running and I may not have chosen my words as well as I would have otherwise. In fact, I may be doing that now ;).
As for the deal I was mentioning - I didn’t say that it was ‘bad’ because his valuation is in the 5 -10 million range (I don’t know the specifics). You’re right that if his valuation was 3mil it wouldn’t be a bad deal. Lunch the week after next would be awesome!
Left by Phil801 on 11/02/2006Great. Drop me a call and let’s hook up.
Left by ctknud on 11/02/2006