Starting a business sounds risky. What if I end up spending too much time, money and my idea fails? Is my idea too risky for me?
You are right to have that thought, it is risky. This is why we are firm believers of the “Starters Journey” map. It is important to minimise uncertainty in every step.
Let’s discuss Uncertainty – the unknown.
You have to acknowledge that uncertainty is at its peak at the beginning of your venture.
Yes, this sounds obvious.
Yet, many entrepreneurs fail to understand the implication of high uncertainty.
Invest more in decreasing uncertainty
You should not spend time on refining or be perfecting a non-validated idea, the risk of failing is very high.
Start with cheap and fast experiment when uncertainty is high. You should only have the framework of an idea so that you are able to test and iterate.
Having assumptions is great!
You have many assumptions on how and why your idea is going to work or fail. Assumptions are a validation of your idea.
List these assumptions down once you have shaped your initial idea. You will have to first test these assumptions (hypothesis).
Other tips as you dive deeper into this course:
- Optimise your experiments (aka MVPs) for learning. Don’t build a smaller version of what you intend to build.
- Build a business only after finding the right value proposition(s) and business model.