Here is what you need to do…
- Find a space that is growing. If you know the space very well, that’s a big bonus.
- Think of an idea in that fast-growing space. Don’t think too hard, and definitely don’t let procrastination slow you down because your idea won’t work anyway.
- Get access to at least US$20k. This should give you enough to build a basic product to test your idea. Get a job and save up, convince your parents, get friendly with your rich uncle. Whatever.
- Find some co-founders. This is hard as humans, by nature, are chickens, so if you fail here, get some staff instead and co-founders may come later.
- Launch a basic version of your app/website. Note it will be 2-3 times over-budget and way behind schedule.
- Learn what your customers want, and make adjustments. Keep doing this for months, after which your business model will have changed significantly from where it was at 2.
- Get some traction, hopefully before you run out of your US$20k.
- Raise more money on the back of your traction.
- Work your balls off for 5–10 years.