Starting a business is no easy task. The most valuable asset that you have is time which you have a lot of right now. Business is about solving someone’s problem and taking their money in exchange. Unfortunately, most 20 year old aspiring entrepreneurs are only familiar with consumer problems, because they themselves are consumers. And, starting a consumer product or service business is hard because it requires the capital to reach and sell to lots of customers.
What kills most startups is the cost of customer acquisition in comparison to their available cash and the profit per transaction.
Alternatively, I suggest to these young entrepreneurs that they look into identifying the problems of a business that can be solved with technology, often software in the form of an application. The cost of product development is low, and yet, the value to the customer may be very high. So high, in fact that the customer will often pay for the development of the product.
The key, therefore is to get out into an industry and a business so that you can observe the real every day problems, and innovate solutions that can offer real value to the customer. Remember something important. Nobody in the world, is waiting for your business, mine or anybody else’s.
Everybody is thinking `what is in it for me`. Nobody cares about your experience, qualifications or ideas, nor mine.
They only care about what is in it for them. So, realistically, your business has to do something for other people.
The point is, remember this quote. It will serve you well in business and life;
It will remind you, that it isn’t about you. It is about your customers.
But by the same token, don’t kid yourself that you have a reputation. Neither one of us is coca-cola.