Want to make a business?

05/15/2010

Some people think it’s easy, some think that it’s hard…Some look like they have a natural gift for developing ideas, turning them into a projects and making them successful. During Mace we had to run a business. In the beginning it seemed like an easy thing to do, most of the people (including me) thought, that it’s going to be easy…but it wasn’t:( most of us ended up spending more than we earned, some of us we put a lot of heart into our work and all of us  definitely enjoyed of what we did.

After writing the rapport for final presentation, when I had time to reflect on the past year and what we did well or wrong. I wanted to share my ideas, about what one should do if he/she want to start a creative business:

1. Idea.

Have u got an idea of what your business should be doing? or you know that you want to run your own business, but don’t have an idea? or you are just scared?

My advice at this point is: think of what you are passionate about. It doesn’t have to be lifelong passion, it can something that you like at particular moment and find frustrating, that you cannot have it differently (like Pika- I didn’t like the rain falling down on my face, hands and laps, when I cycled and that was a starting point for the cape idea).This way you will gain empathy for your future customers, as you will know by yourself how they feel about the problem that you are trying to solve.

2. Don’t be scared, that your idea might not be good. There is no such a thing like bad ideas; the only thing that will happen is that you will approach it from the wrong angle and this is what will make it not to work. Think about who will buy it- make research if necessary.  Try to find out if there is something similar on the market; if it does, think how you could work on something that already exists to give it a new dimension  (Pika cape was based on one that existed on the market for 20 years).

3. No-one is a person of renaissance –  you cannot do everything by yourself. Look around, see if you have friends, who will be willing to help you with developing your idea, maybe they too would like to get involved in the business.  Another reason, why you cannot do everything by yourself, is that its better to work in a group, as you always have someone to support you and give you feedback on what you do. Besides, there will be times, when you will need second person with you otherwise, it will take you too long to develop a project and then it might be too late.  Remember someone can have the same idea as you, so don’t let make it before you.

4. Stay focus on what you do. If you want to achieve something, you have to dedicate yourself to the project- you need to leave your private life at home. Just put it on the shelf, roll up your sleeves and get ready to work. Sometimes, what is going on with your personal life can be too much of a distraction.

5. If you know already of what you want to do, who is your audience, what problems you want to solve try to see how much money you will need to make it work. Check your savings, see if there is someone who will be willing to help you with your finances. They are important. Don’t leave thinking about your finances to the last minute this might spoil all the effort, that you have already put into what you did so far. You need money and you need to think about it. You need it to generate the value, it doesn’t matter if it’s a service or a product that you are making – you will need it.

6. Try to foresee different scenarios for both success and failure. If it won’t work out, you won’t be surprised. And constantly try to check on yourself, on what you do right and what went wrong and why, this will help you to avoid future mistakes.

7. Listen to the advises, or if you don’t want listen just write them down – they may be useful.

8. Prototype. Draw, make cut-outs, play with different materials. Show it to people and ask for feedback.

9. Once made your final prototype, when you are content with it try it on yourself and see if you like it. You have to the most serious judge for yourself.

10. No one is sleeping on money, as they say in my language. Take your prototype and try to get more founding. If you have enough capital to finance the production find people who will buy it before starting producing it. This way you will avoid taking unnecessary financial risk.

11. Have faith in what you do and don’t lose it. If you failed once, remember, that it’s not the end of the world.

12. Make sure you enjoy what you do- this way you won’t get bored quickly.

13. Once you are running your business already don’t forget that most of the new businesses fail. Generating positive cash flows for young enterprises can be hard. Be prepared, that you might need to keep you current job to be able to support yourself and sometimes your business. Sometime it can take from haf to two years. unfortunately this is the time you need put your feet firm on the market.

Enjoy.

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