The basics of starting a business are very simple; you don’t need an MBA (keep the $60,000 tuition), venture capital, or even a detailed plan. You just need a product or service, a group of people willing to pay for it, and a way to get paid. This can be broken down as follows:
1. Product or service: what you sell
2. People willing to pay for it: your customers
3. A way to get paid: how you’ll exchange a product or service for money
To make this clear let's say it again;
To start a business, you need three things:
a product or service, a group of people willing to pay for it, and a way to get paid. Everything else
The hard way to start a business is to fumble along, uncertain whether your big idea will resonate with customers. The easy way is to find out what people want and then find a way to give it to them.
the problem: Many businesses are modeled on the idea that customers should come back to the kitchen and make their own dinner. Instead of giving people what they really want, the business owners have the idea that it’s better to involve customers behind the scenes … because that’s what they think customers want.
As you begin to think like an entrepreneur, you’ll notice that business ideas can come from anywhere. When you go to the store, pay attention to the way they display the signage. Check the prices on restaurant menus not just for your own budget but also to compare them with the prices at other places. When you see an ad, ask yourself: What is the most important message the company is trying to communicate?
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
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“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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