http://www.fourhourworkweek.com/blog/2013/08/08/low-risk-entrepreneurship/
Noah: work on what you're passionate about
Don't start a business until you know it's working
How to do it:
- spend as little time and money as possible to check if the business work
- business = hypothesis
- e.g.: can I get 200 people to buy a digital product
(engineer: like to build cool shit.
right approach: start with customers. check where people complain)
- build a very very minimal product
Tim: for the 4-hour chef
- get the prefered books from people, and see what they complain about on these books
- reduce the time, that's how you get creative.
Validate in a day, or a week.
setup accountability
daily commitment
Tim: register to good (popular) product to see how they upsell, cross sell, follow up
innoculate yourself against fear
Case studies
- Target a small and specific market
- scary prank app
to check if it works:
- check for existing similar products and whether they work
- set KPI, and track them. Be specific on goals
- use a google form to validate
- create relationships with prospects as early as possible. Build the audience.
- don't hesitate to start with your friends, facebook pages, blogs and so on to build and audience
- get referals from your prospects
- talk to people to get feedback
- don't "play business" - don't waste time in scale, techmology, etc. Start with: what is your business
- focus on one metric, make it realistic, check progress very regularly.
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