The importance of a quick start

If you have a business idea and dreamed of starting your own business, it is better to stop dreaming and start taking actual steps. A quick start can teach you many lessons about your idea. Along the way, you can always adopt your idea based on feedback that you receive. This is common among new ventures so don’t be afraid that you send confusing signals to your stakeholders.

You do not need to take large steps and make heavy commitments in the beginning. It is important that you quickly check a few key aspects of the idea such as the market size, the competition intensity, required resources and capital. Then, start with small steps and carefully observe the emergence of the idea. Don’t spend too much in the beginning as you are still learning. If the idea proves successful, you can put more resources into it.

Related:  Conquering fear of failure to embrace entrepreneurship

In my opinion, this approach is much more pragmatic compared to when you do a comprehensive market analysis and spend much efforts in the beginning. While you can spend much time and money in the beginning, you can never fully know how market responds before you launch the idea. This is why you can minimize your costs (and risk of failure involved in your activity) until you learn rules of the game. Once you feel the idea is working and the market is positively responding, you can raise the capital and expand the business.

About pourya

I am an entrepreneurship postdoctoral research fellow at Tilburg University in the Netherlands. My vision is to fill the gap between entrepreneurship research and practice with this website. Research and practice are two separate islands when it comes particularly to entrepreneurship. There are hundreds of papers/articles written every month but we hardly see their contribution to real life entrepreneurship.

1 comment on “The importance of a quick start

  1. Very nice article. Very clever. Thanks!

    Like

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