article thumbnail

5 Steps To Get You From Your First Idea To A Business

Startup Professionals Musings

One thing I have learned the hard way in business is that implementing new ideas is usually much more difficult than conceiving the idea in the first place. That’s why I caution my aspiring entrepreneur clients against proclaiming to investors that they are a great “idea” person. For example, I have a friend with a Ph.D.

Ideas 126
article thumbnail

8 Ways To Stay Competitive In Today’s Technical World

Startup Professionals Musings

I find that many entrepreneurs are so passionate about their own idea that they can’t stop selling it to potential partners. Outsourcing to expert freelancers or business partners is often a better solution for startups than managing everyone into the inside team. Let candidates educate you on attributes you need and they bring.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Key Leaders Every Technical Startup Needs To Thrive

Startup Professionals Musings

In my years of advising startups and occasional investing, I’ve seen many great ideas start and fail, but the right team always seems to make good things happen, even without the ultimate idea. That’s why investors say they invest in people (bet on the jockey, not the horse), rather than the idea. The industry veteran.

article thumbnail

8 Signs Of A New Business Initiative And Not A Hobby

Startup Professionals Musings

I still see entrepreneurs who spend money and time for months on a new business idea without any separation of personal and business funds, and any formal accounting system for their new business. Typically some production and delivery is outsourced, requiring formal contracts and documentation. Preparation and management of funding.

article thumbnail

7 Secrets To Bank Equity Funding Without Collateral

Startup Professionals Musings

You have to get past how great the product is to address clearly what your business rationale is, why it is different from the competition's, and why it will succeed. Show focus and your understanding that your company is something more than just a good idea. What a banker is looking for is validation of your idea.

Equity 121
article thumbnail

6 Ways A Prototype Will Enhance Your Startup Idea

Startup Professionals Musings

These days, everyone wants to be an entrepreneur, pitching their latest and greatest new idea, and looking for someone to give them money. Talk is cheap, but entrepreneurs who show you a working model of their idea know how to execute. Many ideas I hear sound great, but I have no idea if they can be implemented.

Ideas 107
article thumbnail

Maintain Your Startup Motivation While Working Harder

Startup Professionals Musings

That’s why all those so-called million dollar ideas I hear about as an investor don’t get me excited, and entrepreneurs find that working twenty hours a day often generates nothing more than sweat, instead of the desired sweat equity. Watch that patent provide a real barrier to competitive entry. Increasing customer focus and loyalty.

Startup 118