How do I start a business?

Let’s talk about how to start a business.

How do I start?

That’s a bit broad isn’t it? It’s intimidating, and directionally. This is a hurdle that I’m in the process of working through. Between wrestling with different ideas and then trying to figure out - once I think I have an idea - what do I go to take the next step?

How do I shift this from an idea into some kind of tangible effort? Some movement? Something to make this feel like it’s happening?

In this predicament, I’ve turned to knowledge seeking as my greatest chance to discover what works in successful scenarios.

1. Find people who are successful in entrepreneurship

2. Learn about how they achieved success

For me - one of the best ways to do this is through reading. However, this really is a different type of reading than I am usually familiar with. It is similar to studying, but without the negative connotation. I’m seeking out answers in the text instead of trying to find out what happens next to a protagonist.

I recently picked up a book titled “Ready, Fire, Aim” by Michael Masterson. This guy is a fascinating businessman. He retired for the first time at the age of 39 with millions of dollars through various consulting and providing knowledge to businessmen (like me) that were hoping to start or grow their business.

Sounds like I’m in the right place!

He really does a great job explaining the situation that I find myself in, and also continues to provide insights and help to those that are in different stages of business.

So here are my biggest two takeaways from reading the first few chapters this week.

There are various stages to business - as most of you already know - businesses have different challenges that they face at different times of their growth stages. Mr. Masterson organizes them this way:

1. Stage One - Infancy - $0 to $1,000,000

2. Stage Two - Childhood - $1,000,000 to $10,000,000

3. Stage Three - Adolescence - $10,000,000 to $50,000,000

4. Stage Four - Adulthood - $50,000,000 to $100,000,000

With each stage, there are different focuses - and for me - someone who is starting out, the priorities for me in a “Stage One Business” are as such:

1. Get the product to a place where it is ready to be sold, but don’t perfect it

2. Sell it.

3. Then, if it sells, make it better.

Michael Masterson single handedly answered the questions I had in a very simple way. Fantastic!

It sounds like to start with #1 - I need to narrow down my product offerings and determine which would be the most viable. This may be a place where my MBA and career experience could come in handy.

-Sean