Monday, 14 May 2012 Written by Sandip Singh
Entrepreneur Sandip Singh Shares his 5 Step Startup Process
I see a lot of young entrepreneurs making the same mistakes when starting out and I hope that others can learn from my journey so far. Here's my 5 step process young entrepreneurs should go through when they're looking to create an online business:
1. Read, read and read some more.
Learn about website marketing, the different ways in which you can create a website, the mindset needed to succeed and common mistakes to avoid. Follow great, down-to-earth bloggers such as Neil Patel (Quick Sprout), Glen Allsopp (ViperChill) and Lisa Irby (2createawebsite).
You don't need to master everything (you can always outsource!), but get a good understanding of how the various elements that go into the world of online businesses work.
2. Don't buy into the hype
There are so many courses and products out there that will apparently make you rich quick, teach you search engine 'secrets' and do other magical things that will make all your dreams come true. Don't believe it. There are very few products and tools that I think you actually need (feel free to email me if you need specific advice) and there's masses of great content already available for free (see previously mentioned bloggers).
3. Don't be a victim of analysis paralysis
Once you've learnt about building an online business (step 1) go ahead and create something that you feel passionate about. If you fail, who cares!? Use it as a learning experience. I advise you to spend less than $200 on your first venture (you could get away with just spending $10 on a domain name!).
Don't aim to change the world with this project, use your first venture as a learning experience to see how things work in reality and have some fun. You'll also learn a lot about your own likes and dislikes which will help guide you to the type of business you create in the future.
I'd recommend entrepreneurs to not juggle more than two ventures at once - you simply won't have enough time to make all of them truly great. If you're working on something big, focus on just that one thing. Anything else should be seen as a distraction. However, if your business hasn't gained any traction within six to twelve months (this varies depending on your industry), then consider moving on.
5. Embrace Change
The online environment changes fast so be ready to adapt. There are several factors out of your control such as new competitors (and with low barriers to entry these can spring up quick!), Google algorithm changes, evolving social networks and more. If you work to continually improve and on creating something truly awesome then all other things should fall into place. I love this quote by Henry Ford: "The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time"