[Note: This is a guest post from our good friend Edmund Lowman. He has built the #1 rated chain of hostels in Thailand along with a bunch of other successful businesses that he’ll tell you about below. He’s also a rock star. Legitimately. He was in Red Jumpsuit Apparatus before becoming an entrepreneur. He knows what’s what–check it!]
These days having your own business is all the rage.
Everyone thinks it’s like the cool thing to do and it’s going to make them super-mega-crazy-boy-band-rich…
The truth is that it just may, but if that’s your only logic for jumping into the sea of sharks, unfortunately you are in for a very big surprise.
However, if you are staring at the sea of sharks and thinking to yourself, “Man I really want to punch that shark in the mouth,” or “This is going to be exciting as hell and hopefully I won’t get eaten,” well then my friend you might just have a fighting chance.
Based on my personal experience and experience coaching others, I’ve found that there are typically 7 deadly sins that are sure to sink your startup.
1. Not Validating Your Idea
If I had a dollar for every time that someone has come to me and said:
“Oh man, I have this great idea, I am developing this software that (insert useless task that no one cares about in the first place) it’s going to revolutionize the way people (poop in the streets, or something else useless) and then I would never ever have to work again and I would be able to spend way more time expanding my farmville empire.”
Now believe it or not there are people that have pretty good idea that could potentially be amazing, but they suffer from the inability to act.
Their reasons are typically because they want to make it perfect, the website isn’t ready, their business cards are being printed, they’re just waiting for my LLC papers, the economy is bad… Whatever.
All of these are just excuses and the reality is what is holding them up is FEAR.
Fear is crippling, trust me I know.
Even after I had had a business for several years, when thinking of ideas for a new one I found myself paralyzed by inaction and fear. Eventually I decided to take an online course on “How to start a business” and keep in mind I already owned a multi-million dollar company, but I figured it couldn’t hurt.
The course was Noah Kagan’s Monthly 1k it was AMAZING!
It changed my outlook on business completely and led me to starting Slumber Party Hostel, which is now a million dollar company and growing by the day.
Slumber Party Hostel: A business or do I just get to party? Sometimes I can’t tell.
Here’s the thing, what is the absolute worst that could happen?
Thanks for reading this great article thanks to the Startupbros please click on the below link to read the complete article.