- July 19, 2015
- Akshay Mishra
1. Have an idea.
It might be a product you’ve always wanted to make, or a service you feel people need. It might even be something people don’t know they need yet, because it hasn’t been invented!
- It can be helpful—–and fun—–to have people who are bright and creative join you for a casual brainstorming session. Start with a simple question like: “what shall we build?”. The idea is not to create a business plan, just to generate some ideas. Many of the ideas will be duds, and there will be quite a few ordinary ones, but a few will emerge that have real potential.
2. Define your goals.
3. Create a working name.
- For a bit of fun, take a cue from the Beatles, who often use fun names for a song before it is finalized, like Yesterday, which had the working title of “Scrambled Eggs.”
4. Define your team.
- Think of some of the biggest success stories in recent times include John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin. In every case, the partnership brought out the best in both sides of the equation, and every one of them became billionaires. Is a partnership a guarantee of being a billionaire? No, but it doesn’t hurt!
5. Choose wisely.
- Does the other person complement your weaknesses? Or do both of you bring only one set of the same skills to the table? If the latter, be wary as you can have too many cooks doing the same thing while other things are left unattended.
- Do you see eye to eye on the big picture? Arguments about the details are a given, and are important for getting things right. But not seeing eye to eye on the big picture, the real purpose of your business can cause a split that may be irreparable. Be sure your team cares about the and buys into the purpose as much as you do.
- If interviewing people, do some reading on how to spot real talent beyond the certifications, degrees or lack thereof. People’s innate talents can often be somewhat different from the conventional education streams they’ve pursued (or failed to) and it’s important to look for “click” (you get along with them) and latent talents as much as paper credentials