If you have a business idea chances are you’re thinking I’m going to start a company! Then you’re thinking let me incorporate, register, and whole lot more things that comes with it. All of sudden you find yourself into a big pile of mess! You have no customer and there’s no user and you spend over $5K in legal fees and registration and went no where. That’s the story of most first-time entrepreneurs. As matter of fact that’s what they teach in entrepreneurship centres: how to write a business plan and setup the business. In real life, no one cares about the business plan. Do you have an audience to sell a solution that works?
Instead of starting a company start a project and here’s why:
1. When you start a project the pressure is gone. That’s right! All of sudden you become more creative and you focus on building project and growing it. This is way better than spending your time on stuff that doesn’t really matter!
2. You become more creative. Playing freely in the startup world is one of the best things. You swing freely and you can work creatively on your project. You start to experiment different channels and see what works and what doesn’t.
3. You focus on building an audience. When it’s a project you focus on building an audience. This is huge for marketing your solution.
4. If it fails who cares it was a project anyway. No one has heard about it. Failure is absolutely necessary in innovation. You should wear your badge of failure with honour. When it comes to building a startup fail as many times possible but don’t give up and stay persistent as hell.
5. It’s more fun. Working a project is more fun. You focus on the stuff that really matter. Keeping it fun keeps you going and going! Having that momentum can be a key in your project.
6. You can pivot so easily. Almost all great startups started as something else. Youtube was a dating website where users would upload video of themselves and say what they are looking for a partner. With a project you can easily experiment and see what the market wants. If they want the current solution, pivot, and change it into something else!
7. When the project takes off turn into a company. This is when you know you actually have a company. It’s when the project is taking. You have what’s called traction. Traction is a vital sign in a startup because without it you’re going no where! As matter of fact most startups lack traction and they become Zombie startup. What’s traction you ask? Traction can be things such as: number of subscribers, website traffic, number of customers, or even better sales!
So next time you have a business idea think about it as a project first in the beginning. Experiment, move fast, but don’t give up.