Last month, I was invited to speak at an online event hosted by The Cru on a topic that is very close to my heart: how to launch your dream business.
Founder and CEO of The Cru, Tiffany Dufu, and I had a very interesting conversation about entrepreneurship, overcoming barriers to entry, and the power of unconventional networking.
If you missed the event, here are some key takeaways:
If you have a product idea, here’s the first step you should take.
You need to have a process to work through whether an idea is worth your time, energy, and resources. The businesses you don’t launch are just as important as the ones you do. Here are two free tools to help you decide if it’s time to pursue a launch or move on.
Take some time to think about any barriers to entry you may face. This could be in terms of manufacturing costs, patent issues, or supply chain issues. Talk to people within your network who could help to figure out whether your business idea is feasible.
How do you overcome the financial barrier of starting a business?
I truly believe that there’s never been a better time to start a business than right now. The cost of launching a website has come down significantly in recent years, and the availability of freelance services have made it easy for entrepreneurs on a budget to find the help they need without recruiting a costly in-house team.
Make use of competitive platforms like Fiverr and Upwork to find affordable solutions within your budget.
How important is networking to an entrepreneur?
Networking is definitely essential, and I’m a huge advocate of forming friend-torships (as opposed to mentorships) that are reciprocal in nature.
A great way to expand your network of friend-tors is to think of something that brings you joy, and join a group for that, where you can meet other like-minded people. These groups don’t have to be related to your business or niche, and that’s the beauty of it. You get to meet people with different backgrounds and expertise. This helps to broaden your perspective on things.
Follow me on Instagram @tinawells_ for updates on future events!