Many people have ideas but don’t know how to turn them into businesses.
In this episode of #EntrepreneurWeekly, I share a 5 Step Model that anyone can follow to start any business as well as 5 mistakes many first time entrepreneurs make when starting out
The concepts are borrowed from the Lean Startup Model proposed by Eric Ries in his popular book, The Lean Startup which I think every entrepreneur should read.
Though the concepts of Lean Startup are more tailored towards tech startups/businesses, they can be adapted for businesses in any other field as well.
Use the timecodes below to jump to different sections of the video
0:00 – Intro
0:43 – Step #1 – Identify a problem or pain point
2:31 – Step #2 – Research the opportunity
4:41 – Step #3 – Build a Minimum Viable Product (or service) MVP
6:57 – Step #4 – Refine your product/service
9:26 – Step #5 Pivot or Persevere
11:20 – Conclusion