Entrepreneurship means you have to jump into the unknown at a certain moment

6 experiences in starting a business in an unfamiliar field

Although there is an old saying that “don’t do it if you’re not familiar with it”, although there are indeed many entrepreneurs who have succeeded in starting businesses in industries that have long-term accumulation… But if you just want to jump into a field that you’re not familiar with, you hope to open up a new world. What?

Here are 6 experiences that may resonate with you.

Because they are unfamiliar, they will keep an open mind and avoid path dependence;

Because they are not familiar with it, it is necessary to pay more attention to the objections and start with the answer “infeasibility”;

Because they are unfamiliar, it is more necessary to avoid rushing for success;

Because I’m not familiar with it, I don’t have to be restrained, the pony has to cross the river by himself

Because you are not familiar with it, it is better to be able to tell your solution from an objective perspective;

Because they are unfamiliar, they must avoid being greedy for everything, lean products and streamline the team.

Perhaps this article can help those thinking about starting a business to think about how to create a company, and focus on an idea with lasting value, persuade investors to join, form an early team, and take the first step from 0 to 1.

Each period monitors and compiles global high-value information outside the Chinese field of vision, to provide you with fresh information with first-step insight opportunities, and to provide you with in-depth content to upgrade your way of thinking, which is [Sequoia Hui Internal Reference].

6 experiences in starting a business in an unfamiliar field

Compiler: Hong Shan

We’ve heard all kinds of analogies about the early days of a business-it’s like you are building a plane while flying, or like you are learning to share your Lego bricks, or it often feels like a monster chewing on you. leg.

Irving Fain, the founder and CEO of Bowery Farming, gave a new analogy: “Entrepreneurship is like you are playing a map game. When you act in the game, it will light up wherever you go on the map. In some ways, entrepreneurship is also like staring at this almost dark map-you don’t know if you are heading towards a cliff.”

For Fain, although this is not the first time to start a business, Bowery’s development process has been tortuous. One of the challenging issues is that Fain had never worked in a related field before starting Bowery. But he believes: “This is a road that no one has traveled before, and this is also the reason for the excitement. Innocence is an important quality that entrepreneurs must have-they don’t take for granted what is possible or impossible. I don’t know the surroundings. What’s in the dark corners of the world is actually an advantage, because it forces you to see for yourself those corners you don’t normally see.”

Lesson 1: When used properly, the “innocence” that is not valued by others is actually an important trait of the founder

“When you want to start a company, you can start from a very broad field, slowly narrow the scope of your interests, and finally fall into an idea you want to realize and the business you want to build in the end.”

Although there are many very famous founders who have succeeded in starting their businesses on the basis of accumulated industry experience, Fain is not one of these founders. He believes: “Entrepreneurs must have appropriate innocence. In other words, before entering a certain field or industry, although they must have real knowledge and understanding, they must also have innocent courage.”

Jian Li line began basic knowledge industry from a very broad perspective, and this broad perspective opens up the possibility of various entrepreneurship. “I really let myself explore and understand everything. With the passage of time, I went further and further, and finally focused on urban agriculture. More specifically, how to achieve Get fresh food in the urban environment and do it in a more sustainable and effective way.” Fain said.

He transformed his lack of industry experience into an open mind, focusing on “what can be done” rather than “what solutions to build.” “I’m like a horse racer who didn’t have a horse before, and joined a horse race-so we don’t have any preconceived ideas about which system to build.” He said, “What I really care about is how to solve the problem. , And find the most effective way to achieve scale at the same time.”

Lesson 2: Balance support and opposition

It is important to see all directions of things and consider all the right things that can be done. But perhaps more importantly, to understand all the things that can be done wrong. If an entrepreneur fails to do this, it means that he has not thought sharply enough, and he has not taken his ideas seriously enough.

Entrepreneurship means you have to jump into the unknown at a certain moment

In the early days of entrepreneurship, in the process of exploring the business direction, facing a brand new industry that has not yet become the mainstream, you will meet people who have greatly inspired you, and you will also have opposite opinions and ideas. For entrepreneurs, they must be very cautious in order not to be affected by “confirmation bias.” When someone is excited and believes in what you are doing to encourage you, it’s also important to find those who don’t believe in what you’re doing, who think you have chosen the wrong path, and who think you’re doing the business wrong, let They poured cold water on you to wake up.

This is a subtle shift in the mental framework. It takes time to understand why people who oppose you think so. Therefore, first assume that something is impossible, and then try to prove that it is possible in the process.

Experience 3: Carefully evaluate ideas/market adaptability to ensure long-term persistence

Novice founders may pay too much attention to the beginning of things, but in a situation of eagerness, it is easy to forget that this is a marathon, not a sprint.

Pay special attention to evaluating your various ideas with a long-term perspective. When observing and evaluating different ideas, even if some of the ideas make you more and more Xing Fen, but also tried to restrain and seize the pace of development.

As an entrepreneur, the core question you should ask yourself is: three years from now, five years from now or even longer, are you still excited about this? Make sure that your enthusiasm for this cause will continue to grow over time, no matter what the situation is good or bad, you can continue your passion, enthusiasm and true love for the problem and the business. Because the journey to be embarked on is not short.

Experience 4: You can lower the height of the cliff, but you still have to jump

No matter how much pre-research you do, you cannot avoid the fact that you have to jump into the unknown at some point.

Although the investment in the analysis and research of the industry is very important, it can’t just do the desk work all the time. Otherwise, it takes a lot of time to evaluate, evaluate, evaluate, and then deny, then evaluate, evaluate, evaluate, and then deny. It may be that too much time was spent searching for the wrong answer.

Entrepreneurship is inevitably taking the first step, running, and jumping. In some ways, you can reduce the height of the cliff as much as possible-reduce the risk. But no matter how much pre-work and research you do, you cannot avoid the fact that you have to jump into the unknown at some point.

For most entrepreneurs, taking this step means building an MVP (Minimum Viable Product), and the next step is to determine an effective way to scale it. Therefore, in the early stage of starting a business, you need to determine “what is most important”, determine what you want to prove to yourself, the market, and the investment community; the next step is to clarify what the company needs to do, what to create, and who to hire to achieve it… Do it in a cost-effective way to ensure that it is feasible.

Lesson 5: Share the “how to do” experience, not the “why”

You have to do it concisely and efficiently: let those who are not familiar with the industry understand what you are trying to create and how to create it, and identify with it.

After making an MVP, the startup company has to face financing challenges.

All founders need to learn to tell stories—convince all kinds of people, from investors to employees to customers, to convince them of their vision and why this vision is important. Entrepreneurs must not only be an evangelist to promote what you are doing and why it is important, but also to be a good teacher and explain to the outside world why this is the most effective and efficient way to solve this problem.

Since time is limited and it is impossible to make a long discussion, it is necessary to quickly grasp the imagination of the other party. To tell the other person why what you are doing is interesting and exciting, you must also be concise and efficient so that the other person can quickly understand and trust you.

Lesson 6: Focus on success

Because your resources are limited, time is limited, and there are many things to prove. Therefore, as a founder, one of the early jobs is to evaluate what is most important to the business you are building.

Entrepreneurship, the pain points that I try to solve are always complex and diverse. Although interesting and exciting, it looks like a bottomless pit in any direction. Therefore, it is necessary to form a reasonable team and focus on the most important things.

Entrepreneurs can start by analyzing their ability matrix to determine what shortcomings they need to make up for. Where are your strengths and weaknesses? Which of your skills overlap with the most important things? In those important fields that you are not proficient in, the job of an entrepreneur is to find people who are good at it.

The ultimate focus is essential. Just like the MVP (Minimum Viable Product) of the product, the team also needs a variety of MVP (Most Valuable Player). By deliberately keeping a lean team, everyone can make up for each other’s shortcomings and focus on solving what you think is the biggest challenge.

In addition to the above 6 items, Fain also has a piece of advice for entrepreneurs:

To challenge the status quo, you must first understand the causes of the status quo.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/entrepreneurship-means-you-have-to-jump-into-the-unknown-at-a-certain-moment/
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