So, you have a business idea. You’re pumped, you’re motivated and you’re ready to #10X your business. Before you go out and start an LLC, borrow money, and start building your website, you need to slow down.
The first thing you need to do is research your idea. Has anyone else had the same idea? Are there current products or services on the market? Who are the leaders in the industry? Get to know the industry and the key players. Basically, know what you’re getting into.
Next, you need to start testing — especially if you’ve never started a business before. Perhaps you might want to work in the industry first. Or go do what Sam Walton did — check out the competition. I’m serious. His wife joked that he spent more time in his competitors stores than he did in his own. In fact, he once got arrested in Brazil because he was measuring the aisle widths at a store!
Perhaps you’re going to dive in and open a business. If you do, be sure to test your marketing, test your strategy, test everything! Like Tai Lopez mentioned — his mentor Allan Nation often said that a business is like a baby. You constantly need to monitor it at the beginning.
Once you’ve run a few tests, observe the results. What is working? What isn’t? How is your product being used? If it’s being used differently than what you intended, pivot to that. If your results are showing that what you’re doing is working, then double down.
And then, repeat.
Remember, the business environment changes constantly. So whether you’re just starting out on your entrepreneurial journey or are a seasoned veteran — research, test, observe, adjust, repeat.