As an entrepreneur, will you choose a good team over a good idea? If not, you’re probably on a very dangerous edge. Starting up your own business could be a very daunting thing to do, and the journey could potentially get very very lonely.. If you don’t have a great cofounder, mentor, advisor or an awesome team to support and complement your skill sets, it’s is sometimes unlikely that you will succeed. As the book also mentioned, investors need to reduce their risk in every investment and prefer to invest in those who they “have been in battle with”.
Are you creating a product that is more of an Aspirin or Vitamin? If you have no clue how these terms play out, you need to be on the same page with us! Aspirin or Vitamin usually refer to the price elasticity of demand for a new product you’re in the process of discovering. An Aspirin solves a problem that people are desperately looking for solutions and willing to pay big money to solve it, whereas, a Vitamin will only be consumed occasionally when people have more disposable income. In a nutshell, creating an Aspirin helps solve a real problem, whereas the of making a Vitamin can sometimes help to solve an artificial opportunity.
Do you think you are the first mover for a particular idea and have no competition in the industry? Probably not. Think for a second. There might be some other smart people like you who have tried the idea and didn’t work out. Or do you think if only you could raise huge investment, then, you are able to build a successful startup? Maybe you’re just not resourceful and ready at this moment to startup a business. Go find a place to develop your skills and networking and when you are ready, step out to be an adventurer and launch your own startup.
Interested in learning more about these topics mentioned above? Pick up a copy of Startup Opportunities and find out when it is time to quit your day job!
It’s not an easy job to startup a sustainable business; otherwise everyone would become a millionaire in this world. It requires intelligence, resilience and resources to make it happen. However, experiencing entrepreneurship and getting involved in initiatives would greatly shape one’s mentality; foster both thinking and executing capabilities, is promoted and encouraged at BioLinc. We strongly believe this would likely contribute to a more dynamic, innovative, and entrepreneurial workplace when these KSEers graduate from this program. Hopefully this could also translate to well-being of our future economic and cultural sustainability.
By: Chris Jia
Ambassador at BioLinc
