Thrills of being the Boss

Today’s thoughts are around the joy of being entrepreneur. To be fair, we always hear about people telling you to follow your dreams and how exciting it will be (we do it too :( ).

Is this the reading you really need? We can personally tell you that it is exciting but surely there are different things you can enjoy that not a motivator but a person who just does it can tell you.

Adam is the Managing Director of Junxion, and when asked him what he likes the most he actually gave a good view of entrepreneurship that we can share.

“[What I like about doing business is definitely] unforeseen opportunities. You can plan but then plans change and only thing you can do is to roll with it. For us that could be a having a new associate, a new relationship or a new exciting project that we can say no to.


The thing I love most is helping people develop the careers that they want. With my business I create employment and i nurture them as they develop individually and professionally in their career. Running my business is realizing my ambition as well as others’ and this is the most rewarding aspect of it.”

What most people talk about is realising your dream and it is true you are, but this is not the point. Starting a business is not selfish, it is responsibility.

You lead people who decided to follow you and they rely on your decisions and the salary you give them every month.

Aim at growing the business for people, as it is people who make it.

If you need some advice about your business feel free to have a chat with us HERE and

If you’d like to know more about Adam, read this!

Challenges

Sharing personal challenges is what ‘s most enjoyable about coworking.

At Launch I met Sammy, Managing Director of UKPA, who made me feel as though I’m not the only one :).

In fact, she said: “[Fede], the number one challenge is learning to do more with less.”

 

As I’m working solo on this, I know I can’t do everything, so I need to be selective and choose what adds value to our members. This allows me to avoid pouring energy into what doesn’t grow the business.

Organic growth is critical to UKPA and I’m focusing on it.

 

This is the typical chicken and egg scenario where we have to grow our membership in order to add more value to our members.

Btw We’re hiring so, if you know anyone let me know (chuckles).”

 

When you're alone running a business, you'll need to work smart. Many things might seem important but at the end of the day there are some metrics that count more than others, and for UKPA it's memberships.

 

What’s yours?

 

Understand your own and start working on it and the rest will come along with interns and then employees.

If you are interested in Sammy’s UKPA, take a look at this blog piece or if you need any advice from the Launch22 crew about your biz, feel free to get in touch HERE!


5 steps to fail fast and re-start

Let’s say you have spotted a problem and think you have the best idea in the world to fix it

Well… this could be true, but you know what, as brutal as this may sound, you might not be the first to have thought of it.

Here are some steps you can follow to test your idea in less than a week soo… BUCKLE UP!

 

1.    DEFINE THE PROBLEM

You’ve identified a problem and feel as though you're onto something, but let’s talk about it… are you really?

This is what we call an “Assumption”, because you are assuming that you have a solution, but truth is you have nothing for now.

You need to research, understand your target customer and how crowded the market is.

This information will be extremely valuable and will give you a basic (but ever important) understanding of your idea’s potential impact.

 

2.    DRAFT UP A LEAN CANVAS

Now, get yourself a lean canvas (Ash Muraya, 2010) and jot down all the main points of your business. This tool is 10x faster than a boring and backwards business plan and will help you visualise a model of your “company to be”, which is the perfect tool for the early stages.

3.    TEST YOUR ASSUMPTION

Now, let’s say that your idea is viable… How do you test it? You might say:
“I'll secure investment to create the app (or whatever), a marketing agency to advertise and by then… I’m Jeff Bezos!“.

This would be a dream… Reality is a bit different.

In fact, you need to to learn to achieve the highest results with the least effort/resources. A start could be a simple mock-up of a page advertising the service you created, with a “hook”/prompt for new customers such as “Signup for more info”.

This hands-on approach will give you an understanding of the number of potential customers. Way more motivating than just finding out on Google stats.

Is this enough? Nope…

 

4.    CREATE A PROTOTYPE

This is the second iteration of your development process but you are stronger, considering people have shown interest in your first iteration. This phase is more challenging as you'll be creating something which won’t just represent your “core” service but will simulate its functioning. Most of the time it will be you doing everything, but it'll be fun! You can call yourself Name“Bot”Surname after that. After development comes testing. You should behave like a scientist at this point and the test results will present you with different options, which will lead you to the final stage.

 

5.    PIVOT

Pivot is the amazing concept of learning from what you’ve already done (mistakes, most of the time) by obtaining customer feedback and using it to create something which works better than your last prototype. With this comes the acceptance of you being human (not perfect) and the realisation that the best thing you can do is save the good parts of what you've already done, scrap the not-so-good and start over, ready to smash it on the next iteration!

This is not a guide to perfect success, but a guide to save you a lot of time and money… especially money.

 

Running a startup with a limited budget puts you in the mindset of obtaining the best result with the minimum effort.

In this way you are not even wasting your time because the energy you use will come useful to the next project you follow.

 

You’ll notice that iterations will take less, and less time and you’ll develop yourself not just your business

Always maintain good relationships with early adopters, as they are the ones who promoted your product and will be keen to take part in the development process, possibly in exchange for freebies ;)

Scared, motivated or interested about your idea? get in touch HERE.

Why Should I start?

If you are willing to do something on your own and feel like there's a mountain to climb, well, keep reading this. Jade, Head of Partnerships and Business Development at Presence Orb, knows the feeling and that’s what you need to bear in mind.

 

Just Do it , if you know that you have a valid (and validated) idea. Ask yourself if you're really solving the problem you identified and determine whether there’s a market for it. You might have had the idea of a lifetime but what if nobody wants/needs it?

 

Make sure there is a gap in the market for the product/services which you are providing (How? You need to do some research!). There aren't many over-saturated markets, some are big enough to allow more competitors and some do not.   

 

Do you have viability? If so, the only thing you need to worry about is not being invisible. Make sure you have a comprehensive strategy to let people know you exist and understand that you are the only solution to their problem!

 

If you are interested in knowing more about Jade and Presence Orb, you can read this too and, if starting up is hard and you feel like getting some advice, feel free to get in touch HERE!

Guest Post: 5 Compelling Reasons to Give Coworking a Try

Guest Post: 5 Compelling Reasons to Give Coworking a Try

Over the last few years, the popularity of coworking has skyrocketed, with freelancers, entrepreneurs, startups and contractors all around the world coming together to escape the isolation of a work-life away from the standard nine-to-five routine. The question is, what makes coworking such a great opportunity for today's non-traditional worker?

3 min read time

Hump Day Postulations

Hump Day Postulations

This year’s Mental Health Week agenda is that of creating “a less stressful workplace”, and at Launch22 we’ve hacked the balance between getting work done and having the opportunity to relax and unwind with fellow members of the coworking space, where you can just unplug and detach yourself from whatever is troubling you, even if just for 10 minutes. - Giulia Palmieri, Launch22 Events Coordinator

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Eight ways thinking 'crazy' can kickstart your startup!

Eight ways thinking 'crazy' can kickstart your startup!

It was stressful having to think of one idea per minute but I enjoyed sketching out my 'Crazy 8s'. It really helped me generate some unique ideas that I wouldn't have thought of without the time pressure.

If you're feeling a bit stuck on your business idea, here are 8 reasons why sketching a Crazy 8 could help you too.

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Five Design Thinking steps that saved my Beauty Startup

Five Design Thinking steps that saved my Beauty Startup

Last week, I went to Launch22's Design Thinking session on their Incubator Programme. This session came at a really good time for me and my beauty startup. At the moment, me and my cofounder are trying to figure out the business problem/question: is there even a demand for Asian beauty products in the UK? I learnt that the design thinking process can be used to solve this problem.

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Practical Guide to not Killing your (Business) Partner

Practical Guide to not Killing your (Business) Partner

Cain and Abel. Romulus and Remus. Itchy and Scratchy. What do all these iconic duos have in common? Not much some might say, considering the latter are no more than a TV show within a TV show (albeit a rather amusing one). But they do. Sure, they all ended up killing each other but it was only through their union that they were abel (zing) to create something much bigger which one them a place in history, may it be tangible or fictional.

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Aimee C. Teesdale: How I failed my first year as a founder

Aimee C. Teesdale: How I failed my first year as a founder

My company (aka.: ‘my baby’, my ‘pride and joy’) turned 1 year old at the start of September (2016). Nothing all that special, until you consider that a few years ago, I would never have even dreamt that having my own business was possible. A small town girl from a dodgy council estate, who was I to think about starting a company?! “No, not me. I couldn’t do that”.

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MakeSweat: A two minute Startup Success Story

MakeSweat: A two minute Startup Success Story

MakeSweat is a success story that proves no dream is too great or too outlandish to succeed when infused with the right mentality and given the right support. Its goal, like the platform itself, is simple and elegant; through easy one button clicks, it gives sport lovers and clubs the ability to easily sign up to training sessions and races as well as bringing them together under one community.

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