Innovation Workshop Partner Hua: Easy to make 5 mistakes in the early stage of entrepreneurship

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Founding Partner of Innovation Workshop Hua recently published an article on "The mistakes of preparing for business", summed up the early start of the 5 types of mistakes, including inadequate preparation, too much emphasis on ideas, ignore implementation, choose too complex, beyond the company's ability to project, long time part-time business, multi-line development, and want to do too many things.

The following is the founding partner of Innovation Workshop Hua blog Full text:

1. Insufficient preparation

I see a lot of situations where a person starts a business just because he wants to start a business, or thinks or hears an idea, or even just dissatisfaction with his current job. Passion is the first step in entrepreneurship, but entrepreneurship is not so simple. First, do you really study what you want to do?

For example, open shop in Taobao is one of the easiest to start a business, but even this, before doing, you have not analyzed all categories of Taobao sales, profits, sourcing and other situations? Do you have any of the top hundreds of popular products and businesses for the categories you want to do? In front of the merchants and goods, Have you analyzed every single deal in their last few months, commented? Other people's practices, from selection, pricing, sourcing, ranking, customer service, promotion, distribution? Have you ever learned from a senior person in the industry? Is there a field visit to the source? Have you analyzed and researched your buyer group?

If an entrepreneur talks to me, if I as an investor than he in the things he wants to know more, understand the deep, then I will not only do not vote, but would persuade him to go back to think about it, to understand whether he really seriously think and treat his own business.

Even if you know what you want to do, the second step is whether you can aggregate the elements needed to do it, including experience accumulation, team, start-up funds, qualification licenses, business channels, and so on. Depending on what you want to do, the elements you need are different, but the basics are your accumulated experience and your team.

I have seen all the successful projects, entrepreneurs have been in the relevant industries or related to have a very solid accumulation, there are technical, or operational, intellectual, networking, management, etc., such as Wang Haibing in Moore before the QQ pet, Zhi star in the social games before the Flash.

Many young, good entrepreneurs have done small websites, small businesses or independent developers in college. Even if you have no direct experience of what you want to do, at least you should have relevant skills, operations, team leadership, etc.

Recent run-up plans often have a similar "I am a college graduate, professional and idea irrelevant" or "no relevant background, but feel that the industry will be very hot, can be accepted" such inquiries. We all recommend finding a company to work with. If the mobile Internet, you can first try to do independent developers, have enough skills, knowledge and the accumulation of life before starting.

Teams and partners are another of the most important elements. Now the internet is not like a decade ago, the competition is very fierce, change very quickly, requires the team to start with a relatively complete core team. Ten years ago not too many people to do the Internet, the founder and team have enough time and space to make mistakes and grow. Tencent, for example, made a lot of mistakes and it could be fatal today. So when you're planning a startup, the next thing you can do is to find a partner that complements you in every way. If not, then you should reconsider your plan. For example, I would not normally invest in an entrepreneur who is incapable or unwilling to attract a small group of people to work with themselves.

2. Too much emphasis on ideas, neglect of implementation

Many entrepreneurs attach great importance to his ideas, and do not want to talk to others, the success of the entire venture on the top. In fact, the most worthless thing about the internet is the idea. There are so many smart people on the Internet, any idea you can think of, there must have been 100 others have thought about it or even done it, and if no one thought about it, 99% might be the idea is problematic. Entrepreneurship is a secret, but the secret is not in the idea itself, but in the implementation of ideas, how to do it. For example, Jingdong Mall, everyone is doing the idea, but copying is not used, all the core in the implementation. If it's an idea and you think someone knows it and you're not going to do it at first, you're doomed to fail. The problem is that too much pursuit of ideas, blindly seeking change, the pursuit of different, but led to a pile of no enforceability of the plan.

3. Select projects that are too complex to exceed company capacity

Many entrepreneurs have a big vision, to do the platform. For example, a few years ago many small companies to do mobile phone two-dimensional code. But think about, two-dimensional code, not only to do a good product, but also to set standards, so that mobile phone manufacturers to accept pre-installed reading software, so that a variety of businesses to accept the use of this is not a small company can do. Start-up companies or from a simple and clear things to start, any standard platform, need a large number of third party acceptance, or need to do several things to succeed, or the whole chain of most links in the control, it is best not to do. In fact, the Internet is now platform companies, most of which are from an application began. Yahoo is the first web site, QQ is an IM, 360 security guards are the first Trojan kill.

4. Long-time part-time business

Many entrepreneurs to reduce risk, choose a part-time business, and so on after the first version of the product to see the success or not to do. In fact, start-up preparation and research of the time does not resign is possible, but a long time part-time business is not advisable. Entrepreneurship is a need to fully invest in, part-time often lead to low performance, thinking not in-depth, the team can not really set up (founders are not full-time, how to attract good people to join), unable to finance. The most important thing is to give up and lose market opportunities easily.

Most startups tend to be less successful in the first version of the product and the first attempt, and success often comes from subsequent continuous learning improvements. For example, social and web games I have seen more part-time business, but also give up a lot. But many of the games that are now very successful, such as business tycoons, the first version of the market feedback is not good, they are through more than half a year of gradual improvement only gradually become a successful game.

More important is the opportunity. A category of new opportunities, often the time window is limited, from a field of new start to the emergence of mature companies or large companies into the industry, resulting in no longer suitable for entrepreneurship, often more than a year of time. For example, when Zynga, Playfish and so on, the opportunity to become a Zynga is gone. From MySpace to Facebook's maturity, it's not likely to be a SNS. Part-time entrepreneur competitors are the 100% of other start-up companies, how can you beat someone else? The slow speed of a year quickly passes, leading directly to the window of the moment that misses the whole opportunity. This opportunity is not always available. If you believe in the general direction of what you are doing, don't start a part-time business.

5. Multi-line development and want to do too many things

Hope that the product features rich, piling functions, not to grasp the core needs and core values. Do not pay attention to policies and restrictions. Choose too narrow direction, not to consider the promotion channel, profit model and so on. This is actually in the first episode of my Entrepreneurial series, the second episode has been said, here is not to repeat.