The Ten Commandments of the Budding Entrepreneur
- Thou Shalt Get Going.
Big ideas don't fall out of the sky while you're lying on the sofa waiting for a eureka moment.
If you want to be an entrepreneur and launch a startup, choose the field you want to focus on and get stuck into, get to know the existing technologies in depth, explore your customers' problems inside out—and innovation will follow. Once you put your finger on the problem you want to solve and have a direction for a potential solution, don't be tempted to think that everyone shares the same problem as you or that the solution that suits you will necessarily suit other customers. You've got to conduct in‐depth research, including conversations with dozens of potential clients. It's not always easy because sometimes you'll have to find someone who can make an introduction, but it's essential. In the end, 95% of successful startups address existing needs or take existing solutions up a level, or in other words—it's all about evolution, not revolution.
- Thou Shalt Not Underestimate the Importance of Your Sector.
Your idea for a product is not the only important thing; so is the sector where it is meant to provide a solution. There are some sectors in which it is relatively easy to get a project going because investors are already familiar with it and find it easier gauging whether your company will succeed and there's a supportive ecosystem. If you're an Israeli entrepreneur, the cyberindustry is a good place to ...
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