Have a business idea and don’t know where to begin? If you want to become an entrepreneur, here's how you get started.
Tried and tested by our very own Entrepreneur In Residence (EIR) and Murdoch business alumnus Jeremy Chetty, Co-Founder of Student Edge, a free student community with over one million members, Jeremy followed these steps when he and his friends began their start-up as Murdoch students 10 years ago.
Step 1: Think of an idea
First things first, you need a business idea. It can be a new product or service, or a way to improve a current one. To ensure you're successful, it's important to think about how you can make life easier for people with your idea.
In the video above, we follow Jordan's 2018 Think Big journey, whose ‘smart fob strap’ idea was sparked by his determination to find an alternative to wearing his smart watch around his wrist without it being damaged during his duties as a nurse.
Step 2: Get to work
You might have a good idea but without passion, your idea won’t thrive. Everyone has ideas, but the success or failure of a good idea lies in good old-fashioned hard work and dedication.
For Jordan, this process was made easier due to his participation in Think Big, a structured 8-week program that helps to equip students with the skills and insight to kick-start an entrepreneurial idea. In addition to receiving feedback and support along the way, the program allows for participants to develop and refine their idea in preparation for the pitch finals held in Singapore.
Step 3: Consider the risks involved
It’s time to consider the risk involved in getting your idea off the ground. What are the obstacles preventing you from starting this new venture? Do you have rent that you need to pay or a circle of friends who won’t support your dream? It's important you make a list and address these risks before you take your idea to the next stage.
Step 4: Research your idea
Try testing your idea. Bounce it off the people around you - friends, neighbours, and even strangers! We recommend trying the ‘100-person test’ - run your idea past 100 people and see how many of them like your idea.
Research also means looking at competitors in your industry and deciding who your target market is.
Step 5: It's time to build
It's time to build your product! In the start-up world it’s called an MVP, or ‘Minimal Viable Product’. Your MVP is a prototype you can begin testing with a sample market. By testing your MVP, you can iron out any bugs and problems before you go to launch.
Step 6: Launch your product
Finally, the moment of truth has arrived to get your product out to the masses! As it is your first project, consider a soft launch so you can fix any other issues you come across before taking it to market. Remember: success doesn’t happen overnight and tomorrow you won't wake up a millionaire. There's still a lot of hard work ahead.