Writing for Business Advice, Jenk Oz, founder of iCoolKid and the country’s youngest CEO, helps wannabe entrepreneurs get their own ideas off the ground with a guide to the first 30 days of starting a business.
Setting up a business is a huge challenge, so it’s important to have a focussed mind and be prepared for every single hurdle.
When we set up iCoolKid, I had a clear picture in my head of what I wanted the business to be, however getting into the “nitty gritty” of setting everything up was still pretty overwhelming.
To avoid losing focus during this crucial time, I decided to centre my attention on a few key aspects of the business first of all – and tried not to get bogged down in anything else.
The first 30 days saw me thinking about the critical steps I had to take to get the business off the ground, and I highly recommend this approach to any other young entrepreneurs who are starting out on their own business adventure too.
Below, I have shared a list of my five top tips for how to navigate the first 30 days when setting up a business, to help all those who want to get ahead in the business game.
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Create a story board for your idea
You might think this sounds basic, but getting your ideas on a piece of paper will give you the opportunity to really see what your business will look like. You won’t believe how much clarity you can get from a simple word cloud.
For the first 30 days, you should add to this board daily with new thoughts and inspirations. This is the best way to get a clear picture of what your business will be about, and what the foundations are which you can then build on. Make sure your thoughts are always positive and allow yourself to get creative.
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Get to know your audience
Once you know what your business is going to offer, you need to figure out who it’s going to be aimed at, and how you are going to reach your audience. Don’t worry about the financial side just yet- in my experience this is the part where people start worrying and often get disheartened.
However, at this point the key priority is figuring out your target demographic and how to engage with them. If you have an interesting product, and you feel it will interest a particular audience, surely there’s a way for you to reach them.
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Meet Britain’s youngest CEO – 11 year-old Jenk Oz
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Establish an “idea board of directors”
This is something I have learnt from my mum who is also the CFO of iCoolKid. Mum has taught me to view every person that I know – whether it’s family members or friends – as a potential business connection who can help me on my entrepreneurial journey. E.g. that one gadget-savvy uncle, who knows the ins and outs of the tech industry.
The idea is to pick say, four to five people, all different ages and from different backgrounds and use them as sounding boards to help inform and shape ideas. I have found my own “board of directors” to be an invaluable source of advice.
Pick people who have good judgement and who you believe are going to give you straight and constructive feedback. You also need to select good listeners, who will be able to meet with you for perhaps just one hour every couple of months.
You will soon notice these people will be your trusted advisors and will help you overcome any difficulties.”
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Nail your elevator pitch
When starting out on a new business venture, networking and meeting new people is key. With this in mind, It’s really important to nail a short “elevator pitch” which summarises your idea in an engaging way – as you never know when you are going to encounter a potential new investor.
I always say that an elevator pitch should include the “why”, “how” and “what” which describes your business. If you are passionate about getting the business of the ground, you need to make sure this shines through your pitch. A good business pitch can open doors and will explain to people why your idea is great.
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Get socially savvy
With internet access at our fingertips, knowledge is something that is literally one click away. Make sure to make the most out of this and use social media, as well as tools such as LinkedIn to really grow your network and introduce influential people to your business.
This way you might come across someone who isn’t necessarily in the same geographical location but can still help you achieve your goals. It’s also a great way to reach out to your audience and use social media to start building the network for your product.
Whatever it is you are passionate about, I guarantee you can start a business from your bedroom – all you need is a genius idea.
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