A First-Time Entrepreneur’s Cheat Sheet

Embarking on the entrepreneurial journey is more appealing than ever, and Becky Center's insights as the CEO of Indiegogo provide a roadmap for aspiring business owners navigating the onset of their ventures. The surge in new business applications post-pandemic indicates a significant interest in entrepreneurship. Center outlines critical challenges and offers strategic advice, underscoring the importance of starting with a problem-focused approach, the value of partnership, and the pathways to securing funding.

Research, Research, Research: The initial step involves deep diving into understanding the problem your business intends to solve. This insight forms the foundation of every subsequent decision.

Selecting a Co-founder: Partnering with someone who has entrepreneurial experience can mitigate many startup challenges. The emphasis here is on balance and complementary perspectives rather than agreement on every point.

Funding Strategies: Bootstrapping, engaging with angel investors, and exploring crowdfunding avenues are highlighted as viable options for early-stage financing. Center’s personal endorsement of crowdfunding reflects her belief in its potential to both raise funds and cultivate a product’s initial audience.

Outsourcing and MVP: Recognizing one's limitations by outsourcing tasks and focusing on developing a minimum viable product (MVP) are critical steps towards refining your offering and gaining valuable customer feedback.

The Importance of Marketing and Customer Feedback: Effective marketing and active engagement with your first customers are pivotal. Learning and adapting based on feedback can significantly influence future iterations of your product or service.

In this comprehensive overview, Center lays out a thoughtful and actionable guide for budding entrepreneurs. For those at the threshold of their business adventure, absorbing these insights could well be the difference between a false start and a successful launch.

Examine the full piece for a deeper dive into these entrepreneurial strategies.