It is the right time to innovate and start a startup.
How covid19 can be the cause of new startups.
The situation is very difficult, the #Covid19 causes brutal changes in the way we live, work and organize our time. There is no doubt that this situation is temporary and that even if we must focus on our present actions, we must also think about the future. After Coronavirus. What are we going to do next? Are we going to go back to work without any changes in our approach to life? Will we start repeating the same things again after these difficult times? Will we all keep our jobs? Will the economy recover?
Everyone will find their own answers to these questions here, so I will just give my perspective on that.
Most of the reactions are in the direction of the weakest companies disappearing, and that is a real sadness. Yet these companies are the most agile and have the opportunities to reinvent themselves to change their paradigms. Government support is not going to be particularly helpful. So what can we do?
I personally think that there are many signals that are in the green to at least test new markets and try new approaches.
In three points, why is this the wrong time?
It's not the right time. Everyone is stuck at home.
Too much uncertainty, it's already complicated to know what we're going to do today, so until we start a new project...
The stock market is in full crack, I would never be able to raise money under these conditions.
Why is it the right time?
With social distancing measures/confinement, you have more time for yourself. Fewer trips to the office = more time to learn, understand and try to move forward.
Every crisis is full of opportunities. When everyone panics, have confidence in yourself. When everyone is worried, be bold.
The opportunities you will spot will present themselves to you without warning. Keep an eye out for signs, ideas and those life-changing moments, write them down quickly in a notebook and come back to this list when you have time. You'll be amazed at the ideas you write down.
More than half of the world's population is confined to their homes, waiting to get back to work. This is a good time to test your hypotheses about a population with few distractions.
Your tests will cost you next to nothing. At worst, once deconfinement begins, you'll give up those ideas and you'll feel like you've tried something.
How do I tackle this project?
First of all, you don't do just anything and not just any old how.
I'm not telling you to quit your job today. That would be your worst idea.
Keep in mind that you have to validate every single one of your ideas. How do I do that? Step by step, simply by understanding your future clients, their problems (and there are many of them right now).
Think about being remarkable/different from others.
Quickly choose what kind of value you want to offer your customers based on current conditions of course (this is not the time to organize face-to-face training at the moment). Product? Service? Subscription? Resource sharing?....
Minimal. Keep your gait to a minimum. Complex gas plants that require weeks of computer development are dangerous. You will waste your time and money.
Test. Test every which way. Don't stop. Since we have limited time, but no end date for this containment yet, I suggest you focus on one week per idea. All of your tests must be completed in one week. If your hypotheses are not validated, move on to the next idea for another week of testing.
A small reading list to get you started.
Lean Startup Adopt continuous innovation (Eric Ries' book is very well written and gives interesting leads, however it is necessary to get a maximum of data during your tests. Hundreds of results are much more valid than a dozen).
Running Lean (Ash Maurya's book gives a method to make Eric Ries' theory work).
Sprint: Solving problems in 5 days (This book by Jake Knapp is a method that allows teams of all sizes to tackle an entrepreneurial idea using the method implemented by three Google executives).
The Personal MBA (This book by Josh Kaufman is for all entrepreneurs. This book does not give a method, but allows you to start as an entrepreneur with all the necessary notions).
The 4-hour week (Tim Ferris' book talks about the Muses and explains how to start a complementary activity using a minimum of time. It also discusses a whole series of feasible actions to save you time and take advantage of your free time to start other projects. Very interesting).
What about Warrigal? How can we help you?
You need help? contact us via mail.
You need help? contact us via mail.