Latest news with #businessplan
Entrepreneur
a day ago
- Business
- Entrepreneur
The One Real Problem You Must Solve to Make Your Startup Succeed
Some of the most successful startups didn't start with a business plan. They started with a problem. More specifically — a personal pain point. Opinions expressed by Entrepreneur contributors are their own. Dropbox was born because Drew Houston was sick of emailing himself files. ConvertKit came from a blogger who was tired of clunky email automations. Notion grew out of the chaos of managing scattered notes and documents. These weren't random startup ideas pulled from a pitch deck. They were solutions to personal problems. And that's what made them powerful. When you build what you need, you shortcut months of guesswork. You skip the focus groups, the theoretical personas and the assumptions. You already understand the problem deeply because you live it. Related: Got a Startup Idea? Here's What It Really Takes to Make It Work Start with friction, not vision The first step to building a meaningful product isn't to identify a trendy niche or chase a hot market. It's to pay attention to the moments in your day that feel harder than they should. The tasks you procrastinate. The tools you silently curse. That friction is your opportunity. Forget disruption. Forget scale. The best early-stage products come from irritation, not inspiration. What's broken in your workflow? What are you duct-taping together every week just to get by? Start there. That's where urgency and empathy already live. Talk to people like you Once you spot a problem, skip the massive surveys. Talk to a handful of people who share your situation. If you're a freelancer, speak with freelancers. If you're a working parent with a side hustle, speak with others juggling the same chaos. The more overlap between you and your early users, the faster you'll know if this is a real pain or just a minor inconvenience. What you're looking for is emotional signal — frustration, not politeness. You want someone to say, "I'd pay for that today." Build the painkiller, not the platform You don't need to launch a polished product. In fact, polish is usually a waste early on. Your first version can be a spreadsheet, a Notion template, a Zapier automation — whatever works. The goal is to prove the fix, not win design awards. Don't aim for elegance. Aim for utility. If it works, users won't care that it's scrappy. Test willingness to pay as soon as possible This is where most people hesitate. But if your product solves a real problem, people will pay — even if it's ugly. Even if it's early. Real payment is the difference between "interesting idea" and "actual business." And it doesn't have to be much. Charge a small onboarding fee or ask for a credit card to reserve early access. You're not trying to trick anyone. You're testing commitment. Too many founders wait until everything is perfect before asking for money. By then, they've burned time, budget and momentum. Pricing is feedback. So get it early. Narrate the build, don't just build While you're creating your product, share the journey. Post what you're building, what you're stuck on and what you're learning. Whether it's Twitter, LinkedIn or a Substack, showing your process builds trust. You're not selling — you're storytelling. And that attracts the right people: others who feel the same pain you're solving. Make your first users successful Don't rush to scale. If you're still explaining what your product does, you're not ready to grow. Focus instead on helping your early users get results. Support them. Follow up. Ask who else they know who needs this. Word-of-mouth isn't a viral fluke — it's the byproduct of usefulness. Related: The One Simple Task That Will Help Your Startup Succeed Build from conviction, not theory When you build for yourself, you don't need to fake insight. You don't have to invent personas. You already understand the stakes. That shows up in the product, the copy and the customer experience. And most importantly, it builds trust. You're not a startup guessing at what might matter—you're a person solving something that already does. Drew Houston didn't plan on building a billion-dollar company. He just wanted a faster way to move his files. That pain became Dropbox — and millions of others felt it too. You don't need permission. You don't need a grand strategy. You need to notice the problem that keeps nagging at you — and build the thing you wish already existed. That's where real businesses begin. Ready to break through your revenue ceiling? Join us at Level Up, a conference for ambitious business leaders to unlock new growth opportunities.
Yahoo
5 days ago
- Business
- Yahoo
Military veteran shares the top small business resources for former service members
Listen and subscribe to The Big Idea on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Getting any business off the ground is difficult work. But veterans have access to resources that can provide an additional boost and leverage their military experience. Veteran and former Congressman Patrick Murphy shared on the Big Idea podcast some of those resources he frequently recommends to veterans trying to get their entrepreneurial dreams off the ground. 'I'm a big believer in Bunker Labs,' Murphy said, talking about the nonprofit that's a part of Syracuse University's D'Aniello Institute for Veterans and Military Families, which supports military veterans and their spouses in becoming entrepreneurs. Bunker Labs offers educational programs that help veterans and military spouses develop business plans and the skills and connections they need to launch their businesses. 'For over 30 cities across America, they help veterans get a business plan,' explained Murphy, who also co-hosts Yahoo Finance's Warrior Money podcast. 'Because it's not just about, 'Hey, I have an idea. I want to start a business.' It's ... How are you going to get customers? What's your business plan? What's your return on investment?' Once an idea is formed and an action plan is made, funding is the next crucial step. Murphy recommended searching for business grants on online platforms such as Hello Alice, which was founded by Big Idea host Elizabeth Gore. He likened the services to a Pathfinder in the Army who can guide entrepreneurs along tried-and-true paths. Murphy also encouraged veterans to explore how the post-9/11 GI Bill can help fund entrepreneurship training. He emphasized that 49% of veterans from World War II went on to start small businesses, including Walmart (WMT) founder Sam Walton. Today, only 5.6% of veterans pursue the same goal. 'We've got to prime the pump there to get [veterans] to have that confidence to go do great things and maybe even start their own small business,' he said. Another tip that Gore highlighted is for veterans to register their company with the US Small Business Administration as a veteran-owned or service-disabled veteran-owned small business. Those who qualify can take advantage of the government's supplier diversity initiatives for securing contracts and other opportunities. Ultimately, Murphy recommended that veterans find a business model that allows them to continue to pursue the 'purpose-driven' motivations instilled in them by military service. For Murphy, that has been teaching at Wharton, where he helps others learn how to 'leverage the opportunities [they've] earned,' and using his entrepreneurial skills to aid veterans in their transitions post-discharge. 'To me, the lightbulb moment was, I was betting on myself, ... and even though I was in my forties ... I was like, I could do this, and I could do it well,' Murphy said of his experience transitioning from public service to entrepreneurship. 'And it hasn't been linear. You know, some of the companies are no longer with us. But that's part of the venture capital, and that's part of being an entrepreneur.' Every Thursday, Elizabeth Gore discusses real-life stories and smart strategies for launching a small business on The Big Idea podcast. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Sabadell to Beef Up Shareholder Returns as It Fends off BBVA Takeover
Spain's Banco de Sabadell SAB 0.86%increase; green up pointing triangle set out its business plan through 2027, including strengthening its shareholder returns, as it seeks to ward off a hostile takeover from its larger domestic rival BBVA BBVA 1.78%increase; green up pointing triangle. The Catalan lender said Thursday that it would aim to return 6.3 billion euros ($7.42 billion) to shareholders via dividends and buybacks between 2025 and 2027 and for a return on tangible equity of 16% by 2027, from 15.3% at the end of June this year.
CTV News
23-07-2025
- Business
- CTV News
Quebec girl opens her own ice cream shop at just 17 years old
After writing a business plan for her Grade 11 high school project, Simonne Groleau, 17, is the owner of an ice cream shop in Prevost, Que.
BBC News
21-07-2025
- Business
- BBC News
Warwickshire farmer, 16, sets out to sell meat weeks after GCSEs
Oscar has just finished his GCSEs, but unlike most other teenagers completing their exams, his summer consists of early starts and developing a business plan. The 16-year-old, whose family farms near Fillongley in Warwickshire, dreams of providing his community with their meat and milk. The budding entrepreneur has already set to work and starts milking his own flock of sheep at 05:00 BST each morning, but is keen to expand. "I want to get my own cattle, rear them and supply some local restaurants with local beef and lamb," the teenager said of his plans to grow his own business. He added that he had found it difficult to get through exam season as he wanted to concentrate on farming. "All I wanted to do was work here [on the farm] but I knew I had to focus too."His father Paul, a first generation farmer, bought the land 12 years ago and the family relocated to Warwickshire from Preston. "This farm came up and its location and layout meant it was ideal for sheep milking which is what we wanted to do." The 16-year-old said he had "come up with a couple of business plans" with the help of his friends and hoped to expand his own flock of sheep soon. Paul added that he was very proud of how Oscar and his sister Elvie, who helped with the family's horses, had adapted to life on the farm. "They both just get stuck in and get involved," he said. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.
