How To Start A Business With No Money or Idea | Hiten Shah and Andy Drish

How To Start A Business With No Money or Idea | Hiten Shah and Andy Drish

Andy: Let’s get started by talking about…you
believe that there are two myths about starting a business. What are the two myth and why
are they myths? Hiten: The first myth that I would say is
that they need a … Well the two myths are at least as of this minute. I think these
are pretty universal now for me. One: That they need an idea to get started and they
need an idea that they are passionate about. Two: Is that they need money. I think that
they are somewhat related. I will start with the first one about passion or idea. That
is a myth that I think is perpetuated. You learned that you should do something that
you love. You should be passionate about what you are doing. All that kind of stuff. There’s
a combination of being good at something so that you’ll be passionate about it. Because
you’re just good at it you can learn faster because you’re good at it. You might want
to get better at it. Then there’s a concept of ….you know the thing that bugs me is
when people are willing to wait for an idea instead of just getting started. To me I think
the true entrepreneurs that I have met end up just being passive about being able to
create things. Being able to help other people. Being able to sort of do all that for nothing.
That is what really I would say is where I would start in terms of the spelling that
myth. I would say that most people would start and through that process the come up with
ideas and things a bit passionate about. Andy: I totally get an idea of like following
what you want to learn about. Then talk about how the money peace comes to play. Because
if you just focus it on learning when do you start focusing on revenue? Hiten: Yes, I will say that part about learning
is at some point whether you know come from I want to figure out how to make money or
whether it is self-sustaining or what they will call a billion dollar business. Well
you do not build billion dollar business by setting out to build billion dollar business.
You build a business by having your incremental steps in starting to make money in some category
and actually get people to pay you. If your focused around getting customers to pay your
getting good at that or getting users to pay you depending on the type of business model
that’s it going for or getting advertisers to pay you. All you have to figure out is
who I want to pay me and how do I get better at that. Instead of worrying about raising
money from investors. My gripe with people thinking that they need money is simply that
they think the only way to make money or get money to start is getting money from investors.
In fact where that place today where most of the businesses that I’ve seen and end up
being successful end up making money and get really good at making money. In fact all businesses
are about that. Andy: [Laugh] Hiten: I would just encourage you to try to
start making money any which way that you can. In stead of worrying about raising money.
That is kind of the myth that I’m trying to dispel which is that most great things start
just by someone focusing on getting someone to pay them. Andy: Is anything you guys are doing now that
you think people have not caught up to yet? Hiten: That is a good question. I think now
we’re in a world where you build a foundation of audiences as early as you can. Even today
if you launch a new feature or launch a new product or want to do customer development
on something new. We have a pretty large twitter following at Kiss Metrics we also got personal
following both my co-founder and I that combine if you [dedoop] it at 150k or 100k or something
like that, people. Our kissmetric account is 110k followers. What people don’t do today
is that they do not try to find out how they can build a following of people that are very
interested in a topic area or whatever they may be. So what I would try to do is try to
find a way to build a following. Build an email list where you actually engaging with
them. We actually did not engage with them back in a day the way that I think we need
to today so that they can sort of come along with you on the journey at the story. So you
know everyone is doing something for reason. The problem that has see in the world or problem
that they notice that there friend has or business have. They are trying to discover
that a lot of people have that problem which is the general thesis of how you should do
this stuff. Andy: In the pre-interview you mentioned that
you do not have a lot of fear when it comes to business. What does that come from? I feel
like fear is the biggest think that holds most people back. Hiten: I think that you learn over time that
the fear dives you away from actually doing the right thing. When you do something think
about it are you doing something out of fear? Are you doing something out of fear or not
doing so without fear? Then really finding out… a lot of times most of the decisions
that we make are out of fear. So I think at some point you realize that the things that
you probably ended up feeling good about and making progress on. You did it because you
went against that fear. I guess that fear the unknown. I would just say that it is a
mentality. It is something that you train yourself with over time. Of just having no
fear about especially things that are … I guess its not having fear by breaking down
what can I control and what I can not control then focus on all the things that you can
control. Right? Usually that is a way of not even thinking about fear. People either get caught up in not having
idea or they get stuck on an idea. I would say to think of your idea as more of a solution
to a problem. Think of ideas as solutions to a problem. Then of ideas as solutions to
problems and then I would work backwards. If you really early and you have an idea and
hopefully that you nail it down to a problem. Think about…this is where other people mess
up too. Think about what you are going to need to learn in order to solve that problem.
Because sometimes people think of the big great grandiose problems that I its going
to take forever for them to learn things to solve those problems. Right? Then you have
to minimize the problem that you want to solve. If you want to call it that. Or so a problem
for somebody in a way that you can actually achieve a certain amount of time. Andy: Even if you say that like I feel more
relaxed hearing that as opposed to I have to come up with an idea and I have to build
a business around it versus just focusing on where people are having problems and what
do I need to learn to solve those problems. Hiten: There would never be as short as of
problems in the world. Andy: It seems so simple.

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About the Author: Oren Garnes

1 Comment

  1. I've had a hell of a time getting people to pay for the ideas I have, I like the mindset of solving someone else's problem

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