In today’s episode of The Startup Chat, Steli and Hiten talk about what founders should do when they are just starting out on their journey.
Choosing an idea for a business is one of the most exciting and fundamental parts of starting a business. However, it can be one of the most difficult things to do as most founders have many ideas and struggle to choose the best one to go with.
In this episode, Steli and Hiten share their thoughts on how founders can choose an idea for a business when they are just starting out, why having many ideas is a blessing, and much more.
Time Stamped Show Notes:
00:43 Why this topic was chosen.
01:19 How choosing what to do can be a challenge sometimes.
01:47 How to choose an idea for your business.
02:40 The first thing to do when you’re trying to decide on an idea for a business.
02:47 Why it’s important to figure out the next action you’re going to take.
04:11 What you should do after figuring out what your next action is.
05:39 Why it’s important to figure out what you’re trying to accomplish.
06:15 How your motivation and circumstances can inform what you do next.
06:45 Why this isn’t a problem.
08:14 Why you need to cultivate the skills to turn your ideas into a business.
3 Key Points:
Everyone has lots of ideas. Everyone!
Your motivation and circumstances matter because they inform what you do next.
Figure out which idea is most likely to succeed when you take that action.
Steli Efti: All right, everybody. This is Steli Efti.
Hiten Shah: And this is Hiten Shah, and today, on the Start Up Chat, we're gonna talk about something that you're gonna think only applies to you, if you're just starting out. It's just not true, but the topic is, I'm Just Starting Out, I Have So Many Ideas of What To Do, What Should I Do?
Steli Efti: Yeah, too many ideas, right?
Hiten Shah: Too many ideas.
Steli Efti: Too many ideas, and the reason I wanted to talk to you, one, I mean there's many reasons. I know that you're brilliant, you're gonna have a lot of experience with this, but also, you're the master of too many ideas. You have a shit ton of ideas all the time. And has helped so many early founders, kind of picked one and get the ground running, hit the ground running. But, the reason why this came up just recently and I wanted to talk today about it is, that somebody that I just became really good friends with a few weeks ago, who's working in a really, really kind of high level executive position, a billion dollar business, has had a tremendous career, has told me just recently he's thinking about leaving. He wants to become an entrepreneur and his biggest challenge, the thing that's stopping him from starting a company right away is, he has just too many ideas and he doesn't know how to pick one. So I thought, well let's break this down for people who have this problem, and give them some solutions.
Hiten Shah: Awesome, I love it.
Steli Efti: So what do you say to somebody that comes to you, Hiten, and says, "I have just too many ideas, I don't know which one to work on."
Hiten Shah: This happens a lot, especially people who are really early staged, and this is what I meant, about to say what I meant, by like, it's not just early stage. Everyone has lots of ideas. Everyone. I could ask you right now, "Hey Steli, for your business, what are your ideas of what you do next?" And you'd give me a lot of them. You just would. It's on your mind all the time, you're thinking about this stuff all the time, right? So I think the first step is to really think through, like, "I have a lot of ideas,
Key points in this episode
In this episode
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