You’ve got your idea, and you’re ready to take over the world. Now, where should you start?
Should you… write a detailed business plan? Buy the equipment? Take out a loan?
Wrong, wrong, and WRONG, according to our guest today.
Alan Donegan founded the PopUp Business School to teach a different approach—one that encourages entrepreneurs to measure feedback well before they go into debt or get themselves stuck in a rat race of their own making.
In this episode, Alan shows us how to experiment to see if customers will actually pay for your offering (“people will always be nice to you up until the point when you ask them to take money out of their pocket”) and how to organize a trial run to determine whether you even enjoy running the business.
You’ll love Alan’s advice to “fail fast and fail cheap,” and to create a “high-trust environment” so you can get paid up front. Plus, you’ll learn how some of the most valuable companies in the world got started using this lean model.
Alan shares his thoughts on exactly when to quit your 9 to 5 and go all-in on your business. He also reveals how to keep your energy up when burning the candle at both ends and why understanding the “trinity of management” is vital to the success of your enterprise.
This is one of our most actionable, knowledge-packed shows so far. Be sure to download it and subscribe to the BiggerPockets Business Podcast using your favorite app for more!
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In This Episode We Cover:
- What inspired Alan to start his training program
- How to conduct real-world market research
- How Amazon and Virgin used the method Alan teaches
- How to do a “trial run” for your business idea
- How to get others excited about your product
- Why saving a portion of profits might someday save your business
- And SO much more!
Links from the Show
- “If you build it, no one will come until you promote it and sell it.” (Tweet This!)
- “We don’t believe it takes money to make money. We think you can get going without that.” (Tweet This!)
- “You can start something from nothing.” (Tweet This!)
- “If you’ve got a high-trust environment, you need a very small contract.” (Tweet This!)
- “You’ve got to deliver what you’ve sold.” (Tweet This!)
- “Fail fast and fail cheap.” (Tweet This!)
- “If your business is not making enough for you to live and save a bit, something’s wrong and you need to tweak it.” (Tweet This!)
- “There are people out there with incredible energy that make things happen, and there are people who are always exhausted.” (Tweet This!)
- “People achieve more when they do more.” (Tweet This!)
- “Start from profit and not debt.” (Tweet This!)