Not every passion pays well. However instead of starting with "what will make the most money?" and hoping you like it, try starting with what you're most passionate about and figure out how to do that profitably.
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Many startups fail because they focus a disproportionate amount of time, energy, and resources on building the wrong product or service. They do this because they spend far too little time dissecting the problem.
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Business plans come in all shapes and sizes. Regardless of the shape or size, a good plan will keep you focused on important goals and help keep you on message as you talk with lenders, investors, partners, employees and customers. The best format for your startup business plan is largely dependent on your target audience.
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I had breakfast with two of my ex-students from Singapore who were building a really interesting startup. They were deep into Customer Discovery and presented a ton of customer data on the validity of their initial hypothesis – target customers, pricing, stickiness, etc. I was unprepared for what they said next. I almost dropped my coffee.
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