Start your business venture now. Yes, now!

There may not be an answer to the question ‘why start a business?’ Or rather, there may be a million different reasons, and they’re surely all good ones. Everyone has their reasons, but when you finally decide to give your project a go, you’re bound to wonder whether it’s the right time to do so. You study the market, and that gives you clues for building a company that fits with the times, ensuring yourself greater chances for success.

Or not. There are many companies that never considered whether it was “the right time” to get started: Facebook, Netflix, Airbnb. They instead set in motion major trends that other entrepreneurs would end up using to identify when the ideal time for starting their own projects was. So don’t lose hope looking for a golden date on the calendar. You may not even need it. In fact, the main conclusions Lenny Rachitsky, a product and startup growth consultant and author of Lenny’s newsletter (check it out if you’ve never read it) on the topic may surprise you:

1. You can build a huge business without waiting for a “now”.
2. That “now” may appear later.
3. Even if you have a “now,” your business could still fail.
4. The “now” offers two very clear advantages (we’ll look at those now).
5. There are five ways to determine the “now”.

Why start a business now: advantages

Investors are looking for a “now” because it increases the chances of success; they prefer to bet on a winning horse, obviously. And for you, the entrepreneur, there are also advantages. A perfectly clear and defined “why now” (in other words: a radical change in the world)…

1. Allows you to offer a product that is ten times better: are smartphone cameras becoming more capable? Instagram arrives.
2. Uncovers new needs for consumers: think of the Covid-19 lockdown scenario and Zoom’s spectacular take-off.

How to know when it’s the right time to start a business: find your “now”

We know, it’s not always easy to identify these moments. But, like we said before, there are five ways to foresee the right moment (and a crystal ball is not one of them):

1. When a new technology starts to become popular (batteries for electric cars with greater autonomy and… boom! You’ve got Tesla).
2. By having free access to new data or APIs (the release of the Google Maps API and… now you’ve got electric scooter/bicycle/motorbike rental services).
3. When there are changes in regulations and laws (data protection law and… Voila! Telemedicine).
4. As the habits of certain groups of people change (the rise of e-sports and… in comes Twitch).
5. When beliefs in established values (cryptocurrencies) change.

Still not clear? Get started by expanding on a business idea.  Click on the link and we’ll tell you where to find ideas (it’s easier than you think). And join Explorer to define what may become your future. Take advantage of the now!

Source: Lenny’s newsletter.