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This means a deep understanding of your clients, the problems they face, and an notion of potential solutions theyll be willing to cover. This is the minimum you need to acquire started.After that, youll need to be knowledgeable about the other major players in the space who may be great partners or acquisition opportunities, in addition to an intimate knowledge of how to increase funding, market your product, employ and manage the best talent, and keep yourself financially above water. *Whew* Nowthis might sound like a lot, but the payoff is worth it.So where would you begin when building a startupThe most important thing you need before you do anything else is a problem.

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This means building a minimum viable product, getting goal feedback from actual customers, incorporating updates, testing the market for demand, and getting pricing responses to ensure theres enough of a margin between your prices and what consumers are willing to pay. Lastly, you need money to make money. Startups can cost quite a bit to get off the ground.

While not everyone will have the funds to cover everything they need to start a startup, bootstrapping means that you retain 100% control over your company. If you can bootstrap your company to an exit or IPO, then youll probably never have to work another day in your life.Pitch to VCs/Angels/other investors: If you need some serious money to grow your startup, youll want to assemble a pitch deck and reach out to investors who may want to offer you the money you need in return for a stake in your company.Join a startup accelerator: Another great option is to use to a startup accelerator such as Y Combinator, 500 startups, or TechStars, where a bunch of investors will benefit coach you, connect you with potential partners, and provide startup money in return for a small bet in your company.

Luckily, there's now more support, education, and access to funding for budding startups than ever before. And also a great place to start is with this list of 101 best free and inexpensive online business courses for entrepreneurs I set together.3. Build and market SoftwareRight now theres an insatiable need for useful software.Whether its an important consumer application, a specialist app to fix a particular niche issue, or even a time-wasting game you can play on your phone, you can create a hugely successful business if you construct software that aids people.

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Most of the software and apps you use on a regular basis are created by enormous companies or recognized development studios. Well, yes. But many successful programs, particularly those in the Apple and Google stores, are created and marketed by individuals and small businesses. In reality, independent programmers made $20 billion in the App Store in 2016 alone.There are two primary ways which you can earn money online by building software products.The first follows the startup path we outlined above: You get a tumultuous idea for an program or piece of software, you validate the idea with actual clients, and then raise money to employ developers or even a development studio to construct, launch, and scale your software.

Naturally, itll take more time to receive your product off the ground, however being able to bootstrap the development of your software enables you to retain additional ownership in your business and be more in control of your own path.If youre willing to spend some time to learn the development abilities necessary to construct high-quality applications products (or even MVPs that will help you obtain funding), theres a growing roster of reputable online learning platforms such as Treehouse, CodeAcademy, and Skillcrush to secure you the skills you need.4.

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Sites like Shopify have made it easier than ever to build a customizable, successful eCommerce website in a weekend and start selling products now.This is probably one of the earliest and handiest methods of making money online. Plenty of digital entrepreneurs have created sustainable businesses by either:Creating physical goods that they know men and women in their niche will lovePurchasing low cost products manufactured in foreign countries, repackaging or combining them with other products, and selling them for higher prices on nationally online marketplacesWhile youll certainly have greater rates of success if you can nail creating and marketing your own unique solution, from my own experience (and that of many other entrepreneurs), I know the extremely high costs and risk associated with starting a product-based business.Instead, if you can find a solid product thats already being manufactured at a reasonable more price from a marketplace like AliExpress, LightInTheBox, or DinoDirect and market it to your audience, youll have the start of a money-making eCommerce machine.

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