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This means a profound understanding of your clients, the issues they confront, and an notion of potential solutions theyll be willing to pay for. This is the minimum you need to get started.After that, youll need to be familiar with the other significant players in the area who might be great partners or acquisition opportunities, in addition to an intimate knowledge of how to increase funding, market your goods, hire 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 do 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 solution, getting objective feedback from real customers, incorporating upgrades, testing the market for demand, and getting pricing feedback 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 pay for everything they need to begin 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 cultivate your startup, youll want to put together a pitch deck and reach out to investors that may want to give you the money you need in return for a stake in your company.Join a startup accelerator: Another great option is to apply to a startup accelerator such as Y Combinator, 500 startups, or TechStars, in which a bunch of investors will help coach you, connect you with potential partners, and supply startup cash in return for a little bet in your company.

Fortunately, there is now more support, education, and access to funding for budding startups than ever before. And a great place to begin is with this list of 101 best free and cheap online business courses for entrepreneurs I put together.3. Build site web and market SoftwareRight now theres an insatiable need for helpful software.Whether its an important consumer application, an expert app to fix a particular niche problem, or even a time-wasting game you can play on your phone, you can create a massively profitable business if you build software which helps people.

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Most of the software and programs you use on a regular basis are created by massive companies or established development studios. Well, yes. But many successful programs, especially those in the Apple and Google stores, are created and promoted by individuals and smaller businesses. In fact, independent programmers made $20 billion in the App Store in 2016 alone.There are two basic 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 app or piece of software, you affirm the idea with real clients, and then raise money to employ developers or even a development studio to construct, launch, and scale your software.

Naturally, itll take longer time to get your product off the ground, however being able to bootstrap the development of your applications lets you retain additional ownership in your business and be more in control of your own path.If youre willing to spend the opportunity to learn the development skills necessary to construct high-quality software 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 get you the skills you need.4.

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Websites 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 most likely one of the oldest and most time-tested methods of making money online. Plenty of electronic entrepreneurs have created sustainable businesses by either:Creating physical goods they know men and women in their niche will lovePurchasing low cost goods manufactured in foreign countries, repackaging or combining them with other goods, and selling them to get higher prices on domestic online marketplacesWhile youll certainly have higher 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 very 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 price from a market like AliExpress, LightInTheBox, or DinoDirect see here and promote it to your audience, youll have the beginning of a money-making eCommerce machine.

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