How to Start a Business (According to Tim Ferris)

In these two videos, Tim Ferriss, author of bestselling books The Four Hour Body, The Four Hour Workweek,  and The Four Hour Chef, and successful entrepreneur, extensively discusses his personal advice for starting a new business.  (Note:  Although the first video is titled “How to Master Any Skill”, it’s really about business development)

First off, when searching for business opportunities is a good time to “scratch your own itch”.  Build the app, song, product, whatever, that you would use if it existed.  This way, you’re guaranteed a loyal customer base of at least 1 person from whom you can gather feedback for design revisions.

Make sure to talk lots of experts, read influential books in the field, and ask lots of questions about your business environment and the problem you are solving.  Identify a set of metrics and develop a set of measurable goals that you can use to track progress.

Perform quick and frequent design revisions to rapidly test each iteration of the product.  In other words, this game is about performing many short sprints, rather than a marathon.  Remember to track your metrics after each revision!

And make sure to spread the word!  Promote your product via blogs, Facebook, LinkedIn! Try to speak at meetings with local entrepreneurs and at conferences!

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