How to launch your own company if you don’t have an idea

by | Dec 2023 | Start a Company

At the ripe old age of 48, I’ve launched 20+ businesses and invested in ~100 ideas, which subsequently raised >$200m. Here’s what I’ve learned about business ideas.

Quick background

At DQventures we help subject-matter experts launch their own company (without first leaving their job). These people often know 𝘦𝘹𝘢𝘤𝘵𝘭𝘺 what to build.

But that’s not everyone. 

Some people have great founder qualities – insight, determination, drive, ability to leave ego at the door – but no clue what to focus on.

For people with no idea, here are 7 things to think about.

01. Before you do anything else, start spending less. The no.1 way to expand your options is to lower your expenses.

“The things you own end up owning you.”
Tyler Durden, Fight Club

02. Focus on “founder-market fit”:

a) What insights to you have that others don’t?

b) What, of everything you do, could you become especially competent at, if only you put in the practice?

c) What have you done in your life where you felt so totally absorbed that you consistently lost track of time?

03. Validate your assumptions. Most people never ask for feedback. What do your peers think your superpowers are? When did you last take a personality test – when you were 12!? What do other people think you should do? You might be surprised.

04. Don’t do it for money. You’ll almost certainly be financially better off if you stay in your job. (But be honest – you’re not leaving your job because of the pay, are you?)

05. So, if it’s not about money, why build something with the goal of selling it?! Instead, build something because that’s what you want to spend your life doing.

06. Think broader. When it comes to starting companies, many people default to “technology” and “venture capital”, but there are all sorts of interesting ways to earn a living. If you could do anything, what would it be? (Trust me, whatever it is, it’s probably no more impossible – and no less relevant to your experience – than building a successful technology company!)

07. Whatever you decide to do – whether it’s stay in your job or start something new – own it. You are the master of your destiny, not the victim of someone else’s evil plan.

“Everything can be taken from a person but one thing: the last of the human freedoms—to choose one’s attitude in any given set of circumstances, to choose one’s own way.”
 Viktor Frankl, Psychiatrist and Holocaust Survivor

Kickstart your business without quitting your day job

DQventures is the only venture investor worldwide to support aspiring founders who cannot afford to give up full-time employment.

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