This weeks Time magazine business story has some tips for all creatives out there.
They say we are in the midst of a "start up boom" and suggest that there has been no better time than now to start an internet business with only a little seed money. Coining a term, LILO, which stands for "little in, a lot out," they note a new start up model which embodies the innovation principle of fast prototyping. Unlike the dotcom standard of creating an exhaustive business plan to attract investor dollars, the LILO model is that of putting your energy and effort into a quick-start on a shoestring...then thinking about the business plan later.
The Time story offers a 5-point How To guide from Silicon Valley start up expert Paul Graham:
1. Collaboration is king - find partners with skills and talents that complement yours.
2. Look for what's missing or broken in the marketplace - what people will pay for is a solution to a problem.
3. Follow the "fail fast" philosophy - get going quickly, simply and cheaply so you can see what works and what doesn't.
4. Respond/react/revise immediately in response to customers.
5. Be cheap. (Just as well!)
