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Develop a strong idea
Welcome to MYOB's Business Building Program. Over the next few
weeks, we will send you weekly emails with tasks to complete, blogs,
tools and free resources. The idea is to break your learning down into
bite-sized experiences, building on your start-up to succeed.
Each task will help you to validate your business idea and discover
what to do next. The program is action based, with easily digestible
information; it is designed to prevent over-thinking, and form a new
habit of entrepreneurship.
Let's get started!
Develop your vision & hypothesis
Put your hand up if you have ever prepared a business plan? What
about a budget? The leading cause of startup failure is a lack of
Plan your vision on a 'perfect world' scenario, where everything
goes to plan. The following five tips create an effective
Create an inspirational vision to motivate and engage you employees; the vision 'sells' your ultimate objectives, and gets everyone pulling in the same direction.
Passion and energy
It must be able to drive you and your people through the tough times you might experience along your journey.
Without action, your vision remains as a dream.
Keep it short, sharp and punchy so it can be recited from memory.
Prove that it's more than just words - where possible, link achieving key aspects of the vision to rewards.
Let's get started on building your vision and proving your hypothesis.
Build your minimum viable product, test and pivot
An minimum viable product (MVP) is the first version of software
that's fit for release to customers. It requires a quick build to
determine where an idea can go to market.
The two lessons you need to stick to when developing your MVP
- Keep it simple
- Test, test, test
Once you have developed your MVP, release it to users to collect feedback. The feedback that you gather here will guide the future development of your product's features and functionality. Find out what's working, what's not and what users would like to see from the product next.
Successful entrepreneurs have found that the introduction of a new
product or service generally requires many course corrections or
"pivots" to find a successful product formula. Sometimes a
startup discovers a way to achieve the same solution by using a
completely different technology. And early user testing could help you
decide on where efforts should be spent.
Let's get started!
Build in incubators, accelerators & co-working spaces
Start networking early on to build yourself a professional support
system. Networking from the get-go will also improve your chances of
Explore various incubators, accelerators and co-working spaces.
Especially now that innovation is on the national agenda, there's a
lot of talk around incubators, accelerators and co-working spaces.
It's important to understand them if you're thinking of using their
Let's get started!
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Easy online accounting for startups
MYOB Essentials is easy online accounting and puts you in control of running your business.
It comes complete with everything you need to manage GST, invoices, reporting, expenses and payroll.
MYOB Essentials saves you time and gives you the freedom to operate and manage your startup from anywhere and on any device.