I posed this question to Alphonse Anderson and Charles King of Velocity² Wind: "what are some of the first things you should do when you first have an idea for a new business?"
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I posed this question to Alphonse Anderson and Charles King of Velocity² Wind: "what are some of the first things you should do when you first have an idea for a new business?"
King told me that it's necessary to make sure that the idea is original. He said to use "Google Patents and research databases of universities to look for Phd. topics" and to find where technology is now. There's no sense in spending your time on a product for which you cannot get a patent or a service that is already being developed by another (presumably larger) company.
He said that "you must look at your personal network to find people who are willing to help you." This goes beyond asking freinds and family for money. When starting a new endeavor, you need to know who can be a part of your program, or even who knows somebody who can offer advice or a service. It's much more efficient to utilise your network rather than the yellow pages for your entrepreneurial needs.
King followed up by saying "If you believe that you have no connections, then you're not trying hard enough."