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This means a profound understanding of your customers, the issues they confront, and an idea of potential solutions theyll be willing to cover. Here is the minimum you need to get started.After that, youll need to be knowledgeable about the other significant players in the space who may be good partners or acquisition opportunities, in addition to an intimate knowledge of how to raise funding, promote your product, employ and manage the best talent, and keep yourself financially above water. *Whew* Nowthis might sound like a lot, but the payoff is worth it.So where would you start when building a startupThe most important thing that you need before you do anything else is a problem.

This means building a minimum workable product, getting objective feedback from actual clients, incorporating updates, testing the market for demand, and getting pricing responses to ensure theres enough of a margin between your prices and what consumers are willing to pay. Lastly, you need money to earn money. Startups can cost quite a bit to get off the ground.

While not everyone will have the funds to cover everything they need to start a startup, bootstrapping means that you retain 100% control within your company. If you can bootstrap your company to an exit or IPO, youll most likely never need to work another day in your life.Pitch to VCs/Angels/other investors: In case you need some serious cash to cultivate your startup, then youll want to put together a pitch deck and reach out to investors that might want to offer you the money you need in return for a stake in your company.Join a startup accelerator: Another great option is to use to some startup accelerator such as Y Combinator, 500 startups, or TechStars, in which a group of investors can benefit coach you, connect you with potential partners, and supply startup money in return for a small bet in your company.

Luckily, there's now more assistance, education, and access to funding for budding startups than ever before. And a wonderful place to start is on this list of 101 best free and cheap online business classes for entrepreneurs I set together.3. Build and market SoftwareRight now theres an insatiable need for useful software.Whether its an important consumer application, an expert app to fix a specific niche problem, or even a time-wasting game you can play on your phone, you can produce a hugely successful business if you construct software which helps people.

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The majority of the applications and programs you use on a regular basis are created by enormous companies or established development studios. Well, yes. But many successful programs, especially those in the Apple and Google shops, are created and marketed by individuals and small businesses. In fact, independent developers made $20 billion in the App Store in 2016 alone.There are two primary ways which you can earn money online by building software products.The first follows the startup path we outlined above: You have a tumultuous idea for an program or piece of software, you validate the idea with actual clients, and then raise money to hire developers or even a development studio to construct, launch, and find scale your software.

Naturally, itll take more time to receive your product off the ground, however being able to bootstrap the development of your software lets you retain additional ownership in your business and be more in control of your path.If youre willing to spend some time to learn the development skills necessary to construct high-quality software products (or even MVPs that will help you obtain funding), theres a growing roster of reputable online learning platforms like Treehouse, CodeAcademy, and Skillcrush to get you the skills you need.4.

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Sites like Shopify have made it even easier than ever to create a customizable, powerful eCommerce site check that in a weekend and get started selling goods now.This is probably one of the oldest and handiest methods of making money online. Plenty of digital entrepreneurs have created sustainable businesses by either:Creating physical products that they know men and women in their niche will lovePurchasing low cost products manufactured in foreign countries, repackaging or combining them with other products, and selling them for higher prices on nationally online marketplacesWhile youll certainly have greater rates of success if you can nail creating and marketing your own unique solution, from my own experience (and that of many other entrepreneurs), I know the extremely high costs and risk associated with starting a product-based business.Instead, if you can find a solid product thats already being manufactured at a reasonable price from a marketplace like AliExpress, LightInTheBox, or even DinoDirect and promote it to your audience, youll have the beginning of a money-making eCommerce machine.