What would I do differently?

Before I started the Entrepreneurship course, I had a lot of preconceived ideas about entrepreneurship.  I wondered why so many startups existed in a small country like Iceland. So there must be something to it!  I've come to find that Iceland embraces innovation and is making use of its resources through these startups. I think other developing countries can learn alot from Iceland's resourcefulness, especially the younger generation. If opportunities don't seem available, create your own!

So what would I do differently based on what I've learnt and if I had to start all over:

1. Question everything!  

This is something that stood out to me during the lecture. It's very accurate that we often accept things the way they are. That's why Elon Musk is trail-blazing; he doesn't take anything at face value.  Questioning things helps us analyse from the first principle and really break things down to see what our assumptions or biases are. 

2.  There are problems that people encounter every day; by identifying those and offering a solution, I can make a difference, no matter how small. We can always build upon existing ideas to make them more efficient. We don't have to reinvent the whole wheel. 

To be an entrepreneur,  one needs to observe and see or find problems people want solved. Sometimes, people don't know what they want solved until you present what you have. You then realise there is a market for it, or you can even create one!  Being an entrepreneur is being resourceful, which covers a blend of creativity, adaptability, resilience and problem-solving

3.  Don’t treat your MVP as unique. I probably would have struggled with this if it hadn't been explained. In my head, the MVP is my most valuable asset, so changing it would be hard for me. However, I realise now that it's okay to change it and allow it to evolve into something better, something bigger, something that people actually want. 

4. Everything is a shared belief.   When it comes down to it, everything that is not a law of nature is just a shared belief. Money is a shared belief. So is a border. So are bitcoins. The list goes on.  This means beliefs can also be created; for example, the banking system was created and is now a shared belief. People do not question how banks operate even though they dislike certain aspects; no one asks or tries to pressure the banks to change. 

5. Focus on the customer,  treat them well, and they will carry the business for you. I suppose I knew this, but I think it's much more important with startups. Word of mouth is important; if one person gives a bad review, that could be the end of the startup before it even gets off the ground. Also, by gaining customer feedback, you can make the product better than the initial idea and give them exactly what they need. 

6. Don't outsource your thinking process. This is very important; creativity cannot be outsourced, especially if you own the product.  We've become lazy in our thinking process, so creativity has become far-fetched for most people. 

 What I've learnt has reshaped my thinking and understanding of entrepreneurship. Just by the knowledge gained, I have grown in confidence in some of the entrepreneurship principles.  Regarding doing things differently, I would invest more in my thinking process concerning my idea and focus more on the customers I aim to serve. I can gather more intel/information from my potential customers to help me better the MVP. I think this would make my launch more productive.