AI Insights: How to Start Your Own Business Without Investors | Nicholas Hänny at TEDx Hochschule Luzern

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The following text has been generated by Startup Blueprint’s proprietary Speech Recognition and NLP software. We are currently testing a suite of speech recognition and NLP models for audio solutions. This is just a non-commercial trial meant for educational purposes. There may some mistakes. The original link to this summary can be found here: https://www.youtube.com/watch?v=owS4NQmzv2w&t=2s&ab_channel=TEDxTalks

Building Business without Investors: Nicholas Hennie's 5 Tips

This segment is a speech given by Nicholas Hennie, the CEO and co-founder of a startup, on how to build a business without investors. He emphasises the importance of starting without a business plan, and provides 5 tips which are simple, but often overlooked.

• Nicholas Hennie is the CEO of a start-up sustainable clothing brand.

• For every product they sell, they plant one tree.

• He built his business with 5,000 francs and is yet to take on investors.

• Having a business plan is not necessary to build a successful business.

• He is offering 5 simple and basic tips to build a business without investors.

Don't Need a Great Idea: How Facebook, Lyft, and Google Proved Implementation Matters

So instead of then just forgetting the idea, don't strive for perfection. Just get the first version out there, and then you can always improve it later. This segment outlines the idea that a successful business does not necessarily require a great idea; instead, businesses can be successful by working through the implementation of their ideas. Three examples are mentioned: Facebook became the biggest social network, Lyft implemented Uber's idea better, and Google improved their algorithm to become the biggest search engine. The second tip emphasises the importance of not striving for perfection - businesses should get the first version of their product out there and then continue to work on it.

• It is not about the idea, it is about the implementation.

• Twitter, Lyft and Google are examples of businesses that started with an "un-great idea", yet managed to become successful due to their approach to implementation.

• It is not necessary to have financial resources to secure expert help when starting a business.

• Striving for perfection should not be a priority when beginning a business.

Learning By Doing: How We Achieved Success with Limited Resources

This segment outlines four personal examples of how a business overcame various problems with their products. The first example discusses the difference between Asia and European size signs, and how feedback allowed the business to improve its products. The second example speaks of how the business saved money by using $30 of materials to take product pictures, while the third example is another money-saving approach: using a higher post frequency on Instagram to increase engagement and eventual success. The fourth example is the most interesting – involving a product that ripped grass when taken off the beach or swimming pool – but this enabled the business to learn more about materials and develop better products. Finally, the author suggests asking for help, and provides two examples of how this may have helped the business in the past.

• Goods from Asia had different sizing than those from Europe.

• To take product pictures, all that was needed was a $30 setup.

• Higher posting frequency on Instagram yielded better engagement from customers.

• First towel was too rough and took away grass and leaves when used.

• Consider seeking help from others, such as friends and family.

• Customers can be helpful in producing goods.

Doing it Right: How to Start Your Own Business with Flexibility, Asking and Google

This segment outlines five tips to help entrepreneurs succeed in business. It is a mix of advice wth examples and encouragement. The tips include asking people, being flexible with resources and time, reading the 'best book in the world', which is Google, and taking action. The text provides examples of how to put these tips into practice such as asking friends or strangers for help as well as utilising time such as in the toilet for customer service. The last tip is to remember that action is better than having a great idea and to just get started.

• Starting a business requires a significant amount of flexible working, and Google is often a useful resource.

• Asking people and getting advice is also important in the early stages of a business.

• You only need a desire to succeed rather than a specific idea or plan when beginning a business.

• Start-up businesses may require working in unconventional locations, such as a toilet or a bar.

• Asking friends, family and strangers for assistance is essential when starting a business, particularly in the absence of monetary resources.