- March 26, 2020
- Posted by: AH Sagar
- Category: Business
Entrepreneurship is not a simple task, there are always setbacks and it is the entrepreneur’s task to understand it; However, you can save yourself a lot of headaches if you start your business by clarifying and execute your business ideas, solving your doubts and directing your path better before you launch your company.
What many entrepreneurs do is that they have a need for self-employment and, given the urgency, they decide to launch their business without thinking about it, so many times, it does not happen as expected, therefore, we give you a small guide that will help you execute your business ideas with a solid foundation.
1. Know your skills
Before you have an idea of what you want to undertake, you should ask yourself the following: what am I good at? Answering this question can be very simple or the most complicated you have ever experienced, because many people know how they stand out and many others have never discovered it.
If you still don’t know exactly what you’re good at, you can stop for a moment and check your capabilities. Usually, why do they hire you or what activities do you carry out? What roles do you take on in group work? Finally, you may ask yourself, for what activity have you received a compliment and that you considered something simple?
The purpose of these questions is to make you aware of your skills and in this way exploit them to execute your business ideas. With this in mind, you will be able to develop your trust with your clients, as well as increase your security, which will cause security in yourself and therefore more competent.
Once you are clear about this skill, it is time to think about what is coming: your business idea, but before you start working on it, it is essential that you find out about the opportunities.
2. Look around you
The first thing you should do is observe your environment, and it is not a moment of contemplation, but to understand what hurts the market, the needs that are not being covered or how you can improve what is already being done. The mixture of this observation and your ability may give you a clue to know how you can solve these ailments.
The situation that arises from observing and paying attention to what you do can be understood as an opportunity. On the one hand, your ecosystem has a need for a solution, it looks for new and simpler ways of doing things; while you, with your skill, have the opportunity to offer this practical and reliable solution.
However, you must be clear that an opportunity does not matter much if you never take action on it: you can have many ideas or well-established solutions, but if you do nothing to solve them, they will stay on ideas and no more. So it is very important to act before the opportunity.
It is true that many entrepreneurs are doing the same: looking for an opportunity, it is also that there are not many, since almost everything is solved, but do not be discouraged and this is where you must identify in your talent, so you will know how to solve a problem of one unique form, which in your company will be seen as the competitive advantage.
And this advantage does not have to be a professional skill, it can even go to public relations, in case you have acquaintances that help you accelerate certain processes, that allow you to carry out imports in a direct way or that you know your suppliers from before That will be a competitive advantage that you must exploit.
3. Help your potential consumers
If you already found the opportunity, think about this: what do your consumers expect? Leave your product and even the existing solution aside, think about how you can solve a problem for your customers, in what new way you can give them a solution to a problem they have had over the years.
The examples are many in products and services; But in the case of banking, there are two key products that have changed thanks to consumer feedback: opening an account and point of sale terminals. Both have evolved into a shorter process, to solve an existing problem, but from another point of view.
To offer these solutions, the consumer was first understood, his daily challenges and how he could simplify the process. Therefore, it is necessary to know your consumer.
The first thing you will do is identify your consumer, do not assume that anyone can buy your solution, it is only a specific sector and you will have to focus on them. Secondly, you have to establish how you want to solve your problem and finally identify the context of the situation.
Let us continue with the example of mobile terminals, everything remains in this sentence: The consumer needs to charge with a card anywhere and without having a business bank account . In the statement, the first thing in bold indicates what you want to solve and the second the context of the moment.
With this clear, it is time to create your first business model.
4. Plan your business idea
To avoid going to the market and hitting you with reality, you need to create your “first draft” that will allow you to assess whether your idea is feasible or not. Maybe you have heard the term prototype and that is exactly what you will do, decide if you will make a quick prototype or a minimum viable product.
The first is a solution that serves to analyze very specific attributes of the product or business, while the second is the minimum established to go to market and begin to improve it with customer feedback.
Rapid prototypes are used to evaluate services or products that would be difficult to create, for example, new headphones, a mobile phone with a unique design or a wearable that has rarely been seen. To carry out such an exercise, it is enough to define a context, identify the topic or conflict, assign each participant their role and then do the experiment.
The minimum viable product is the most basic version of your product that a customer would accept for purchase. It is a “beta” version of what you have in mind for your product. The minimum can be as a video that explains your product or a whole experience that customers live. Understand that a minimum viable product is a part of the total of your product or service, so simply study if your potential customers would be willing to buy it.
5. Launch your product
What is better to keep waiting to launch your product as you want or launch one with the least you have. We answered this dilemma a few lines back: if you do not take advantage of the opportunity, you can go and someone else can give a solution before you do.
It is better to have a product with the minimum to start selling it, start positioning yourself, receive feedback from your customers and start your project with better bases and ready to improve little by little.
The interesting thing about this strategy is that you are willing to create a product or launch a service that can be built alongside your customers, so you are creating a real solution that fulfills a purpose and almost tailor-made for you. Furthermore, you are putting aside objections for not launching a product and making the most of the opportunity you identified.
6. Fail and learn from it
In the business world there is a lot of talk about the importance of failing, that everyone must do it to succeed, but the truth is that you least want it to happen because you are investing all your savings and nobody starts a project with the intention of failing, that’s why best fails.
It is worth making mistakes and healing them immediately, building solutions for each one of them and establishing them as ways of working. Do not regret, see all this as opportunities that are presented to you day by day.
The most important thing to fail is to learn from it, if you are simply failing and covering up your mistakes, you are not learning anything. You want to fail to find solutions that you did not plan and establish them as new working methodologies.
Keep in mind that failure does not mean that your business goes bankrupt, but that an error occurs and you act immediately to solve it, learn from it and have a functional action plan to execute your business ideas.
Launching a business is not just having an idea, it is about establishing an action plan to execute your business ideas at the right time. Once you are clear about this, it is time to test your product or service with different clients and thus test if your product is meeting the needs of your potential buyers.
Ideally, when you are clear about what product or service to sell, do not wait until all its functionalities are available, you can launch it with the minimum that serves your clients and hence create, improve and change your product or service with the feedback of your buyers.
Being an entrepreneur must be thought through very well, not because it is impossible, but because it is not about failing, but about standing out to solve the problems of your clients.
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