ENTREPRENEUR SUCCESS AND BUSINESS GROWTH
Whether you’re in career transit because of the pandemic; tired of the corporate life or just starting your career, if you’re reading this article you’re exploring the possibilities of turning entrepreneur. Your reasons behind the decision could vary from Making More Money, Building A Legacy, Doing Something That You’re Passionate About, etc. Whatever it may be, the fact that you’re considering Entrepreneurship says that you have the Drive and Hunger to build something new and better for yourself. You just might not know where to start and how to build your company.
While there are no prerequisites (e.g. Master's degree, lots of money in the bank, influential family or friends, age, ethnicity etc.) needed to become an entrepreneur, what you do need is a Good Idea, a Strong Plan, a Sharp Mind and the Relentless Drive to see it through.
"ENTREPRENEURSHIP IS LIVING A FEW YEARS OF YOUR LIFE LIKE MOST PEOPLE WON’T, SO THAT YOU CAN SPEND THE REST OF YOUR LIFE LIKE MOST PEOPLE CAN’T."
Here are 8 steps that you should follow when starting your business
Are you mentally and emotionally ready to become an entrepreneur? Are you passionate about something or have an areas of expertise? Is there a certain skill(s) that you have that is stronger than the others? What can you afford to spend even if the business fails? What kind of capital would you need to build the ideal business? What does your future life (in 5 year to 10 year) look like?
Find A Good Idea
Is there are a trend that you have noticed in the market? Is there something (a consumer behaviour/ business solution method) that frustrates you as a consumer? Is there a niche that businesses have overlooked ? Can you take your expertise or skills and bring them to a new field to improve it? Can you introduce new systems/ process methodologies/ technology to an existing category? Can you find a more cost effective and quicker way to produce an existing product? Is there something that your previous clients/ customers say they want to buy/ have? Is there a way that you can provide improved product quality at a competitive price?
Proof of Concept
Are there are other players that are offering similar solutions? Understand how they position their idea to consumers? Understand gaps in their Value Proposition that add resistance in customer purchases. Showcase your Idea to potential customers; get their feedback (remember Listen to Understand, Not to Respond). Improve your Product Idea. Fine-tune your Value Proposition. Change only what needs to be changed (Not all feedback should be implemented).
Set Up Your Business
Incorporate the company; Give it a Name and Brand Identity; Get your licences in place apply for MSME Certification, Startup India, FSSAI, Trademarks, Copyrights, Patents etc.
While there are many versions available online that you can download, write Your business plan in a manner that is concise and precise. You should be able to print in on an A4 sheet of paper and pin it on your board for quick reference. A 40 page document will only result in you keeping it in a drawer and never seeing it. Detailed Financial information can be separate
Financing Your Business
In the initial months you will probably need to finance your own business. There are many things that you will need to do for yourself. If there is too much for you to handle by yourself get a Business Advisor to help you navigate through the maze so you save time & effort. Once you start gaining momentum, you can pitch your business needs to friend and family, apply for a small business loan or even start crowdfunding campaigns. In time you can approach Angel Investors and progress to VC Investors
Hire professional organisation and Specialists to help you Create your Brand, Build a Website, Create Go-to-Market Strategies, Develop Advertising, Marketing & Sales Communications Offline and Online, Open doors that can help you quickly Scale Your Business
Build in-house Capabilities
Hire in-house teams to take over routine aspects of your business. This will bring expenses down, improve turn around time and give you more control. Clearly set goals and processes when hiring you team. Define and establish your organisational culture.
Adapt Quickly to Change
Business is constantly evolving especially when living in a pandemic or market downturn. Accept changes and adapt quickly. Always keep your business and its survival a top priority.
"DON’T LOOK BACK. YOU’RE NOT GOING THAT WAY"
8 things that could derail your young business
Not Having a Business Plan
Picking Wrong Partners
Choosing Specialists on Pricing instead of Value
In closing, the steep learning curve and the joys of success that come with Entrepreneurship are unlike anything you have imagined or experienced in your corporate job. It does not have to be a lonely road and there are professional organisations and specialists that can help you achieve your goals.
Related Reading: Growth Strategies
Trigger Worldwide is a Brand Marketing Agency, built specifically for businesses to create Sustainable Growth. Our proprietary tools and process methodologies harness Technology, Creativity & Innovation, leverage Economic Drivers and Consumer Beliefs to help businesses overcome marketing inefficiencies and achieve their Growth Agendas.
“CREATE AN INSPIRED FUTURE FOR YOUR BUSINESS”
~ Trigger Worldwide