So many people have brilliant concepts and the necessary capital to start a business but hardly know what next to do to bring their dreams to life. This article provides useful steps towards a successful entrepreneurial journey.
The world has evolved drastically from brick and mortar to click and order. So many millennials are delving into the terrain of entrepreneurship, women especially. Peter Drucker, the father of management thinking once said ” The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” For anyone looking to deep their toes into the world of business, pondering the words of Peter Drucker would be an ideal place to start.
Ask yourself these questions;
- What is my Ikigai( reason for living)?
- What I’m I passionate about?
- What are some of the problems faced by mankind that need solving?
- What solutions can I create to carter for these problems?
- How do I monetize it?
After responding to these questions, you can engage in the following important steps;
STEP 1
Determine the purpose of the business.
The common trap that amateur entrepreneurs often fall into is the urge to produce goods and or services, before attempting to identify the target market.
This is unfortunately the wrong approach to business, and the number one reason why most start-ups never take off.
They immediately go into business for the profit, instead of working for a purpose. Working for purpose simply means being a solution provider to an existing problem that the targeted community is facing.
However, to mitigate this risk, developing a well studied concept could be the answer, which leads to the next step.
STEP 2
Develop and study the concept
Venturing into business is not for the faint-hearted, and it involves a lot of sacrifices. Which is why performing a proper study of the project’s insight and making sure that it is valuable is a crucial piece of the puzzle.
Accomplishing this step will save a young entrepreneur a lot of headaches down the road. It involves listening to, reading, and studying everything you possibly can about the target industry, sector, and business.
More so, talking to people who are already involved in that business to learn the culture and unspoken rules of the business will be a smart move. All these must be done before you start the business, not after. Once you have gathered all the necessary information, you can then proceed to step 3.
Furthermore, a necessary but not obligatory thing to do would be to share the concept with a few trustworthy people who may sign a nondisclosure agreement. The aim is to Run it by them for their take and contribution where necessary. The next thing therefore will be to put together your team, which leads us to the next step.
STEP 3
Put your team together
It is no news to anyone that the right personnel is the bloodline for every business’s success. If you are negligent with the hiring process these types of team members will kill your concept before it even takes off!
You simply can’t do it without the right team. As a business owner, you must shy away from building a team of people who do what you do, as they are likely to compete with you rather than complete you.
Hire people who are good at what you are not good at, by accessorizing your limitations. You have to be good at what you do, and know what you are not good at, but most people are too egotistical to admit what they are not good at and they end up making choices that will affect the success of their business. When the right team members have been on-boarded, it is safe to proceed to the last step.
STEP 4
Launch your project
Congratulations for putting in the hard work and doing the heavy lifting from the previous steps. Now is time for that brilliant idea that has been concealed away from the public to be revealed. Your baby is about to meet the world and it is your responsibility to ensure that your baby puts the best foot forward.
Make it a memorable event for everyone who stops by to meet your baby. Make sure that they are impressed and happy enough to buy something, and to bring their friends to buy something too.
The top priority on this day is to break a leg and supersede expectations. Its the one shot you have at making some early lifetime customers and a great number of unpaid marketers(happy customers who spread the word with their families, friends, and community about how great your business products or services are).
Be grateful for all that you have been able to accomplish by paying attention to the present as you aspire for your business to grow.
“Some people are so excited about the future and they don’t have respect for the present. But if you don’t respect where you are, you won’t live to play on the field of where you want to go ” T.D Jakes
