Entrepreneurship 5 things to know before starting out

You've decided to go into entrepreneurship and you are probably full of good ideas. But many people do not realize that it is a long road and that it is best to prepare for it to avoid mistakes and put the odds in your favor.

 

  1. Brainstorming of its concept: the first thing to do before starting any process is to check if your project is viable. You can talk about it around you to get feedback and adjust your ideas if necessary. Once your concept is defined, you need to set a target and answer the question: Who is my product for? To answer it, you will study your target through market research. My advice is to do one for a year. Because depending on the period your target may have a different behavior. In addition, external events such as economic crises, pandemics that can affect your target. Once you have enough data, perform field tests to find out how your target reacts. Finally you will be able to define a marketing and communication strategy because today you will not invent anything so you have to answer the question: "what is more I have than my competitors".
  2. Make a provisional balance sheet that will reassure your investors: Unless you have enough savings and again my advice is not to invest it all at once, you are going to need financing. You no longer need to go to the bank. Several solutions are available to you such as family or friendly help, business angels, cooperative platforms. No matter what type of financing you choose, you need to reassure your investors. You are going to need a forecast balance sheet. If you are not comfortable with numbers, you will find many websites on the internet that can make you numbers for a few dollars.
  3. Be well surrounded: Unless you decide to do everything on your own, you will need suppliers. To find the best business partners for your business, don't hesitate to do extensive research, check reviews, and most importantly, test before launching any partnership. Because the key to success is having good people around because it doesn't matter who packages your products or ships them, customers will turn against you in the event of a problem.
  4. Set goals: set achievable goals and be aware of the reality of the market. Because although your concept is great, the sales will not immediately follow. So no need to stock up on big, start small and readjust your goals as you go.
  5. Be regular: When you get started in entrepreneurship you stop counting your hours. Are you your own boss. You need to be regular in your work because it is by being persistent that you will see the first results. Because customers will not come to you, it is up to you to attract them and above all to set yourself apart from your competitors. Entrepreneurship is a marathon, never forget it. Even when your business is successful, you will continue to keep pace. 

So now it's your turn! 

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