How to start your own business

The key to starting your own business is not a business idea, but a problem that we have identified on the market and for which we have a solution. The solution (product) must be such that potential customers recognize it, attribute added value to it and are willing to pay for it.

How to start a business venture?

• Seeking an opportunity

Annalise the market or, even better, be a part of it. Notice what already exist and what it may need to be changed. You don’t need to revolutionize the game, just provide clients whit something they can find useful, improve your sector but, most important of all, don’t give up on any idea. Some of the stupidest thought may guide you to a great solution.

• Question it

Once you have it, test it. Face your project with all the possible inconveniences that may be. By doing so, not only will you find solutions to further crisis, but you’re proving the strength of the idea in which you’ll base your business model.

• Economic analysis

By knowing the cost and income the business may have, you’re able to know the profitability of it. Some of the most used tools to do so are the SWOT analysis, and the Business Model Canvas. They’ll help you create an organized map of your company’s viability.

Link: https://www.youtube.com/watch?v=QoAOzMTLP5s

• Define strategies

Once you know what the ideal situation may look like, it’s time to decide the actions you’ll need to take on, in order to make it look that way. How will you approach your clients? Will you need external funding? How should you deal with your competitors?

• Plan and implement

Once you’ve reached this part, you have a good idea on how your business plan will be developed, now it’s time to schedule it and start implementing all what you’ve been planning on.

All companies are built around a business model that drives the effort to a greater end. Most of the biggest companies of today’s world never planned to grow as much as they have but, all of them believed in what they did, in other instance, had a greater purpose. As an entrepreneur you need to have vocation, enjoying what you do is important since it will grant you motivation to accept success, of course, but also failure.

Link: https://www.youtube.com/watch?v=hBY66Yjx3Mg