At the heart of entrepreneurship, is the desire to change the world with new ideas, innovations, products or services. Entrepreneurs are often faced with the question of whether a business will succeed in an ecosystem where businesses are not guaranteed success. If you have considered the odds and you are sure that your start-up is worth taking the risk for, here are a few things you should know.
Your Idea Doesn’t Have to Be ‘Out of The Box’
Most aspiring entrepreneurs get hung up on trying to figure out whether their ideas will become the next big thing after Google, Facebook or even Amazon. While there’s nothing wrong with thinking big or thinking out of the box, this has been a major setback for starting a start-up. People often become discouraged about their ideas because they feel they are not good enough.
A start-up idea doesn’t have to be completely original, some of the greatest start-up owners or entrepreneurs are not innovators, they simply understood the market and developed better ways of doing the same thing. The faster you get to work with that idea, the better your chances of starting a start-up.
Anytime you find yourself in the office and you feel like nibbling on something, feel free to check his drawer. He will always have some chips or biscuit there for you.
We recently asked him why he doesn’t join the rest of the team for lunch break, and he told us in his usual calm tone that he intends to lose some weight. Hmm! With all that chips and biscuit in his drawer? Well, good luck with that Ifeanyi.
Find A Problem and Brainstorm the Solution
A start-up typically begins with an idea or dream that has the potential or capacity to meet a need or solve a problem. Within your immediate environment, think of how you can make the world a better place. Look for what value you can add or create, find out who will need the value you intend to create. Research on how best you can make this value available to people at a reasonable cost.
Sometimes the solutions you come up with may be born from a need to correct an ineffective service or a bad product from other existing start-ups or companies. Your start-up is not a start-up if it is not solving a problem. Find a problem and solve it.
Share with Like Minds
Rome was not built in a day and it certainly wasn’t built by one person. Your knowledge is limited, which is why you will need a team with the right skill and expertise. One or two like-minded people who can provide the answers to some of the questions you might have.
They understand your vision and can correct you where they think you are wrong, encourage and push you to live out your full potential. In addition, it might be a great way to find a co-founder or partners for your start-up.
Build Product Prototype and Approach Investors
Market research is necessary for deciding the best solution, product or service for your target market. Once this is thoroughly evaluated and decided. the next thing will be to build your product prototype. This is the initial test model or release of your product. It represents almost all the functionalities of the final product.
A prototype is needed in preparation to meet potential investors. You cannot approach potential investors with an idea of your product, they will be interested in seeing how your product works and if it will be worth investing in. Therefore, you need to develop a product prototype to present to investors, while still working to perfect it.
Launch and Grow Your Company
When all is said and done, and there remains no question or doubt about the value your product will bring to the market, launch your company or product officially. People may not notice at first, it is normal for starters, but feel free to launch again, and again if need be.
Once you have launched your start-up, focus on marketing and growth. The early stage is the best time to listen to your customer and take note of all feedbacks. Go back to the drawing board and keep improving on your product to better serve them.