Pre-requisites of Entrepreneurship for Startup Success
know the tips to successfully crack entrepreneurship
An entrepreneur is a person who has a dream and a very strong desire to fulfill that dream. The first and the most important thing that entrepreneurs should keep in mind is the vision. A vision is a visualization of what and where a business wants to be in the future. The founder of the business finds ways to live up to that vision by constantly innovating in his business and inspiring his team to achieve goals.
To succeed in entrepreneurship, an entrepreneur needs to have a variety of qualities within himself/herself. The most important one is patience followed by courage, consistency in work, creativity, and absolute clarity of mind with a strong reason behind a desire for starting up. Entrepreneurs are avid learners. They very well understand that the only way to overcome failure is to learn from them. Apart from economic benefits, a prominent driving force that pushes entrepreneurs to strive hard is their desire to contribute to society through their solution or idea.
If you are an aspiring entrepreneur with a business idea or you are about to begin your journey of entrepreneurship, we suggest you consider the following points:
Analyze your product-market pair
Most startup founders or entrepreneurs commit a big mistake of not analyzing their idea on grounds of commercial viability. They start working on their idea or product without even knowing the target market or customers for the product.
The solution or a product/service that you plan to offer to your customers with a promise of value to be delivered to them is called your value proposition. The target audience or customers is a group of potential buyers to whom you offer your product or service as you think or assume that your product or service solves either their pains, provides them some benefits or gains, or satisfies their desperate needs. If your target market spends money to buy your product because of the real value that it delivers to them, then you have achieved your product-market fit.
That version of your product with just enough features that your customers pay for is the minimum viable product. This is the first milestone that you need to achieve in your journey of entrepreneurship. You also need to determine the size of your target market. It should be large enough to enable you to not only sustain but also grow your business at the desired growth rate in the coming years.
Before starting to build your product or service, it is extremely necessary to test your assumptions about your offering. For software or digital offerings, the assumptions can be tested through online routes.
Your advertising campaign through Google Adsense can help you test the demography and size of your market through the clicks in your ads. You can also test your assumptions by creating your business offering page on Facebook or advertising in the pages that have your potential customers as their members.
Assumptions about many of the physical products can also be tested through online routes because of the advancements in digitization. For the products that cannot be tested online, the only way to test the assumptions is by meeting with potential customers personally.
Build a big picture of your business
For the entrepreneurs who are at a very early stage, it is important to develop the entire business model around your offering. Imagine having a product-market fit without the knowledge of the right distribution channels to deliver your product to your target customers or without key partners who would help you in providing service or components for your offering. Thus it’s essential to work on the entire business model from the beginning itself so that you are aware of the holistic picture of your business from day one.
You can use a very helpful tool, a business model canvas to design your business model. The tool helps you to plot your business model with all its 9 components. Using the tool, you can also evolve your business model whenever you have new ideas or insights.
Search for a mentor
While starting the journey of entrepreneurship, chances are that you focus more on the technical aspects of product development without considering the other and more important factors like business model design, testing and implementation, target market, other market insights, user persona, go-to-market strategy, growth strategy, product pricing and many more.
A mentor can not only guide you in different business aspects but can also connect you to the right people who can help you jumpstart your journey of entrepreneurship. The role of mentors is even more important during present times when the disruption in businesses is seen in almost every sector due to the outbreak.
If you are transparent and honest with your stakeholders, especially with your customers, it will help you to gain their trust in your offering. Eventually, it will help you in developing a brand for your business. Indeed the concept of the minimum viable product is based on the creation of value by involving the users or customers in the product development loop. Hence when the offering is built while co-creating with customers, it will automatically make the entire process transparent.
Entrepreneurs are often taught that they should be highly focused and passionate about the idea that they choose to work on. Though it’s certainly true that passion and focus help entrepreneurs to persevere, they should keep their plan B ready if their seemingly good idea or plan A doesn’t work out.
An effective strategy to develop agility in business can build your confidence manifolds and increase your chances of success. The present pandemic has proved that businesses that are aware of how and when to pivot or switch to plan B, can only survive. Agility and perseverance should go hand in hand while practicing entrepreneurship. This is truly the need of the hour.
Build a Relevant Network
It helps you to promote your idea or business far and wide. Networking helps you to build the relevant & industry-specific connections, makes you aware of the latest market trends, and helps in your search for the right talent for your business. With the growing digital intervention in the lives of consumers and businesses, online networking is becoming more popular. It’s now easy for entrepreneurs to make connections with consumers, other businesses, and even mentors. They should utilize the power of online networking for promoting their business and also for growth.
Though there are many other aspects that entrepreneurs should be aware of, the above-mentioned points provide important insights about entrepreneurship and starting up. Remember that you are always at the right place and time to give wings to your passion. Start from where you are and with the resources that you have. Once your journey sets in, you will find ways to move forward.
Do you feel there is something more to be included? Kindly write to us. We will be more than happy to consider your valuable suggestions.