The
last quarter of year 2014 witnessed innovations in the establishment of
incubator programs across the Globe, with a single focus on supporting
start-ups as well as idea creators and developments with the necessary resource
to nurture their business idea and create products and valuable products and
services to consumers, as well as generate profit for these start-ups.
Young
Entrepreneurs always have questions of how to start and what the future holds
for their business ideas.
Numerous
questions from Aspiring Entrepreneurs who decided to engage in Entrepreneurship
as a resolution for 2015, and one of the most important question that comes to
me is How do I start my Business?
Please
bear in mind that starting a business has a simple personal philosophy which I
have adopted for years, and it says Business is like wanting to ask out a
lady you admire. Remember your admiration which can be compared to your passion
for business does not connote that you will be accepted straightaway when
you speak out, and regardless of the questions you ask about this prospective
girlfriend, you cannot tell what her response would be. I have highlighted
5 steps to help you kick-start your business idea into a profitable niche
in 2015.
1.
Why
do you want to start a business?
A
lot has been said about financial independence as the reason why most people go
into business; however I have a claim to make which is the silent undertone
that no one is wishing to address. While I worked in a health sector, I
realized I knew more than others concerning the systems that should make a
business work, but no one would ever ask you, as the Boss could appear to
everyone an all time commandant, so everyone kept quiet. I needed freedom first
to enable me launch out and create a prototype of my idea for
organizations and see if it sells and it’s the singular reason I
resigned my day job to start-out. Clarify your reasons first.
2. Ask questions
You
had a solution to a problem maybe unconsciously, and that is why you came up
with this unique idea. So you need to ask your friends, families, network or
colleagues how they think your idea would add value to the lives of prospective
clients. These groups of people are called your FOCUS GROUP, their
suggestion would be very useful and you should take note of their suggestions
and criticisms, you would need this to create your Unique Selling Proposition
along the way.
3.
Create a basic version of your product/service offering
Most
important on your list is how to present your idea in the form of a product or
service which from the suggestions you gathered would direct you on how to
choose a reasonable pricing, your target market, your sales pitch etc then you
decide to go out to clients and sell! Sell!! Sell!.
Here
you need to learn to deal with rejection of all you thought was right but
that’s okay, you should have anticipated this, however because its your first
time, your emotions would come into play to make you unstable, but sometime
keeps you going and one of that is the expenditure you have incurred to
start-up, as well as your ability to hold on, even without any sales. Here is
the litmus test to prove if your perceived market would accept, modify or
reject you.
4. Create systems that works
Have you seen how people who absolutely have no idea or clue about a business, they go into it and then succeed, in school we have seen people read their books diligently but weren’t better than the guy who fools around and then tops the class. Simple answer is he had learnt to master what works. The 80/20 rule comes into play here in all you do. Compare the suggestions from your focus group in contrast to your insight from the market, draw conclusions and then write them out, you are gradually developing your company policy for the future.
5.
Do a re-run and ask again
Jack Cranfield – “asking is a question of numbers” and
regardless of how many times you ask, until you get results it’s not time to
quit.
Imagine
if the Wright brothers had quit when Samuel Langley did, we wouldn’t have an
Airplane. Do not let your mind trick you here that you need a lot more than the
finance you are getting now to scale. “Money never starts an idea, it’s the
idea that starts the money” (Mark Victor Hansen). Now you are better informed,
get into the fight and win this time, this effect alone will replicate your
success along the way. Don’t ever quit and never anticipate not trying again,
always be the one to make the last call.
To
your success.
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Source: SpreadMedia
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