6 Vital Steps To Start A Business – 2016
I am a big believer that it is easy to over-think the steps to start a business.
I also believe that too many entrepreneurs have far too much talk and not enough walk.
That being said, I think there are some essential steps every entrepreneur must take beforehand, so that when they do take the leap, they are leaping with the knowledge that they have taken the necessary steps and have secured the proper tools in place in order to help better their chances to avoiding an ugly landing on the ground.
6 steps to start a business
1) So, You’re re-inventing the wheel huh? Despite the fact that most entrepreneurs think they are re-inventing the wheel, 99.9% of the time, they are creating something within a niche that already exists, which, contrary to popular opinion, is a good thing. Inside of every good business plan there is something called a SWOT analysis, which stands for strength, weaknesses, opportunities and threats. One of the biggest mistakes is when people don’t list their threats as if there is no competition in the market. What you are really saying is you are creating a new market… which happens once every 100 years or so. Better to create new tires than try to re-invent the wheel.
2) Differentiation Once you have soaked in the harsh reality that you are not Thomas Edison, you need to create enough differentiation in the market to justify why people will leave your competitors and come over to your team. This is where egos can be detrimental, as far too many people try to create a product that they like as opposed to what their market likes. In order to prevent this from happening and to get the proper feedback, I would suggest going to your target market and arranging focus groups who will provide you insight as to what you need to do to make your product or service marketable.
3) Proof of concept, this is one of the most important steps to start a business, Once you have created a product or service, establishing proof of concept is major. Getting your product or service out there, having it retail (if you are product driven) or getting people to use your service will show that there is a demand for what you have created. If you watch the show Shark Tank you are familiar how important proof of concept is when making decisions whether or not to invest in a project.
4) Prepare for Growth If you are fortunate enough to be in the rare company of startups where the demand for the product is greater than the supply, you need to have prepared in advance for this so you know what to do when this happens. Setting up financing strategies in advance will be the difference between having to stop everything and figure out what to do, compared to being poised for growth and maximizing your revenue and not killing the momentum that you have created out of the gate.
5) Execution The next thing seems very obvious, however, the truth is that too many startups live in fear of their own launch, thinking their idea will be stolen or their product or service will be replicated. They simply stay stuck and stay behind the starting gate and never do the one thing they set out to do- execute their plan of action… so make sure you execute!
6) Flexibility & adaptability and change The last thing you must know is that you don’t have the master blueprint for your business. The truth is nobody does and that things will not go according to plan and you need to accept that. For that reason you must be open to adapt and change and fine-tune once you are at market. This does not happen once or twice but will be happening every year you are in business so keep an open mind to change to the adapting needs of your market.
Follow these 6 steps start a business to help guide you in the proper direction as you set sails for your entrepreneur journey. Remember, entrepreneurs are the future of our economy … so we need you!
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