Even if the pandemic is an obstacle along the way, politicians continue to think more about them than their voters or many economists predict catastrophes that are always to come, this is the right time to start undertaking. Most aspiring entrepreneurs lack the one thing that has the potential to make their dreams come true, money. But the good news is that no matter how limited our budget is, there are always other options to start your own brand. Even starting from a state of bankruptcy or working under a dependency relationship. Where there is a will, there is a way.
The most important aspect we need to succeed is to have a clear plan and the ambition to implement it. Of course, as in everything, sometimes luck could also play an important role in business, so we need to be prepared to make the most of the opportunities that arise.
Now, if it's someone who lacks ambition and no real desire for self-improvement, then maybe entrepreneurship isn't appropriate. Entrepreneurship is not for everyone, it is for those who have a desire and that desire is to move to the next level and achieve financial freedom. But above all, for those who are willing to put action to their dreams and that is definitely not for everyone...
With the advent of the Internet and the growth of its use over the past decade, the idea of making a living working from home has spread around the world. With most “gurus” urging their followers to stop working for others, this idea of quitting their job and focusing on their own business idea has become more popular. But the question is what are we going to sell or what service do we want to give? When a person has a deeply rooted formal education, it takes years to overcome it, but in reality that is what it is all about, unlearning from all the old techniques of yesterday and relearning today's new ideas.
First we need to analyze the market, but that research should not stop us from developing our real talent, it is simply about seeing what strategies the competition uses but that, under no circumstances, this should stop us because we look like David and Goliath and feel small. The suggestion is to set the goal and then discuss the details. We must obsess over what we are going to sell and trust our product or service. It's all a matter of time and perseverance.
A F.O.D.A analysis can be a very helpful technique to identify the strengths and weaknesses of our business idea. It can show us the potential open opportunities and threats that our company may face.
Once the market is chosen, and with the idea in mind, it is important to start the path of positioning yourself in the sector as a leader, as experts in the field. We must be clear about several things: what are the needs of our potential customers? What can be improved? Are there digital products available that are not receiving favorable reviews? Is there a physical product on the market that lacks a personal touch that only you can design? Keep in mind that no matter what type of product or service we are offering, if we want our business to be different from the competition, we need to hear what people are looking for.
Another interesting strategy, and one that is extremely powerful coming out of social media and the digital world, is to interview people who were interested and did not buy the product or service. Send interviewers who stand outside the premises or companies and ask them the reasons for their decision, an extremely enriching contribution since we can learn from real mistakes and in real time.
Once we launched the business idea through the testing phase, it is likely that we have gathered a lot of information that we might not have applied initially. The reason why companies invest so much in information collection is because of its great value. This information allows them to make changes to their business model, products, and customer relationship policies. Although the power of a second opinion is often underestimated in the business community.
However, we must make the most use of this data to ensure that our business gets off to a good start and is on the right track. As attractive as an idea may seem on paper, it may not be as profitable in the market. The market is ultimately the one who will determine the value of your product or service and we must develop a keen sense to listen to it when necessary and our ability to make adjustments will put our business ahead of other entrepreneurs who are rigid with their plans and modes of execution.
For now things must be taking their place, but in fact it is possible that we are dealing with several fronts and that can be detrimental to the business. We can't do everything. The art of delegating is the most complex in commercial activity. We will always think that we are going to do better and that makes it difficult for us to delegate. It is a mistake and it limits and pigeons us to being a micro SME for life. It sounds complex and scary, but over time it will bring us peace of mind and allow us to take care of what is really important, which is to focus on strategies to make more money.
Finally, it's time to start looking for people or entities that are interested in our business. Most people believe that by working alone, and with their own money, they will be more useful. Although it kind of makes sense, what you don't see in these people is that they're gradually limiting themselves. A real investor (not an opportunist with a few weights), can help us to improve and perfect the business idea to the point that it obtains a profit that we alone would not have been able to achieve.
While joining investors is promoted in business circles, you should not limit yourself to individuals, you can also opt for various loan programs that are intended to help small businesses and entrepreneurs.
These loans should have, as their sole objective, to generate a positive cash flow for your business, otherwise they will turn into toxic debt. Therefore, the business should always aim to be a profitable company, which will allow us to approach, even, friends, family and other people in our environment to obtain funds. We can also look for a co-founder to help with funding and other administrative tasks. The possibilities are endless. When we have a reliable business model, which is ready to be executed, investors are easy to find.
It's always a good time to start. The sooner it is done, the faster the errors appear, which are the cornerstone of success. May bad thoughts or fear of failure not stop us from pursuing our dream and the lifestyle we desire and deserve.
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