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What do you do if you're considering starting your own business after a layoff in Business Innovation?

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Losing your job can be a significant turning point, especially in the dynamic field of Business Innovation. If you're contemplating starting your own venture after a layoff, it's crucial to channel your experience and creativity into a new beginning. Business Innovation isn't just about inventing new products; it's about rethinking business models, improving customer experiences, and leveraging technology. It's a mindset that seeks to transform challenges into opportunities, making it an excellent foundation for entrepreneurship.

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Hamilton Feijó

Economist | 100X ?? Linkedin Top Voice | Innovation and Strategy Specialist | Business Manager | Corporate Social…
专利代理人，知识产权Prity Khastgir,

International Intellectual Rights Attorney??Telecom*Food law*AI*VR* BLOCKCHAIN *BIGDATA* Handling International…

1 Assess Reality

Before diving into entrepreneurship, take a realistic look at your financial situation and resources. Calculate how long you can go without a steady income and consider the initial costs of starting a business. Remember, innovation doesn't always require significant investment; it's about smart solutions to market needs. Explore lean startup methodologies that emphasize rapid prototyping and customer feedback to minimize risk and expenditure. This approach can be particularly valuable when resources are limited post-layoff.

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专利代理人，知识产权Prity Khastgir,

International Intellectual Rights Attorney??Telecom*Food law*AI*VR* BLOCKCHAIN *BIGDATA* Handling International Trademarks under Madrid Protocol *LED* Active in ITU, Geneva Working Group* Patent Trainer at WIPO, Geneva
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Commencing your own venture following a layoff in Business Innovation can present an exhilarating chance to pursue your entrepreneurial ambitions. Formulate retainer packages that deliver continuous value to potential clients while ensuring a consistent income source for yourself. Contemplate offering tiered retainer packages with varying service levels and pricing to cater to diverse client requirements and budgets. Devise a marketing strategy to publicize your retainer-based business model and draw clients to your services. Leverage your professional network, attend industry events, & establish credibility within the industry. Launch pilot retainer engagements with a select group of clients to evaluate the feasibility.

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Hamilton Feijó

Economist | 100X ?? Linkedin Top Voice | Innovation and Strategy Specialist | Business Manager | Corporate Social Responsibility |
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Realistically assessing your skills, resources and the market can help you determine the viability of your business. For example, after a period of redundancy, I analyzed my skills, identified gaps and considered market demands before deciding on the next step.

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Carlos Idiart

Ajudo a fortalecer territórios e criar conex?es profundas e duradouras com comunidades - Inova??o | Tecnologias Sociais | Estratégias de Relacionamento com Comunidades | Metodologias Criativas | Minera??o | Energia
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Acho que você sai com uma vantagem e poderá aplicar sues conhecimentos em inova??o empresarial para estudar tendências e gaps de mercado e produzir um modelo de negócio baseado nestes inssights

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Carolina S.

Head of Development | Blockchain Strategy & Digital Transformation/ Metaverse explorer
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Absolutely, assessing your financial stability and available resources before embarking on entrepreneurship is crucial. It's essential to have a clear understanding of how long you can sustain yourself without a steady income and to account for the initial costs of starting a business. Lean startup methodologies offer a practical framework for navigating the entrepreneurial journey, emphasizing efficiency, rapid iteration, and customer validation to minimize risks and expenses. Innovation doesn't always require hefty investments; it's about finding smart solutions to market needs. This approach becomes even more critical in a post-layoff scenario when resources might be limited.

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2 Market Scan

Conduct thorough market research to identify gaps and opportunities. In Business Innovation, this means looking beyond current trends and anticipating future demands. Analyze your target audience, understand their pain points, and consider how your skills can meet their needs. Remember, successful innovation often lies at the intersection of what's technically feasible, commercially viable, and desirable to customers. Use your insights to craft a unique value proposition that sets your business apart.

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3 Plan Strategically

Develop a comprehensive business plan that outlines your vision, mission, and the problem you're solving. A solid plan should include market analysis, marketing strategies, financial projections, and an operational plan. In Business Innovation, it's also crucial to consider your innovation strategy—how you'll continue to evolve and stay ahead of the competition. Your plan will be a living document that guides your business but be prepared to pivot as you learn more about your customers and market.

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4 Build Network

Networking is essential in Business Innovation. Connect with other entrepreneurs, potential mentors, and industry professionals who can provide support and advice. Attend industry events, join relevant online communities, and don't hesitate to reach out to contacts from your previous job. These connections can lead to partnerships, funding opportunities, or valuable insights that can propel your business forward. Remember, your network can be one of your most significant assets.

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Hamilton Feijó

Economist | 100X ?? Linkedin Top Voice | Innovation and Strategy Specialist | Business Manager | Corporate Social Responsibility |
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Building a network of contacts can provide support, insights and opportunities for collaboration. For example, after redundancy, I focused on expanding my professional network by attending industry events, connecting with mentors and trusted colleagues, which provided me with valuable support when starting my own business.

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5 Prototype Ideas

Innovation is an iterative process. Start by prototyping your product or service to get feedback early and often. This could mean developing a minimum viable product (MVP) that allows you to test your business concept with minimal resources. Gather customer feedback to refine your offering continually. In Business Innovation, agility is key; be willing to adapt your product to better fit market needs. This hands-on approach can save time and money in the long run.

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6 Launch Smartly

When you're ready to launch, do so with a strategy that maximizes impact while conserving resources. Consider soft-launching to a small group before a full-scale rollout. Use digital marketing tactics to reach your audience effectively and track your results to optimize performance. In Business Innovation, it's not just about the launch itself but also about the ongoing process of learning and adapting. Stay attentive to customer feedback and market shifts to ensure your business remains relevant and competitive.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Muthoni Mutonyi
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Forget stability – as an entrepreneur, uncertainty is your constant companion. Embrace this. Resilience isn't just about bouncing back from setbacks, it's about using them as fuel. Never lose sight of your ultimate vision, even when navigating choppy waters. This is what separates those who make a mark from those who vanish in the noise. Overnight success stories are the exception, not the rule. Building a lasting business demands patience and unwavering persistence. There'll be days when progress feels agonizingly slow. Trust the process and understand that steady, deliberate steps win the race. If you have the right idea and an unshakeable determination, success will eventually be yours.

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What do you do if you're considering starting your own business after a layoff in Business Innovation?

1

2

3

4

5

6

7

1 Assess Reality

2 Market Scan

3 Plan Strategically

4 Build Network

5 Prototype Ideas

6 Launch Smartly

7 Here’s what else to consider

Business Innovation

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What do you do if you're considering starting your own business after a layoff in Business Innovation?

1

2

3

4

5

6

7

1 Assess Reality

2 Market Scan

3 Plan Strategically

4 Build Network

5 Prototype Ideas

6 Launch Smartly

7 Here’s what else to consider

Business Innovation

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