5 Things

Starting a business can be challenging and there are many things we know only after starting a business. I started my Entrepreneurship journey when I was 22 years old and back then there were many things that I figured out by doing. In my article I will discuss five things to consider when starting a business. 

1-     Do not fall in love with your business idea   

Many people fall in love with their ideas and neglect constructive feedback and market. A proper business idea should be evolved based on proper market research and market response to the idea. Many ideas fail due to the fact that they did not do proper market research and did not learn from history and do not learn from previous people’s mistakes. When Coming out with a business idea, collect as much feedback as possible and do not be offended by constructive feedback.

2-    Know your size

Entrepreneurs get asked “how big your company is? '' In return they do not want to hear that you are a small company or you have a small number of employees. They are more interested if you are big companies with thousands of employees. Do we look at Harvard university and say they would be good only if they start opening more branches? The answer is no because they know their size. So it is crucial to know your size, maybe the right size for your company is one person or hundred.

Small  size organizations aim to become big and in meaning big size organizations dream to become more agile and flexible. 

3-    Ideas are cheap execution is hard

All of us have that friend that had the idea of Uber, Facebook but never acted on them. Having an Idea is different than converting it to reality. So it is better to act on your idea otherwise it does not have any value.

4-    Launch now

Perfection is the enemy of profitability. When starting a business, it is better not to think to be perfect because it is almost never happening, and it is better to launch your product as soon as you can. Since the best feedback that you get is the one you get from customers once you start launching. Then you can improve your product/service based on those feedbacks.  

5-    Pick a service and improve

The best approach is to pick a field and know if you can improve it in different aspects of improving product, service, or it can be even improving customer service and relationship.