Building a business for non-business background entrepreneurs , creators and Inventors..
I have a robust product, content, invention, technology.
But don’t how to build business.
Sounds Familiar?
This is article is for you.
I have been speaking with people who have developed products or content or experience and are not from the business background (either Creative, academic, lawyer or different role in organization other than business or sales etc.) Their biggest challenge is when I start talking business, I lose the game because I don’t know how to play the business game. I know how to develop the product, App, service, community etc.
Based on my learnings and experience they can explore these options:
1. Learn the Skills on your own – Doing business is not rocket science and skills can be developed. How:
a. Read few books – Many are available on the subject. My favorite is ZERO to ONE by Peter Thiel.
b. Visit the retail market of your product (in case of physical product and speak with Shop owners) – you will understand a lot of business and lingo used
c. Industry Seniors – Speak with seniors in the industry and see how they are thinking and building business
d. Connect with maximum people in industry – You can use LinkedIn tools to find mutual connections in the industry and speak/meet with them.
e. Visit Trade Shows and Attend Seminars – Visit the trade-shows and attend the seminars
f. Join the Industry Body – If there is an industry body join them. It will make you learn a lot about industry
g. Facebook and LinkedIn Groups – There are very good and productive information and knowledge exchange on the industry groups.
h. Competition Landscape – Look at what other companies are doing in your space and you can learn a lot from it.
i. Consumer – Speak to consumers and understand how you can solve their problem with the product. In case product is launched – take their feedback and POV. You always learn new things from the consumer.
j. Online or offline courses — You can a online or offline business course to give a theoretical sense of creating a business and this especially help in better planning of the business.
2. Hire a Business Development Person – You can always hire a professional to run the business which is in-house in your team. These days people are open to work – collaborate on new age business model like Fixed+ Variable + Sweat equity (based on performance). Look for such people and recommend hiring from your network first. Look for Agility and business development expertise here. The person should be compatible with your vision and purpose.
3. Independent Person or Company – You can work with an outside company to help build the business. E.g. our company helps in the domain of Entertainment, Sports, Licensing and Sustainable Brands to develop business. Similarly, there are thousands of companies working in this domain who can grow your business through transparency, efficient and quick scalability. This can work for the initial stage unless the company is also committed for the long-term success of the brand. Eventually you can create our own team once the business base is built.
4. Licensing – You can explore licensing your product through licensing method to a licensee (manufacturer or direct to retail). You earn a % of net sales and promote the brand. This would work well in case of Novel, Unique, Robust, Iconic etc. products and services.