Where, how, and when to get started on a business idea?
While drafting my articles, I always wonder whether my content is becoming redundant and too concentrated on business idea development. Yet, after every mentorship call I make, I find myself going back to square one in order to cover those basics. I just realize that many of my mentees miss out on them.
I am not quite sure if the widespread misconceptions, easy to adapt business models, or what-so-called "self-made" overnight entrepreneurial success stories are behind this dilemma. However, I feel the need to touch upon the fact that aspiring entrepreneurs seem quite lost at where, how, and when to get started on their business ideas.
Trust me, if you are lost at those questions, you are not alone! So here are some thoughts for you to get started with:
. Give yourself time to set up a clear business plan - clearly define the problem you are addressing, the need you intend to satisfy, and the gap you will fill.
. Research your business industry - don't underestimate the importance of knowing your market, the opportunities it offers, along with the enablers, support initiatives, and active competitors.
. Study your competitors - yes, I am saying it again - commit time to study and assess who your competitors are, their unique selling points, market share, what is special about their business model, what made investors invest in them, and what can you do to outdo them in the market.
. Surround yourself with supportive people - find yourself a community of like-minded people to belong to, learn from, and grow with.
. Build your offering - act on your research and turn it into a viable product or service.
. Go to market - once tested and ready, launch!
. Test & iterate - always remember that this is a learning process! Pivoting is almost always part of the journey. Don't worry if market opportunities direct you somewhere else, other than where you wanted to head. Trust in this pivot. Consult market experts and follow the common advice.
Yalla, need help getting started? Let's talk about that business idea of yours! Book a 30min free mentorship call!
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