The question on the mind of every entrepreneur who want to start a business is how do I go about it, what does it really means or takes to start a business?
Starting a business takes a lot of researching and efforts so that such business can be a success, to start a business, you must eliminate the spirit of fear but have it at the back of your mind that you are taking a risk and to overcome every risk is to challenge it and still stand on your feet.
Launching a business really come down to three things, if your business meets these criteria, then the remaining will fall into place.
Starting and running a new business is a challenge, especially for one person. These days, most standard companies are been established by two or more founders.
Before you start running a business, it is important that all partners and founders of the business have a clear understanding and agreement of ownership and responsibilities. A business that is built with cooperation, communication and understanding is born to progress.
Minimal Viable Product
This is a development technique in which a new product is introduced in the market with basic features, but enough to get the attentions of the customers, the final product is released only after getting sufficient feedback from the product’s initial users.
Many entrepreneurs have grand ideas for their business, with short and long terms, so it is important to understand the true value delivered and how your base product or service will deliver on this.
Once you understand this, you can research and determine whether market demand exists for your offering. This is important to do before you go about adding features and additional services.
Customer Number One
While an entrepreneur may develop a spectacular business plan and be able to effectively communicate the value of the business, all of it means nothing if nobody buys your offering.
Many entrepreneurs mistakenly think that lack of capital (money) is the main reason companies fail. Yes, lack of resources and cash flow planning can sink a company, but in reality, capital is a small problem if you have market demand.
Think about these two scenarios:
- I have a great idea but not enough capital to make it and get it to market.
- I have customers that want my product but not enough capital to deliver.
One of these two scenarios will have a much easier time finding the capital needed to successful move to the next stage.