Every new entrepreneur has a few basic steps they can take to make their idea work. Take these 8 steps to turn your idea into a proactive business.
1. Figure out what problem is being solved
When you focus a company on its core function, you will find that it solves a problem. At this point, you are most likely interested in your idea and focused on the solution it provides. While many businesses claim to have solutions, what specific problem do they actually eliminate?
Conclusion: All successful companies, products, or services improve the lives of their customers by eliminating a problem
2. Find your market
Think about who your ideal user is - this is the first step in really finding out where your idea fits into the sea of customers. They can all meet different habits and needs but face the same problem. Find out where your solution fits into the market and people’s lives.
The biggest mistake beginners make is not being able to understand the product or service and people getting it. If your idea does not "sell" to your audience, do not blame the market. Instead, find out what they are forcing or wanting something different than what they already have. You have a solution, but you have to be in front of the right people to see it.
3. Find your support
There are several benefits to having a business partner, especially when you are just starting out. They can act as a soundboard for your ideas and testify to others that you have a good idea. In addition to building a team, maintaining relationships with other entrepreneurs will give you valuable knowledge. Find experienced entrepreneurs and have conversations with them. Choose their brains - people like to talk about themselves, so they will be happy to share what they have learned from their experience of starting a business.
4. Create a financial model and plan the first phase
Now that you have done your market research, you need to find out if it is financially viable. Create a "down" financial model that focuses on how your product or service is designed, marketed, and marketed to a single user. Doing this will give you a better idea of how your business is doing. Then, to validate your projections, create another “upward” financial model that explores what goals you need to reach in order to maximize your market and make a profit.
Once you are satisfied with your financial model, start planning the first phase of your business. The plan is simple - get your ideas out there. For discussion purposes between your team and mentors, map out your mission, objective, key to success, target market, competitive advantage, and basic strategies. It ensures that everyone involved is on the same page and is ready to move on to the next stage.
5. Figure out your source of capital
Entrepreneurs usually don't just start with money, but they still need money to get the business off the ground. Some of the funding sources available are self-funding, money, credit cards, or loans from people you know (friends and family). Depending on the size of the yard, only one or two toys will fit.
Regardless of the source you choose to achieve or aim for, consider that everyone has their own consequences and risks.
6. Build the MVP
MVP, or the least viable product, provides the feedback you need before you put your idea on the market. Of course, if you build a product that customers do not want, it will not benefit anyone.
Minimum means "basic". The point is not to create a minimal product, but an already excellent (viable) product but with the potential to improve (minimal). This is how early users actually jump in to use the product, and if they like it, it will give them feedback to make it better.
7. Find the pivot
This leads you to "turn" your business model or change a core part of it. Changing direction does not mean that you have completely failed; It really helps to prevent the failure you are facing. Turning does not mean giving up everything you have learned - it is taking what you have learned and using it in your new direction. You took one route to a destination and got lost. The turn is to recalculate another way to get there.
8. Stay positive
They say they love miserable company - make sure there are no unfortunate situations with your new business. Self-doubt and questioning whether something is wrong to prevent you from taking the necessary risks. People will question your ideas and your business, but if they do not believe in your ability to overcome it, they will continue their negativity towards you. When you are positive from above the negative, it will be easier when you finally make a mistake or face an obstacle. You will face both.
Your journey of building a sustainable business will not be as many processes, because there is no guarantee of success. All you can do is adapt to your idea and see what works. In the beginning, if you do not succeed with it, try again until you try.