The reality is that no everyone has what it takes to start their own business. Before investing any time or resources on anything, it is important that you first evaluate yourself and see if you have some of the typical traits of an entrepreneur. Not that your idea is not brilliant, but are you ready for all the chores that come with it? Are you motivated enough? Are you confident and resilient enough?
If your answer to these questions was ‘yes’ across the board, then the following are the necessary steps to to consider if you are interested in becoming a successful entrepreneur.
#1. Develop an Idea
Don’t ever make the mistake of starting a business because it’s popular and you think commercializing it will make you money. Make sure that whatever business concept you have, it is one that you’re passionate about and is also one that you are good at. From there, come up with a product or service that you believe can improve people’s lives.
#2. Test the plausibility
Once you’ve had an idea on what to do, figure out how you can make it become a reality. Is the product or service something people want or need? Can you make a profit selling it? Does the product work?
#3. Write a business plan
Getting a solid business plan will guide you along the way, even if your plan is to be a freelancer or ‘Solopreneur'(Sole entrepreneur) . You also need to present your idea to potential investors and your business plan should include a mission statement, a company summary, an executive summary , a service of product offerings, a description of a target market, financial projections and operation costs.
#4. Identify your market
Even though you might have detected some interest in your business, you should still perform a competitive assessment by assessing the market and targeting the customers most likely to make a purchase.
#5.Determine the Costs
You ought to do additional research to find out the standard cost factors within this industry. This will not only help you manage your business more effectively, but investors will also want to know this.
#6.Establish a budget
Once you’ve determined how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan.
#7. Find the right investors
You are going to need some sort of funding either from your savings account or venture capitalists. You should find an investor who believes in you and shares your passion.
#8. Listen to investors
Investors always have a say in your company, whether you like it or not and you have to listen to their suggestions. That doesn’t necessarily mean that you have to do what they tell you though.
#9.Set up a great support system
Since you’ll be investing a lot of time and resources into your new business venture, you have to be certain that your family and friends are on board because this is going to be challenging both financially and emotionally.
#10. Determine the legal structures
You have to settle on which form of ownership is best for you; a sole proprietorship, a partnership, a limited liability company, a corporation or any business form that suits you.
(To be continued)