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Younger generations are increasingly looking for meaning in their work. Aside from a promising big exit at the end of the road, entrepreneurship attracts young talent in search of purpose and fulfillment. These young leaders want to become independent but also have a positive impact on society. While they have a vision and purpose to bring innovation and change, creating a business is no walk in the park. It takes a lot of preparation. Before embarking on your entrepreneurial journey, try to answer the 10 questions below:
1. Why do you want to start your own business?
Entrepreneurship is too glorified and misrepresented on social media. In reality, it’s about building a business that solves a problem for a consumer. It’s not about driving fancy cars or posting fancy photos on social media. In fact, true entrepreneurship seems quite at odds with what we see on social media.
Do we need a certain level of luck, genetics and an environment around us to be an londonbusinessblog.com? Yes – somewhat, certainly. But also anyone anywhere in the world can solve problems. This applies to both small problems and major problems. The choice lies in the decision to find people who have needs, wants and problems that you can offer a solution to.
It’s also a choice each of us must make about how well we want to solve that problem – how obsessed we want to become with that solution and how we want to continue serving the customers well.
Related: How to Become an londonbusinessblog.com – Where to Start and More
2. What is the problem that particularly affects you?
If you want to have a viable business, it is important to have a clear mission statement. Given the purpose of your project, you will need to learn the real needs of your area. Start with market research to understand what people encounter and expect every day as solutions.
Along with the business solution comes the personal and emotional responsibility – shaping and growing ourselves to deal with and maneuver through constant stress and difficulties. That means developing personal awareness to see our shortcomings and making up for those with intelligent business decisions. It means balancing planning and strategy with actual, excellent execution.
3. What do you want to achieve?
Describe your ideal project. Imagine your project the way it can come to full fruition, ignoring its current limitations. Through this exercise, project yourself over a year and then over two to three years. Map out as accurately as possible what you want to achieve with the realization of this project. Even if you are in the early stages of creation, it is very important to think about your vision, your mission and your goals.
4. Do you have the skills to carry out your project?
Let’s face it, you can’t influence the world with just beautiful values. Daring to walk this path means changing your way of life, sometimes in a radical way. It is essential to identify your strengths and talents. These are the skills you have at your disposal.
On one side of a list, keep these skills you already have. On the other hand, go through the general skills required to complete the project. From that point on, you’ll be able to know if you need specific certifications, the ways in which you can acquire those skills, or even how you’re going to train.
Determining the right skills also includes deciding which skills you will benefit from and seek externally (for example, finding a partner, considering partnerships with other professionals).
Related: The first question to ask yourself if you want to become an londonbusinessblog.com but don’t know where to start
5. What are your needs?
In order to realize your project, you will have different needs such as: feeling supported, having a professional network and most importantly having the money needed to start your business. After you’ve listed your needs, take stock of what you currently have.
After you have a clear idea of the needs you need to fill, it’s time to take action or seek outside help. Sometimes you can’t fill them on your own, so you have to turn to people around you who can provide a solution.
6. Who can help you?
Once you’ve defined your needs and have a clearer picture of them, it’s time to take stock of your networks (personal and professional). You probably have people around you who can help you in one way or another. Don’t put it off – get in touch with them.
Ask them to join you for a meeting or by phone where you can exchange with them and get their feedback on your project. The success of an entrepreneurial project largely depends on the quality of your professional network. That said, don’t forget the support of your private circle (family and friends).
Another way to find the right support is to browse the resources, training, and support programs available to entrepreneurs in your city or region. You can even find such programs online. Likewise, attending a coworking space can also help expand your professional network. When you embark on an entrepreneurial journey, you will spend some of your time networking and attending events.
7. Is your project viable in the long term?
Starting a business is good, but living off it is even better! It is essential to question the viability of your project. To know if it will make a living and if it will work is the only way to test it. The first reason for business failure is the lack of need in the market, hence the importance of analyzing your market and testing your idea in your environment as soon as possible.
8. What is the state of your market?
By conducting market research, you can determine whether there is a market and a real need for your product or service. The term “market research” is often scary, but rest assured, it’s far from insurmountable, thanks to the tools that digital technology offers.
The crucial question of market research is competition. Instead of seeing it as an external threat to your project, try to see it as a reality and an opportunity. Instead of reinventing the wheel, be inspired by what is already being done in the market and think about what you could do differently (e.g. adopt a different approach or method, showcase your talents and experience or seeking a unique communication style).
Related: So You Want to Start a Business: What’s Your First Move?
9. Who are your customers?
If you sell to everyone, you sell to no one! It is necessary to determine in advance the typical profile of your customers, in other words to segment them. Once the theoretical analysis of your target is complete, verify the theory on the spot through interviews.
10. How will you test your idea/activity?
Many entrepreneurs wait until they have the perfect offer before starting their business. There is no point in launching a product or service that no one wants. Instead of waiting for everything to be perfect, think about how to test your idea as soon as possible (e.g. gather a community around you, create your own content, create a landing page, etc.). This way you know whether it is worth investing time, money and extra energy.
A business incubator is also a very interesting device that provides a secure opportunity to test your business in real life. Discover organizations in your city or region that can help you solve the missing points in your project and help you grow quickly.
Entrepreneurship is certainly a complex path if you don’t prepare yourself fully. Using digital preparation, networking, and proper planning, you can evaluate your business idea, create a business model, and validate your idea through testing.
- 1 1. Why do you want to start your own business?
- 2 2. What is the problem that particularly affects you?
- 3 3. What do you want to achieve?
- 4 4. Do you have the skills to carry out your project?
- 5 5. What are your needs?
- 6 6. Who can help you?
- 7 7. Is your project viable in the long term?
- 8 8. What is the state of your market?
- 9 9. Who are your customers?
- 10 10. How will you test your idea/activity?