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Every great business started with a simple idea; a dream. Someone not only had the courage to think big, but had enough guts to follow through and build a business from the ground up. Right now, you may be contemplating starting a business of your own. You have the idea, but you don’t know how to turn your thoughts into a real business.
1. Identify the problem being solved
It’s important to build a business that solves some kind of problem. Without a problem being solved, there really is no purpose. Once you break down your idea into different segments, you’ll soon discover the benefits of the product or service you’re offering. Avoid getting so lost in the idea/dream that you completely miss the main purpose of your product/service.
2. Narrow down your market
Once you’ve figured out the benefits of your product/service, you can easily establish your target market. Avoid deciding on your target market according to what you think it should be and do enough research into who can benefit the most from what you have to offer. Remember, your idea needs to be understood by the masses in order to make an impact on your bank account. If you’re the only one who understands it, you’re in trouble.
3. Find your support
One of the biggest mistakes entrepreneurs make is thinking they can do it all by themselves, and achieve phenomenal success. Yes, it is possible (especially if you’re skilled in every aspect of running a business) but it’s important to focus your energy and resources on the things you can do and find individuals who are more qualified than you to run other aspects of your business. If not, you may end up spreading yourself too thin and lose grip.
4. Write down a financial model
You need to figure out how financially viable your product/service will be. Thus, it’s important to create a financial model to determine how your product/service will be created, marketed, and sold to individual users. Then, you need to establish the size of your market and how goals will be achieved. Only then can you fully understand if your idea is financially worth it.
5. Build your MVP
The purpose of creating a minimal viable product is to test your service/product to understand how consumers will react to it. Similar to a test run, the success of your MVP may determine if your idea is worth pursuing by adding large sums of capital to make it work.
6. Persevere at all times
There will be tough times, but it’s important to stay positive and persevere through those moments in order to see the light at the end of the tunnel. Most businesses fail within the first three years, so it’s important to set a three-year goal and go from there in order to beat the odds. Work hard, remember the reason why you started in the first place, and never forget to dream. Remember, though times never last.
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