How to start a business successfully, 7 keys?
Self-knowledge
Take an inventory of yourself (self-awareness): What tools will you use? What capabilities do I have? What knowledge do I have?
Think that:
Entrepreneurship can be a very rewarding experience or not, depending on how well you do things.
It has many benefits and advantages, such as being your own boss, setting the most convenient hours, working how and where you like.
But, to be successful requires careful planning, many hours of work, patience, and discipline.
When you achieve self-knowledge and discover that you want to develop something that you are passionate about, it is time to turn that into your entrepreneurship.
And in order to be successful, you must work, work, and work.
Now that you have done this step, you may have a little more information about what business you would like to start. Yes, yes, proceed to the next level.
Validation of the idea
It is very likely that once you are more clear about what you are looking for and where you want to start, the “BUTS” will come to your head, and you will therefore ask yourself the following questions:
But…
How to start a business without money or capital?
What to do to start a business in, or from home?
Will I be able to start a business in my town?
If people don’t like it?
…… I have a lot of competition, I don’t know what to do
To face these BUTS, I recommend doing the following:
Steps to validate your entrepreneurial idea (s)
Empathize with the needs of those you think would be your clients.
Identifies the model client or buyer, their needs, and their environment establishes whether what you propose as a business idea could solve some of their needs.
Define what is important
From all the information you collect, keep what gives you value, and helps you build your business model.
Generate ideas: Get several possible ideas and model the one that, based on your previous research, has the most possibilities.
Analyze if the investment a “priority” is high or low if you have the money to face it if you think you can go to a financial institution, and so on.
Take the space of time you require, and once these steps are done, check under which stage the idea that has arisen is located; 3 options can be presented:
Then the idea ..
- It is already in operation and it is successful
- someone tried it and it was a failure
- Never been tried!
The latter is the best scenario of all
Because you will be the first to take the test, and only by doing it, will you know if you have a chance of success or not?
Now go back to the BUTS question and see if you have found an answer, if so write it down.
Develop a strategic plan to undertake
Normally the strategic plan for an enterprise coincides in some aspects with the personal strategic plan; so don’t be afraid of doing the exercise you use both scenarios to define it.
To define the strategic plan you must follow the following steps:
- Definition of mission and vision and values
- SWOT matrix (weaknesses, opportunities, strengths, and threats)
- Define objectives, goals, indicators, and strategies
Define the business model to start a successful business
More relevant than business ideas are business models; because a business model is what transforms ideas into money.
In the end, it all comes down to whether or not you sell; if you have a business opportunity.
There are several tools that are often used to develop a business model.
But in the case of an entrepreneur (includes starters) I like to use two:
- the Lean Canva: for entrepreneurs
- and the Business model canvas (BMC): for entrepreneurs and start-ups
Lean adapts very well to entrepreneurship because it focuses on finding solutions to the problem of the market you aspire to reach.
On the other hand, the BMC serves both for startups and for companies underway, because the methodology reflects the ability to analyze the market itself and the operation of the business and its efficiency.
Do you want to start? You can use both (2).
However, I recommend starting with the Lean Canvas because it will allow you to specify and corroborate the validation and hypotheses.
After you are clear about each aspect of Lean, you are clear about the solutions you will give to your clients and you have correctly validated the business idea, you can proceed to use the Canva Business Model
What is Lean Canva?
It is an adaptation of the Canvas Model, created especially for the design and analysis of the business model, based on the relationship between the market and the product or service, in a more agile or faster way.
Its purpose is to facilitate the development of the business model that presents a high level of uncertainty in its conception.
In the Lean Canvas, nine basic modules are used to define the structure, namely:
Identification of customer segments: identity to whom the product or service is directed
What is the problem: identify the “problem” on which the entrepreneurship activity will be focused.
Value proposition: very important! Based on the solution of the problem, define what differentiates you from the rest of the competitors, if they exist. (define competitors)
The solution offered: those characteristics that the product or service has that will help in solving the identified problem.
Channel Definition: How these customers will be served, How they will be sold, etc.
Sources of income: means by which we will generate money and future earnings.
Cost structure: elements or activities that generate expenses. I want to emphasize that it is important to practice bootstrapping: start with few resources and minimal expenses.
Key indicators: We must identify the appropriate indicators that we must measure for decision-making and thus be able to provide feedback and adjust.
Competitive advantage: this is perhaps one of the sections that I like the most; How does your business idea differ, what does it provide as solutions and added value to your market.
Establish a business strategy
You must connect with your target market; and although we are talking about an #entrepreneurship in an incipient phase, a commercial #strategy is important because it defines the direction your business will take; do not worry, because it is a dynamic document, you can review and adapt it as many times as you need until you manage to specify something more definitive.
With the commercial strategy, you define the testing, which is nothing more than testing the product or service to identify significant improvements, faults to be solved, possible shortcomings.
The important thing is to create an effective short-range but high-impact campaign to publicize your product or service among a focus group of initial buyers.
You must connect with your target market; and although we are talking about an #entrepreneurship in an incipient phase, a commercial #strategy is important.
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Training to undertake
Do not hesitate to invest in training, but of quality. It is not the number of courses you take, it is what really adds value to you.
Keep in mind that to be a successful entrepreneur you must develop some fundamental skills and competencies, such as:
The successful entrepreneur does not stop training; therefore, training must be constant.
Currently, there are a number of free courses available on the internet, which keep you up to date on new trends.
Read a lot of related books and specialized magazines.
You have NO excuses not to learn!
Mentoring to know how to start a business successfully
Seek advice or mentoring.
To undertake successfully, it is best to seek the help of experts in the area to help you channel all the energy, ideas, and doubts you may have more quickly.
It is a determining factor for success.
I leave you my video of how to start a successful business that is on my YouTube channel to which I invite you to subscribe
How to undertake? Factors of No Success
Lack of knowledge of the market, characteristics, competitors, prices, etc.
Inappropriate products or services, that is, it does not pose a solution to the problems of our potential customers.
Marketing errors; poor definition of business strategy.
Lack of knowledge of the fundamentals of running a business; training in the management model is important in order to understand the operation of the business.
Lack of Planning; very important…. You have to Plan !; there are many things that an entrepreneur must do, and planning is the basis of success.
How to undertake? Success factors
Be clear about the proposed objectives.
Possess in-depth knowledge of the business.
Achieve differentiation of the product or service with which we want to undertake.
Clear market orientation.
Obviously have a planning of the entire process.
Conclusion of how to start a business successfully
According to statistics, eight out of ten businesses fail to pass the two years of operation. This is due, among other reasons, to the fact that entrepreneurs fail to identify the risk signals that cause their business to fail.
Follow the described route and I guarantee you will be 20% successful.
Remember that I can help you solve your doubts.
Are you undertaking or do you want to undertake? Tell me how you are doing and remember that I am at your service for any questions you require.