Journey of a thousand miles begins with a single step – “Lao Tzu”.
You become an entrepreneur when you want to create, take risks and live your passion. You do not want opportunity to knock at your door, rather you create the door. To become a successful entrepreneur there are no rigid set of laws, but here are a set of guide lines that would help you visualize the path you are about to undertake:
Finding Your Passion – To excel at your job, the first task you need to execute is finding your passion. Even if everything fails the passion will ignite again and lead you to success.
Converting the Passion to an Idea – Next, having the passion is not the end. You need to convert the passion into something that can be introduced into the market and read the end users. Thus, you need to transform your creative faculties into a concrete idea.
Setting up a Goal – Visualizing success and the way to it is important. First and foremost one has to convince oneself of the task you are about to undertake. Doubts slaughter more dreams than failure ever will! You may want to create a to-do list to achieve it.
Finding a Founding Team – Entrepreneurship is not a solo enterprise. It needs support and thus you need to choose your team. Ideally it should consist of people whom you trust, people who can positively influence you and also be able to point out your mistakes.
Stay Inspired and Motivated – Motivational quotes, inspirational start-up stories and even self-help books can boost up confidence. It is expected to feel uninspired sometimes, but it’s all about getting up and gearing for the next step.
Brainstorm a list of potential Customers – It’s important to have the confidence to dominate the market you are choosing. Knowing your potential customers will help you adapt your product if necessary.
Narrow down to top 3 markets – A clear and accurate feedback is required for your market segmentation. Even if it’s an idea, it’s essential to cut down to the chase and zero in to a particular segment.
Gather primary market research – Talking directly with and observing customers will give deep insight into how the market actually operates. Being ready for the battle is like half winning it. Thus moderate to extensive research is required in this step.
Organize your research – Find the lead customers, partners, size of market, recognize the user end and analyze the competition. Once you have a firsthand experience of the market you are about to enter, things will become smoother.
Realizing the Potential of your endeavor – With the organizing of research ends the first step of initial conceptualization. Now one must get practical and before investing and must decide wisely. You may need to make certain alterations and if you are happy with your research, time to move ahead!
Planning Finances – You need to be aware of the initial investment the start-up will require and preferably chart out a list of possible investors, calculate the time when the business will return its profits and the projected profits over the time.
Strategies – It is important to build up strategies. One has to figure out every nuanced step associated with achieving the goal. You need to take a view of the overall business plan and cut down to the basic requirements- finance and operation techniques.
Implementation of Plans – Once you have charted out your plans, it’s time to implement them! Your business tools are now ready to be used at your market. Once you enter the market it is useful to focus more on the consumers than the competitors.
Marketing – Now all you need to do is reach out to your consumers through various media outlets. Here your main goal is to let know people about your product and convince them to use it.
Remember that there are no shortcuts to success; one has to work hard for it, accept failures and learn from them. In order to succeed, it’s crucial to conquer your fear of failure and self-doubt. Lastly, as Nelson Mandela once said “It always seems impossible until it’s done” and you too can show how it’s done to the world!