Regardless of how new you are to the process of starting a business,
feeling lost or overwhelmed is understandable and for many people,
simply part of the process. A degree in business doesn’t always include
training in the practical skills an entrepreneur needs to start a
company, and even when it
does, actually applying what you’ve learned
can be daunting. Once you’ve graduated, you may find that you need to
keep topping up your skills with online courses, mentoring programs and - most importantly - real-world experience.
The good news is that a great business starts with a great idea, so you’re already well on your way.
The first step: Before you start doing anything practical, settle
into a place you find relaxing - I regularly work from my hammock at my
home on Necker Island - and envision the company that you can create
based on your best idea. It should be a company that you can believe in,
heart, soul and wallet.
Are you enthusiastic about how this business will make a difference
in people’s lives? This is crucial, because if you love your work, you
are far more likely to persevere despite the long hours and struggles
that are an inevitable part of an entrepreneur’s life - and your
successes and celebrations will be all the sweeter.
You mentioned elsewhere in your note to me that your minor is in the
recording arts, so I presume that you have a passion for music. Have you
spotted a gap in that sector? Having started my career in the record
industry 40 years ago, I can tell you that it’s a fun ride. With the
explosion of music services on the Web, there are sure to be new
opportunities.
Next is the Mum Test, a method I’ve always relied on when deciding
whether to pursue an idea. Ask your mother for her honest thoughts on
your plans. If she glazes over when you describe the new venture, return
to your hammock and start over. If she gets excited, you could be onto a
winner. As a lifelong entrepreneur herself, my mum is an excellent
judge on such matters, but even if your mother isn’t business-savvy,
she’ll have your best interests at heart.
The next steps involve risk, which may be why you’re hesitating - the risk
of putting your idea out there and of committing your time and
resources. Some people hang back at this stage, trying to perfect their
plan, and then end up spending more time on it than actually running the
business. Successful entrepreneurs don’t wait for the perfect moment --
they create it.
Develop some samples of what you intend to sell, and when you’re
happy with your product or service, begin the best and cheapest form of
market research you can -- ask your friends, family members, neighbors
and social media followers to try it out. If the reaction is negative,
consider tweaking your offering. Don’t let this process get you down: A
few changes do not mean that your idea wasn’t a good one -- this is
merely the first of many adjustments in your plan. Flexibility and the
ability to solve problems creatively are great qualities in an
entrepreneur.
Once you’ve made those changes, try selling small batches of your
product or offer initial introductions to the service wherever you can
-- online, door to door, at street fairs, and so on. Continue asking for
feedback, and keep in touch with those customers. Make sure you get the
branding right: Does it stand out? Do your brand values attract eager
customers? Will they also attract talented employees?
As your customers’ reactions become strongly positive, you’ll need to
start thinking about providing more of the product or service, and of
short-term concerns. St. Francis of Assisi said: “Start by doing what’s
necessary; then do what’s possible; and suddenly you are doing the
impossible.” Practical matters will start coming up, like how to
distribute your product and how to manage cash flow. It may be time to
begin pitching your idea to potential investors and distributors, and
also to start hiring and delegating.
If you’ve followed the steps above, you may soon realize that I’ve
pulled a tiny prank on you: You’ve now got a working startup, without
ever having set a launch date. Great work!
And good luck with your new business!
Credit : Richard Branson
No comments:
Post a Comment