Entrepreneurship is a very interesting adventure that mixes human experiences with economic objectives. But how to start your company and consolidate it? There is no single path, but a few key points tend to stand out whenever starting a business from scratch is discussed. From the identification of a need to the promotion strategy, through perseverance, creativity and continuous improvement, I propose five essential elements to start a company.
Also read: 14 tips to be a good entrepreneur
It all starts with identifying a market need
The purpose of any business project is to respond to a market need. Sometimes consumer demand is known, other times it remains, revealed by an innovative concept that causes disruption. But in all cases, it is essential to identify a sector or a product with a lot of potential demand before starting your business.
If you are going to undertake a traditional activity, it is most likely that you have data on the market, which will give you clues about its potential. And you will be able to propose your idea and your business model, providing a response to that market need that is more attractive than what your competition proposes.
In the case of starting an innovative project, you will have less information about the potential demand. You will have to resort to other strategies, such as conducting surveys. Or you can even bet on your vision, testing your concept and assuming the risk that it does not get the expected response. If you adopt a Lean strategy, you will be able to pivot until you find a successful formula that meets the needs of your target audience.
Stay motivated and constant to move forward
Entrepreneurship is an exciting human experience, but it is also an obstacle course. Perseverance is a key aspect of being successful, but sometimes it can be hard to stay motivated. However, some recommendations help a lot.
A key point is undoubtedly to choose an activity that you are passionate about. That way, your business project will be more than just a job. You will enjoy what you do, and that will allow you to overcome challenges with more enthusiasm. Another option is to combine your project with other needs, reconciling entrepreneurship and family life. In this way, you will be able to relativize and have a more objective view of your business, which can allow you to be more persevering.
Be creative to offer a differentiated value proposition
Consumers have many options to choose from. If you want them to buy from you, you will have to devise a plan to differentiate yourself from the competition. It is simply about providing a little more value than your competitors.
There are many ways to do it. You can provide more service, offer higher quality, offer a more competitive price, and have a unique style, among many other differentiating options. You can achieve this if you know very well what your competition is proposing, and, above all, if you unleash your creativity to offer innovative solutions to meet the needs of your potential customers.
Continuous improvement and investment in research
But an entrepreneur cannot rest on their laurels, even if they are successful from the start. In a business project, evolution and development are the keys to success in the medium and long term. Think about it, if your value proposition is good and customers buy from you, how long will your competition take to react and try to replicate your strategy? Your only alternative to staying ahead will be to continuously improve your offer.
Depending on the sector you are in, it will mean investing in research and development, or simply observing potential points of improvement in your processes and services, and applying positive changes. Being aware of the experience of your consumers and their reactions is a good starting point.
Effective marketing to promote your proposal and make a brand
As much as you have a good value proposition, it is not going to sell itself. You need to design a marketing plan. You will have different types of strategies, each one with its objective.
Some will be focused on promoting your products or services. That is, to inform the client of the existence of your value proposition, and its most important differentiating characteristics.
But you are also interested in building a brand image. It does not matter if you are going to market a product, or if you want to sell yourself as a professional through personal branding. It is important that you manage to create a brand and associate it in the mind of the consumer with the values that you consider important.
What mean to use? Nowadays the online channel is the most important, but it does not mean that it is the only one that you have to explore. In the blog, I have many articles about marketing with promotional gifts, SEO and digital marketing, and advertising campaigns in general. You can take a look at them if you want to go deeper into the subject.
