6 answers
Aaru
Student
Mumbai, Maharashtra, India
5
Questions
Updated
770 views
How do i make sure my start-up doesn't fail??
i am inspired by all these people i see on social media with their own start-ups and i am leaning towards being an entrepreneur, but that seems like an unstable profession.
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6 answers
Laura Frangi
Communications
1
Answer
Barcelona, Catalonia, Spain
Updated
Laura’s Answer
Hi Aaru! I strongly encourage you to have a look at what Lean Startup and Strategyzer offer (Google them). From online resources to books to webinars, they share tons of valuable tips and methodologies to help entrepreneur de-risk their business ideas and build successful startups. Good luck!
Joe Stringa
CEO / Operating Partner
17
Answers
Jackson, Mississippi
Updated
Joe’s Answer
Becoming an entrepreneur involves a combination of mindset, skills, knowledge, and action. Here are some steps to help you embark on your journey as an entrepreneur:
Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.
Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.
Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.
Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.
Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.
Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.
Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.
By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.
Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.
Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.
Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.
Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.
Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.
Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.
Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.
By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.
Deirdre Allen
Call Center Operations
4
Answers
Austin, Texas
Updated
Deirdre’s Answer
Embarking on the entrepreneurial journey can seem intimidating, but the rewards are immense when you get to chase your passions through your work. A robust, all-encompassing business plan can be your best ally, as it compels you to consider all the various facets of launching and expanding your business. The Small Business Administration (SBA) in the United States generously offers free resources detailing the components of a business plan. Make the most of these resources as your roadmap; always remember to factor in the unique dynamics of your specific country.
https://www.sba.gov/business-guide/plan-your-business
https://www.sba.gov/business-guide/plan-your-business
Thank you, this is really helpful.
Aaru
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear you that you would like to be entrepreneur. Have you thought about what industry you would like to do the business.
Below are my suggestions :
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. the entry criteria, competition status, any alternative / substitute, etc.
3. Attend industry relevant courses and management courses
4. Work in the industry some time to understand the operation model and establish people network
5. Start the business online first if possible
6. Prepare a long term business plan and break it down into some short term milestones. Review the plan regular and make adjustment if necessary
Please bear in mind that there is no formula to guarantee the business success all the time. The environment and a lot of factors keep changing everyday. The business doing good today but it may turn bad in the future. So, as an entrepreneur, you have to have envision of the future business development and adapt the business model.
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. the entry criteria, competition status, any alternative / substitute, etc.
3. Attend industry relevant courses and management courses
4. Work in the industry some time to understand the operation model and establish people network
5. Start the business online first if possible
6. Prepare a long term business plan and break it down into some short term milestones. Review the plan regular and make adjustment if necessary
Please bear in mind that there is no formula to guarantee the business success all the time. The environment and a lot of factors keep changing everyday. The business doing good today but it may turn bad in the future. So, as an entrepreneur, you have to have envision of the future business development and adapt the business model.
Hope this helps! Good Luck!
May Almighty God bless you!
Michelle M.
Entertainment Industry
1879
Answers
Updated
Michelle’s Answer
Hello, Aaru !
I believe that your intuition is strong and you are considering many things before opening your own business. First piece of advice - never compare yourself with others. Go with the intent and drive that you personally have and put your ideas into place step by step.
It's easy to worry about the future because no one can be accurate in saying how your particular experience will be. That's perfectly usual and the way it should be. If you read more about start-ups, you will see that it is a series of steps, goals and cannot be guaranteed. You will have to love the product or service enough to be confident, assured and driven to start with it. In the meantime, you will need to create a business plan and figure out funding for your start-up.
Another thing that would be very useful would be to go to college for Business and take some finance and advertising courses. You will need knowledge, expertise and sharp communication skills along with strong drive and a tenacious spirit. If you are basing your idea of having your own company on how much money you'd draw in or how big it will grow, than it's an idea, not a dream. Figure out exactly what your product or service is, how it is different from any others and how it is needed or important. Once you get in touch with that, I think you will see that it is a step by step process.
Since you are currently at the thinking stage of this, you would probably benefit from taking some courses online for Start-Ups. I have left a link for you below. This will help you get into the business mindset and discover your unique qualities as a business person. In the meantime, you should go to college for a degree in something you love so that you will be able to have other doors opened for you as a side gig while you work on your start-up.
A large part of the start up will be finding investors. I have left a couple of links to articles below that may shed some light on things for you.
Give yourself more time to explore this venture and gain more insight. Most importantly, don't let anyone stop you from starting !
I wish you all the best in your plans and future career !
START-UP COURSES ONLINE https://www.coursera.org/courses?query=startup
GETTING INVESTORS https://www.freshbooks.com/hub/leadership/find-investors-small-business
GETTING INVESTORS https://www.forbes.com/sites/alejandrocremades/2018/09/02/7-ways-for-entrepreneurs-to-find-investors-and-raise-millions/?sh=48ea96da5023
INVESTORS FOR A START UP https://www.indeed.com/career-advice/starting-new-job/how-to-find-investors-for-startup
I believe that your intuition is strong and you are considering many things before opening your own business. First piece of advice - never compare yourself with others. Go with the intent and drive that you personally have and put your ideas into place step by step.
It's easy to worry about the future because no one can be accurate in saying how your particular experience will be. That's perfectly usual and the way it should be. If you read more about start-ups, you will see that it is a series of steps, goals and cannot be guaranteed. You will have to love the product or service enough to be confident, assured and driven to start with it. In the meantime, you will need to create a business plan and figure out funding for your start-up.
Another thing that would be very useful would be to go to college for Business and take some finance and advertising courses. You will need knowledge, expertise and sharp communication skills along with strong drive and a tenacious spirit. If you are basing your idea of having your own company on how much money you'd draw in or how big it will grow, than it's an idea, not a dream. Figure out exactly what your product or service is, how it is different from any others and how it is needed or important. Once you get in touch with that, I think you will see that it is a step by step process.
Since you are currently at the thinking stage of this, you would probably benefit from taking some courses online for Start-Ups. I have left a link for you below. This will help you get into the business mindset and discover your unique qualities as a business person. In the meantime, you should go to college for a degree in something you love so that you will be able to have other doors opened for you as a side gig while you work on your start-up.
A large part of the start up will be finding investors. I have left a couple of links to articles below that may shed some light on things for you.
Give yourself more time to explore this venture and gain more insight. Most importantly, don't let anyone stop you from starting !
I wish you all the best in your plans and future career !
Michelle recommends the following next steps:
daniel Sky
4
Answers
Salt Lake City, Utah
Updated
daniel’s Answer
no such thing. no one can ensure a start up doesn't fail. All they can do is keep it alive longer by throwing more money at it.
Better to ask "how can I ensure my start up is successful". Which is also an impossible thing to do, but will get you thinking on the right track.
Plan for success. Put your ideas towards that, vs how to prevent failure.
Better to ask "how can I ensure my start up is successful". Which is also an impossible thing to do, but will get you thinking on the right track.
Plan for success. Put your ideas towards that, vs how to prevent failure.