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A four-step guide to become an entrepreneur
There are no shortcuts to success. The entrepreneurial journey is extremely difficult and challenging but if pursued with a plan, it enhances your chances of success.
The board game format shown in this graphic constructs the startup journey, with each block denoting a step closer to success. Want to play the entrepreneurship game? Let's roll the dice.
Courtesy: BPlanExperts.com
BPlanExperts.com help entrepreneurs to approach entrepreneurship with a structured approach. They can be reached at info@bplanexperts.com.
A four-step guide to become an entrepreneur
1. Conceptualisation
The key to transforming your business idea into a success is the idea itself. Before proceeding with any form of implementation we must sit back and figure out the business concept. We need to document the idea and keep revisiting it throughout the journey.
It is imperative that the idea evolves as you move forward based on the market feedback and operational parameters. Key is to remain flexible and ensure quick adaptation to environmental stimulus.
A four-step guide to become an entrepreneur
2. Analysis
As entrepreneurs we often suffer from something called entrepreneur's myopia. It is a feeling that clouds our mind and makes it completely biased about the idea and its implementation process. Before we spend our hard earned money, valuable time and energy in pursuing our dream we must analyse the potential of the opportunity and ways to go ahead with it.
A preliminary research is essential. We must understand where our offerings stand, our customer needs and the competitive landscape before proceeding. Having data around will definitely help to take an educated decision while strategising a business.
Moment of truth: If your analysis does not support your initial assumption, go back and refine your idea.
A four-step guide to become an entrepreneur
3. Strategy
Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat: Sun Tzu.
Our honest suggestion to all entrepreneurs is to have a strategy in place before going in for implementation. So what is a strategy?
Firstly, you need to figure out what it is that is to be achieved. Once you know that let's understand how you can achieve it. Jot down the ways to achieve your goals. Take a bird's eye view of your overall business and then drill down to functional elements like marketing, operations, financial etc.
Better to figure out your strategy now rather than having to do it while implementing.
Planning: Get everything in a structured document in the form of a business plan.
A four-step guide to become an entrepreneur
4. Implementation
If you have reached this phase, half the battle is won but the hard work starts now. Get yourself some really passionate team members with complimentary skill sets. Arrange your funding.
Ideally you should think of a phased operation, initially funding it through your own funds and later seek funding from investors. Allocate resources for a pilot launch and closely monitor the feedback.
Quickly polish your plan based on the feedback and strategise your launch. Ensure performance, quality, and customer convenience and gradually scale up your business. If you do the right things success will follow.