Advice for Entrepreneurs: The First Step

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Being an entrepreneur is not as easy as it might seem. You need analysis and planning prepared with great devotion beforehand.

Many of us have several projects waiting on the shelf in mind. What makes the entrepreneur different from the others is that he takes the idea off the shelf. Even off the shelf is entrepreneurship in itself.

Here I will make some important advice not to praise entrepreneurship, but rather to make sure that entrepreneurial people do not waste their time and money.

If you can afford to daydream, you should also be prepared to pay the “disappointment” price.

It is necessary to remember this phrase well before starting. Because no matter how successful you are in your career, the world of entrepreneurship is full of hundreds of different problems that are not in your account.

For example, COVID-19 is a situation that even states cannot be ready for, cannot foresee. Likewise, the entrepreneurship world contains hundreds of unforeseen problems. Therefore, it is useful to stay up-to-date, follow the sector, and learn lessons from failure stories.

I will try to inform you briefly and succinctly in line with the information I have gained from my experience, without going into too many details.

Start advice; Don’t fall in love with your initiative. Start by arguing with your logic why your initiative wouldn’t be and try to answer them. If you can’t do it yourself, have someone oppose your project and try to answer their questions. Many people do not prefer this method because they cannot handle criticism. But the basis of the road to success starts with criticism, and the entrepreneur makes these criticisms constructive. If your initiative can’t get past negative reviews, you need to review your opinion and business model.

FIRST STEP IN ENTREPRENEURSHIP: GOOD DEFINITION OF THE PRODUCT / SERVICE MODEL

First of all, you need to analyze how big your product or service is. Although your opinion is a very good idea for you, it is necessary to investigate well whether there is something in demand in the market. You know; Often all venture funds ask you to answer the question “what problem does your enterprise solve?” This is not a common question. All trade is shaped by supply and demand. If you appeal to a very narrow market and you think your opinion is still good, you need to do a good competitor analysis. In general, competition in narrow markets is tiring and costly.

You need to clearly describe your product or service and express your business in a way that people can easily understand.

Maybe this is the hard part of entrepreneurship; You need to detail hundreds of details of a job that you need to explain in a few sentences. You need to detail the detail of the detail. šŸ™‚

MARKET AND COMPETITOR ANALYSIS

If your opinion is good, this idea has definitely crossed the minds of others. šŸ™‚ It’s good to have competitors; because this situation leads to the growth of the market share.

So, who is your initiative appealing to? Who are your targets? How big is the market volume? Who are your competitors? How much of this market do your competitors own? What do you offer different from your competitors? Why should people/companies choose you? How will your positioning be? How much time and money will you spend to take part in this market? Are there any legal problems you may encounter?

I am aware that it sounds like the question of the hereafter. However, the questions can be much more extensive and different depending on the business model.

NOTE: If you say “My target is everyone”, do not waste yourself on entrepreneurship.

REVENUE MODEL

The other most important factor is your income model. The main purpose of every enterprise is to generate income for itself. If your income model is far from logic, your enterprise is facing a big problem. Because many enterprises are disappointed that they have not been able to clarify the income model and put it into a certain logic.

The correct construction of the income model is as important as the income model. Not every income model is correct for every business model. You can also create the setup here by analyzing your competitors.

Regardless, if you think that you still have a good income model, be sure to consult with others. Be open to criticism. These criticisms are gold. The price is to put up with this and turn criticism into a benefit. Note that many companies pay a lot of money for these criticisms and get consultancy.

In one of our initiatives, we created an income model like our competitors and subsequently created a completely different income model and made a big difference. Your revenue patterns can change over time. Be constantly open to innovations without conditioning yourself.

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These 3 issues are critical before undertaking any initiative. If you think you have made progress in these stages; again, you will have to prove yourself in 30 more challenging subjects, which are my own bitter/sweet experiences. Of course, this will vary from enterprise to enterprise. But after I got over these models, I dealt with 30 more issues I encountered. Maybe you will deal with more, maybe less. šŸ™‚

In order to make your job easier, I highly recommend you create a CANVAS model and make a SWOT analysis.

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