5 stages of the entrepreneurial process

No startup succeeds overnight. Every entrepreneur, whether new or established, must go through a series of steps in which to create an idea, evaluate it, turn the idea into a plan, find resources, start a business and grow it. This is known as the “entrepreneurial process”.

Looking at the products and services on Facebook and Instagram makes us believe that the entrepreneurial process must be exciting and we can all succeed. We see that as a finished product, however, only the tip of the iceberg. The entrepreneurial process is long and demands attention in detail at each stage.

1. Discover ideas

You must have come up with ideas, and to see them flush it out, it’s really fun. When you consider the possibilities and opportunities around you, you may come up with an idea that has never been seen before, or it may be an improvement on an existing idea. To be able to develop and offer value to your clients, your idea must consider all the possibilities and opportunities available.

The first step in starting a business is “self-discovery”. This will help you determine your hobby and the problem you will solve. If you have to work all day and night, make sure your dream project is in your care. That one thought you had one day would be the ultimate solution to your customer’s problem. Management Thorough market research And identify your customer’s needs and wants.

Ways to identify opportunities

1. Solve a problem by finding out what people’s “pain points” are. Provide them with a solution that allows them to move from pain to joy. Survey your friends’ circles or join a group of your choice.
2. Find the gap between The market by assembling the niche. For example, the ice cream and healthcare markets can be combined to create a product that appeals to health-conscious ice cream lovers.

2. Develop a business plan

With creative thinking, you evaluate those ideas and put them into perspective. Evaluate some advantages and disadvantages as well as predict. Your strategy should include all the milestones and objectives, as well as who your target audience will be. You must do all the necessary market research to identify your target audience. Determine if your product or service has a high demand. Predict all the obstacles you’ll encounter along the route.

A business plan is a comprehensive proposal that defines a business concept. Includes executive summary, company overview, products and markets, competitors, capital requirements, risks / opportunities and conclusions. An entrepreneur would be lost without a map.

Choose your business location and determine if your product or service needs a patent, trademark or copyright. Keep a clear financial plan. It should be defined at least the next three years.

3. Finding resources

You now need to determine your capital, humanitarian and financial resources. Hire the best staff for your company based on your needs. Better to start at the top. If you assume the position of CEO, you need a Chief Operating Officer (COO), a Product Manager, a Chief Marketing Officer (CMO), a Chief Technology Officer (CTO), a Sales Manager, Chief Financial Officer (CFO), and A customer service representative.

Suggestion: When hiring, look for employees with different skills. As your business expands, you can hire more people for specific roles.

Identify potential investors, apply for loans, borrow money from friends and family, or use a credit card to raise funds for your startup.

4. Implementation of business

At the moment, you are in charge of running your firm on a Day by day To meet the needs and requirements of your customer. All selected employees are assigned responsibilities based on their roles. It’s all about action at this point.

If you have a physical product, it would be a good idea to build a prototype. Ask for feedback from people around you so you know your product is ready to launch in the market. In the case of digital products / services, create a website and see if you get an adapter to test your product / service.

5. Growing / harvesting

At this stage, you see growth and development potential. Here, you compare the current growth with the predicted growth and make important decisions based on the results.

You can ask yourself questions such as:

• What other products / services can I bring?
• Will I expand my company to a new location?
• What are my short and long term goals?
• Will I invest more in research and development?

The initial growth of your business may be slow, however, your primary goal is to survive. In addition, in order to grow and better target the market, 4Ps of marketing such as product, price, promotion and location need to be reviewed.

Conclusion

All of the above data shows that entrepreneurship is much more than just starting a business. Every time you start a startup, you need to review all the steps Taking an entrepreneurial route will teach you different abilities as you move through these levels. Remember that launching a successful startup is a marathon, not a sprint!

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