Modern Entrepreneurship: How do we start?

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Starting a business is no easy feat. With the rapid evolution of technology and changing market trends, entrepreneurs face a unique set of opportunities and obstacles. Before diving headfirst into building a business, it’s essential to lay a solid foundation to increase your chances of success.


Self-assessment

Understanding your motivations, strengths, weaknesses, and readiness for entrepreneurship is the first step. This self-awareness helps you align your business goals with your personal values and capabilities. Before we analyze our customers, let's start with analyzing ourselves first.
  • Why?: Why do you want to start a business?

  • What?: What business do you want to make? What is the market?

  • Where?: Where is the business? Where do people go to look for services?

  • When?: When do you want to make a business? When is the trend?

  • Who?: Who will help you? Who will you help?

  • How?: How will you begin?

Market research

Market research provides valuable insights into your target audience, industry trends, and competitive landscape. It helps you validate your business idea and ensures there is a demand for your product or service.

When looking for which market to look at, one approach is to identify problems in the world to look for a certain goal in designing your product.

    Types of problem:

        1. Well-defined: A problem that presents a clear problem with a clear solution.

        2. Ill-defined: A problem that is unclear and may be solved with many different solutions or many                                solutions together to solve it.

        3.  Wicked: A problem that is unclear, sensitive to societal opinions, has no end solution, and every                                   problem is a symptom of another problem.

Finding a problem will help you increase your team's confidence and provide a clear goal for your business.

Business Validation & Business Plan

Validating your business idea before fully committing resources ensures that your concept has real potential. It reduces the risk of failure by confirming that there is a market need and people willing to pay for your solution. A well-crafted business plan also serves as a roadmap for your entrepreneurial journey which outlines your business goals, strategies, and financial projections, providing a clear path to follow and measure progress.

Familial Support

Starting a business often demands time, energy, and financial resources, which can harm personal relationships and domestic dynamics. It is important that you have the support of your family to help you in this entrepreneurial journey. The connection with your family is a bond you may never have again and you should maintain such a connection. Having your family support provides emotional stability, practical assistance, and even financial support during challenging times.

Plan-B

Entrepreneurship inherently involves taking risks, and there will inevitably be times when luck isn't on your side. While optimism and confidence are crucial, preparing for setbacks is essential to avoid severe failures and respond to challenges with flexibility. A Plan B acts as a safety net, enabling entrepreneurs to pivot, adjust resources, and explore alternative strategies without losing sight of their overall vision.

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