Entrepreneurship has become all the rage these days, with many people now dreaming of becoming Entrepreneurs. Tips on How to Become an Online Entrepreneur are also explained in detail.
However, as awesome as it sounds, entrepreneurship is not for the faint-hearted. It is in fact, so difficult that 90% of all startups fail.
How then, do you avoid falling into this pitfall.
Find a viable business idea
The first step is of course to find a viable business idea. Entrepreneurship is all about solving problems. So, to get an idea, ask your friends and family what frustrates them in everyday life. is it a product? As service? Once you have this, take time to evaluate how you can get it started.
Is it something that costs a lot to start? How would it function two or three, four months from now? how about two years from now?
Create a business plan
A business plan is all about explaining your business model and how the business will work with revenue and the strategies to grow the business. Planning ahead is one of the factors of success.
Take a paper and write down everything about your business idea. How much will it take to set up? How much will overhead costs be? How will you generate revenue? What are the strategies for the growth of the business?
A business plan allows you to streamline the process to avoid pitfalls that could make the venture expensive.
Try to understand your buyer
This is called buyer persona research. Buyer persona refers to the people to who you plan to sell your product or service.
Once you have identified your potential clients. Interview people who fit the bill of your target market. You can even show them a demo of your product or provide them with your service and wait for their feedback. Don’t just ask whether they like it or not, however. Ask them if they would pay for it? as them how much they would be willing to pay for it? how often would they use it?
This gives you a clear picture of what you need to do so that you do not overspend money that you may not have.
Find a funder
With a business idea and a business plan, you can then look for a funder. Often, you will need to have a working demo of your product/service.
The funder can become co-owner of the company while also providing different skills, expertise, and connections. All these additions provide an excellent boost for the odds of your business picking and succeeding.
Often, these are not guarantees that your business will succeed, but they make it harder for obstacles to catch you off-guard.
