Starting a business can be thrilling–all your goals and plans finally shaping up, and having the word ‘entrepreneur’ used to describe you. It can also be frightening–“am I doing the right thing? Am I using the right strategies? How do I go about making this enter the general market? What if this business fails?” Regardless of how you feel about starting a business, there’s no doubt that this startup/entrepreneur life is quite stressful, especially when you have no idea what to do.
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Below, we have expanded on six different things every business aspirant ought to do before starting a business. Although these rules do not automatically mean that your business will be 100% successful, they will help get you on the right foot. And with consistency, determination and hard work you will be able to have a successful business.
1. Know your Product
Often people come up with an idea and decide it’s so awesome that they have to make a business out of it. There are also others who see Tom, Dick, and Harry making money in a particular field and decide to join the bandwagon for the sake of the profit. Both routes are surefire ways to fail at a business before it has even started, and at most, such a business could grow to be mediocre. To launch a good product, there are three rules of the thumb to follow; follow your passion, solve a problem and keep it simple.
There’s a lot of work that goes into setting up a business and maintaining it. Therefore it is crucial to be passionate about it. It is better to lose sleep over something you care about than something you are not interested in. Following your passion will also help you on days when you just want to quit. For example, if you set up a timber supply company and the demand for timber drastically reduces, it’s your passion (and determination) for this work that will drive you to keep your business thriving.
The other rule is ensuring that your business solves a problem. Most businesses fail because people create products that nobody wants. Imagine creating a machine which picks food between your teeth. It sure seems like it solves a problem, but a toothpick solves that easily without having to carry a complex machine around. However, if you found a need like dark-skinned girls being unable to find lingerie and hosiery in their nude colors and you decide to fix that, you would be having a great start because there’s already a need out there that needs to be met.
Keeping your product simple is about making it user-friendly. Is your product an app? Can people use this app without some extensive uncommon knowledge? Is your product a service? Can customers easily find this service? Or like the machine in the previous paragraph, is your solution a complex product for a simple everyday need? These are some of the numerous questions to ask yourself when trying to simplify your product. Is your product a service? Can customers easily find this service? Or like the machine in the previous paragraph, is your solution a complex product for a simple everyday need? These are some of the numerous questions to ask yourself when trying to simplify your product.