5 steps to start your own business

5 steps to start your own business

Statistics show sadly that more than half of all startups fail after initial launch. The good news is that these metrics do not characterize ideas as unsuccessful or unprofitable. The reason for failure may lie deeper: in the absence of personal interest, strategy or desire to grow. Today we will analyze for what reasons an idea can burn out, how to avoid it, and what steps to take to start a business from scratch. We will combine all this into five detailed points, which will present a step-by-step system for testing your idea for translating it into a real business project.


Before getting seriously involved in business development, answer the question: is this area interesting to me so much that I am ready to devote maximum working time to its development and development of myself in it? Many ideas fail because people take on a task that fundamentally contradicts their true values. This is a very common phenomenon - people do not listen to their desires, giving in to advice from the outside. Stereotypical thinking, public pressure, the opinion of close and authoritative people, which once influenced the choice of your career path, translates into the fact that you are engaged in a "worthy, profitable, stable business", but something that you do not really like. Therefore, the first stage in the development of your business is sensitivity to yourself and the realization that you yourself sincerely want to work in this direction. The trend of the modern world calls this phenomenon "a test of goal's environmental friendliness."
One of the main principles of children's education in MINIBOSS BUSINESS SCHOOL is the desire to reveal the true interests and talents of the child, so that he can monetize those activities that really bring him pleasure, and is convinced that he can successfully build a career that he likes in the future. In childhood, it is much easier to understand your desires, because the child has practically no limitations and fears, he believes in himself and is ready to move forward in any direction he likes. And the willingness to develop in your business, to grow and move at the rapidly changing pace of life is the main quality of a successful entrepreneur.

The second point is a practical step after defining a field of activity - choosing a niche. A niche is a narrower area that solves a specific problem of people through a useful product: a product or service. If you are an expert on healthy eating, the niche can be expanded in variations from working with detailed individual diets to blogging with general advice on eating habits.

After defining a niche, a natural objection arises - this already exists on the market, is not at all new and has long been occupied by other experts. Therefore, the third step is working with the product and analyzing competitors. You should realize that if you have a lot of competitors, then the niche you “knock on” is global, and this is beneficial for you! It is much easier to open up in large-scale niches than to be a “pioneer”. After analyzing your competitors, you will be able to outline growth zones, and most importantly - to determine how your product can differ from the existing ones - to think over a unique feature. This feature, well-packaged and well-presented, will be a key element of your competitiveness.

The fourth step is defining the audience segment you will target. Working with everyone means working with no one. It is necessary to define and register a specific portrait of your target audience. Age, gender, social status, marital status, income level, interests, fears, pains, triggers, explicit and hidden desires - this is a list of the data that a good entrepreneur should know about his audience. The formation of a proposal directly depends on who it is aimed at. The correct work with the target audience determines a greater percentage of success after starting a business.

The fifth step is systemic goal-setting. Your business should have a clear promotion strategy - relevant, measurable, relevant, taking into account the maximum number of risks. Determine the amount of required resources, investments, the number of people attracted, write down the potential conversion from the launch. Set clear goals for your business and do everything that depends on you qualitatively.

Further steps can be team recruitment, delegation, scaling. All stages require commitment and participation from you. In addition to all of the above, do not forget to analyze your results and, if necessary, adjust the path. Your business is your face, keep a level and always work efficiently, with a tendency to improve.


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