What is an entrepreneurship? (part 1)
First, lets get to know what entrepreneurship is? and what it takes to be an entrepreneur?
Entrepreneurship:
It is about establishing a new business in order to make profits.
How can I start a new business and from where to start?
It really depends on your business idea. For example, running an online store doesn’t required a team to manage it. You can mange it yourself unless you have too many customers to deal with on a daily bases.
Therefore, it depends on your business requirements. Therefore, keep in your mind the following points:
Having a great idea is not enough because you still need to form your team and to set up your business model, your goals, and your marketing strategies.
Also, having the right skills will help you in planing and managing your business in a better way. For example, if you had no IT or business background, please find someone you trust to work with as a co founder. Your team member will cover your skill shortage by his expertise.
Moreover, you still need to improve your presentation skills, leadership skills and the business skills.
You must get a good understanding of the targeted market and who your targeted customers are (age, gender, students, employees… etc) and how big the market is.
For example, my app or store target high school students because most the population are teenagers.
Are there any competitors in the market? and what your business's value proposition is?
Definition of a value proposition:
“A value proposition is a statement that answers the ‘why’ someone should do business with you. It should convince a potential customer why your service or product will be of more value to them than similar offerings from your competition.”
Source: https://www.kunocreative.com/blog/good-value-proposition-examples
Also, you have to make sure that the targeted customers really need your product/service but how?
You can do a survey, or you can have interviews with the targeted customers. By doing so, you will get a valuable information such as :
How much do the targeted customers think your product/service worth?
Are they willing to buy such a product/service? Is there a real need for your product/service?
What differentiate your product/service from the competitors?
In addition, it is better to have A minimum viable product (mvp) where the targeted customers test it and give you a feedback.
Definition of minimum viable product (mvp):
“A minimum viable product (MVP) is a concept from Lean Startup that stresses the impact of learning in new product development. Eric Ries, defined an MVP as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
After evaluation the results you got from the targeted customers, then you can make your decision whether to proceed with your business idea or pivot it in order to make it better.
Note: you might need to pivot your idea more than one time before getting a better idea.
The end of part 1.
