3 pillars for a successful venture.
It takes time to become a successful entrepreneur; it demands a compelling vision, a remarkable resilience and a relentless commitment. Whether it´s for profit or not, brick-and-mortar or digital X.0, or a combination of the aforementioned, a leader of a project, endeavor, startup, mom-and-pop or collective initiative, would always require at least the following three pillars just to get started on the right foot.
An improved solution to a problem
Be it a disruptive or breakthrough innovative solution for an existing or new problem, one must construct a sound business plan that challenges, and differentiates from, the status quo with a clear value proposition.
Develop your solution, or a working prototype, sale it or test it on your target or niche market and deliver on your promise (value proposition). Get to know your consumer, ask them questions about your solution, listen carefully, permanently improve your offering and always keep your consumers happy.
The right team to make things happen
Gradually put together a trustworthy team that complements you in other functional areas. You do not need to have it all at once, but you must address sooner than later, one way or another, matters in the areas of legal, accounting and finance, marketing and advertising, business development, human resources, manufacturing, operations and/or customer service.
The financial resources to cover the basics
That is right, you do need access to some form of value to put together a team that will enable you to create and deliver your promise with excellence. If your savings are enough, great. Do not invest what you cannot afford to lose. You might also need to consider reaching out to a business partner, an angel investor, a venture capital firm or a bank if you have some assets to put as collateral.
It takes time to meet the right business partner, or employee, who would share your same personal values and would buy and commit into your vision, so be patient and wise. If you are venturing into a new trade, master it, always be humble and resourceful.
Most importantly of all, you must have it together; take care of your mind, spirit, emotions and health. Do your homework, be disciplined, be a permanent learner and reach out to help grow those in need. Are you there yet?