Jean-Patrice Delia Outlines 5 Critical Tips for New Entrepreneurs Planning to Launch their Business
Engineer and management expert Jean-Patrice Delia believes that new business launches are key to a growing economy. That said, new entrepreneurs frequently lack experience, and as such, they often must worker harder to avoid some of the pit falls in small business.
As an MBA graduate and long-time director in the energy sector, JP offers these five critical tips for new entrepreneurs to consider before starting their business.
1. Know Your Customer.
Many great ideas don’t actually solve problems for customers. At the same time, many abandoned startups could have been a great success had they taken the time to really know their customer’s desires.
The call to entrepreneurship often sparks from an individual seeing a need that they want to fix. This desire to troubleshoot and innovate is a fundamental part of being human.
But entrepreneurs that succeed inform their vision with customer data. Some of the data is available from interviews and case studies, while other data arrives from quantitative market research. Either way, every entrepreneur must be intricately aware of how their customer thinks and feels.
2. Choose a Market.
A business that seeks to serve everyone serves no one. Your business idea fits a particular set of problems, needs, and desires. Successful entrepreneurs focus on a market most likely to benefit from their products/services.
Jean-Patrice Delia often recommends that entrepreneurs start small, such as a particular area/region or demographic. As you gain momentum in your business, you will have ample time to expand into new markets.
3. Learn to Build Financials.
Building and maintaining financials isn’t always the most exciting part of entrepreneurship but failing to keep clean financial records can ruin a business.
Not only does learning to maintain financial records help you know whether or not you have money, but it can help you make reliable forecasts and better business decisions.
Entrepreneurs that do what it takes to stay on top of “the numbers” are wiser and also better able to secure funding when necessary.
4. Consult Experts.
Business is tricky. On top of marketing and sales, entrepreneurs need to know that they are compliant. That means that your business needs to structure itself correctly, pay taxes on time, and protect itself from liability issues.
While it may not be feasible for new entrepreneurs to keep attorneys and accountants on retainer, setting aside money for the occasional consult can ensure that that entrepreneur is building their business wisely from day one.
5. Iterate Your Product or Service.
As you launch your business and begin bringing in revenues, you should find ways to elicit customer feedback. Not only can this feedback inspire word-of-mouth in your market, but it will show you opportunities to improve your products, process, and/or services.
While you shouldn’t internalize every negative voice, listen for tangible ways that you can deliver more value to your customers.
Jean-Patrice Delia concludes that if you consider these 5 tips before starting your business, you are much more likely to find success and ensure that your business flourishes.