These days I see so many people saying they want to be an entrepreneur, but when I ask how they will accomplish this they have no clue. They just know that entrepreneurs make a lot of money. Having a business is not just saying that you want to sell something and unlocking the doors to Read More
These days I see so many people saying they want to be an entrepreneur, but when I ask how they will accomplish this they have no clue. They just know that entrepreneurs make a lot of money. Having a business is not just saying that you want to sell something and unlocking the doors to a store or office.
First, you have to have an idea, a creation of something. Brainstorming is the key to the concept of creation. Is the Idea marketable, if not, know how will you enhance it to be a product in demand? Morph one idea into many then assess each idea to determine which will be the most profitable.
Concept assessment is researching and analyzing not only the product but the demographics. Is it something that will sell or is it something that has already saturated the market? Is it a novelty that will only catch the attention of the consumer for a short-time? This is where it changes from an idea to a product
Planning is a very important stage of developing a business. A well-defined business plan will move you along in the right direction. In this plan clearly, identify your goals. Provide a well -balanced sheet showing projected profit and loss.
The development stage is where you put your idea into reality by making a prototype that you can offer on the market. In this stage, you can also create your process of manufacturing and operations.
Finally test market and launch. Put you prototype out to the public for a rating to see how it would sell. Then check for an appropriate number of products, check your execution of marketing activities and employees training and readiness to support the product.
Remember that starting a business is not only thinking something can be done It is verifying and proving that it can be done.