Entrepreneurial process

Step by Step guide for starting a Business

1. Idea

Every new venture begins with an idea. You will have to pick a field to work in and business to start. In our context, idea to be a description of a need or problem or with a concept of a possible solution. Find a business that won’t only be successful, but is something that you are passionate about. 

2. Evaluate the Opportunity

The question of whether there is an opportunity worth investing in. If not, plan for a survey and understand the customer needs about their approach.  Investment is principally capital, whether from individuals in the company or from outside investors, and the time and energy of a set of people.

3. Survey

Plan for a survey and collect data from a predefined group of respondents to gain information and insights into various topics of your interest and collect data through a questionnaire, which can be either online or offline.

4. Planning

Once you have decided that an opportunity based on he survey results, you need to create a Plan . In the planning phase you need to focus on two things: strategy and operating plan.

5. Find your target group/audience.

As you know all the businesses doesn’t appeals to everyone. Every audience has a different needs. Audiences has to create based on age, gender, income and culture of your target group, who will play a large role in determining where you can start your business. Plan for some multivariate testing about which group fits your business model best.

6. Company formation/launch

Once your survey and multivariate testing results are there, and it has a sufficiently compelling opportunity and a plan, the founders has to choose the right form of corporate entity. 

7. Create Network

Networking is key to success in any business. It is most important for entrepreneurs. Networking is how you meet other people in other industry that might have skills you can use in your business. It is also key in finding potential investors to help your business model and revenue model.

8. Creating its product or service

While creating your product and service,

• Indicate why your product or service is needed.

• Focus on benefits.

• Highlight the features of your product or service.

9. Bring your business online 

Now the time to come Digital. In the modern era, customers often wants to see the business online, so its a really important to bring your business online.

10. Growth

After launching online presence, venture has to works toward creating its product or service, generating revenue and moving toward sustainable performance. This requires lot of efforts and lot of dedication.

11. Marketing

This is the time to promote your business to reach out to the potential customers. In this modern era, start with digital marketing and use social media marketing. Try to hire different company to do digital marketing for you. Founders should focus on the growth and stick to the business core values to provide it to the customers.

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