Entrepreneurial First Steps: Dream Big!
Gandhi once said: “We must be the change that we want to see in the world.” The entrepreneur changes, grows and adapts, and by doing this inevitably transforms his/her micro and macro worlds. Adapting and surviving daily tasks while the goal is near, step by step and with the completion of the right variables, is part of the road towards achieving success.
Having an entrepreneurial spirit, creating a meaningful idea, studying the market, launching a viable product and drawing up an effective business plan, will be some of the first steps towards making the dream big mantra become a big reality.
Do you want to know how an entrepreneurial mind works? 🧠 Check out this article about the entrepreneurial first steps.
How is the world progressing? With a thought, at least. An idea that frolics in a person’s mind, the mind of an entrepreneur. That dynamic, restless, perceptive organism that needs to modify its environment by changing its world. From a subjective standpoint, the entrepreneur constructs his concept in his mind, in his fantasies, based on his expectations and experience.
But, at least when it comes to starting businesses and companies, not everyone has the potential to do so. Not everyone can bring that vision to life, of turning it into a practical and successful reality.
As a result, the entrepreneur must be empathic, stay motivated, have social skills, and communicate assertively. Above all, he must be accountable for what does not work and resourceful in reversing obstacles in his favor. You must have the discipline and integrity to inspire confidence in your peers.
Creating Something Meaningful
Trust your intuition or study the idea to undertake? Empiricism in entrepreneurship is not a valid or practical option. It is clear that the first thing is to have an idea of what you want; But this idea must be studied, meditated on, found significance in order to create that something with meaning (a product, a service, etc.). Something that benefits both you and the environment. Guy Kawasaky expressed it best: “Wishing to create something meaningful is the strongest incentive there is.” Having that passion does not guarantee success, but it does ensure that if you fail, you will do it in a meaningful way.
Further, having a synergetic, integrated work team that goes hand in hand with the venture will be a guarantee to achieve success and to stay active in the market, constantly renewing itself. It is that two or more people think more than one, and if they also go along the same line of work and dreams, they will have the necessary material to succeed.
Of course, success does not only depend on how close you are and how good the team is. There are other variables that will influence or even define the success or failure of undertaking.
Where to locate the business? Who is the competition? What products or services do you offer? Have I defined my market niche? What is my value proposition and how is it different?
These type of questions mark a total difference in the doing and the being of the business.
Geographic location: Locate your business in a good place where your target audience has good access to the product or service. When doing so, take into account the influx of public, the visibility you can achieve, accessibility and easy location.
Competitor analysis: Carry out the analysis of your competition with the greatest objectivity. One way to do this is to become a mystery customer. This customer observes, buys, asks, and then organizes, evaluates, compares and takes advantage of all the information collected.
Define your market niche: Stratify your target audience. Determine your potential customers in order to reach your target audience.
Offer a value proposition: You need to offer a product or service that helps solve a problem and also makes a difference. Even if you offer the same as other ventures, look for a way to differentiate yourself either by the product, the price, the promotion or the place.
What is a business plan?
A business plan is a design tool, where details, ideas, and numbers begin to take shape in a written document. It is essential to start creating a good Business Plan, and within it, define the phases and how to act.
A sound business plan compels the entrepreneur to conduct research using scientific approaches, whether theoretical or empirical. Observation of the surroundings, as well as the competition. The investigation and evaluation of a business turn, a value offer, and possible customers. Prices, cost sheets, required finance, depreciation, and profitability are all defined using mathematical procedures and measurements. The synthesis of all the information into a paper that will not be shelved and will serve as an accurate guide to where we want to go.
A strong business plan not only allows you to plan the money, the activities you’ll perform, and how you’ll execute them, but it also clarifies the path you’ll take with your team. Above all, you can seek finance with a well-written, thorough, clear, and accurate plan.
Expenses must be incurred when executing a project. To begin working, an initial investment of a particular amount of money is required, denominated as working capital.
There are several ways to obtain this financing:
– Own savings.
– Family loans: It is recommended that if you access a family loan, it is done in the clearest and most legal way possible. The intervention of a notary, a lawyer will be essential.
– Bank loans: It will always be healthy to have your own savings to be able to assume the payment to the bank in case the business does not work.
– Investors: With a clear business plan and a validated business idea, it will be easier to access the money contributed by an investor.
Business Idea Validation
It is vital to have an accurate business plan; but, attempting to reach perfection by simply dedicating yourself to working on the document over and over again will lead to failure.
On paper, in word, in excel, but most importantly, get started. Even if the product or service isn’t flawless, it starts producing on a modest scale. Make a name for yourself with sales prototypes. To see if your idea is accepted or not, put it to the test. Then you perfect the rest, because no one has ever succeeded only by drafting plans, as Guy Kawasaky put it.
You work with a client attitude at this stage of small-scale production. Get into the shoes of a business owner or a producer. If you consider yourself as a customer when creating or promoting your product, or when providing a service, it makes you want to buy or have it, because it is the right way to go. Process perfection takes time, keep working from the start.
Adapting to Survive
Being an entrepreneur is a state of mind, and both the mind and the attitudes change and grow through time. The business must be constantly renewing and changing to keep up with the market. The work team must adapt and be resilient in order to achieve this.
Years ago, for example, having a physical business was a priority. Today customers are also in the virtual space in which you have to have a presence yes or yes. Merging both spaces, acquiring skills to develop the business from physical and online platforms, is definitely another variable of success.
To carry it out and adapt to changes in the market, you have to train. You must work on continuous improvement, learn about new concepts, raw materials, trends that improve the product or service and that directly affect customer satisfaction.
With PASconcept you can do it!
All of these suggestions can be implemented. If your business plan is to start an architecture and engineering firm, you’ll need to use a platform like PASconcept to manage your operations. It’s a chance to broaden your horizons and grow in the digital world.
There is no other tool like this, specialized in Architecture and Engineering companies, that allows you to manage your venture towards business success. With it you will provide your company with excellence from a successful use of Information Technology and Information Management.