These 3 fundamentals are crucial to becoming an entrepreneur.
Some of us have the innate desire to start our own business. Others venture into other career paths, only to realize later on that our true calling lies somewhere else. No matter how you discovered you wanted to be an entrepreneur, there are a few fundamentals to keep in mind as you build up your business.
Do Your Research
There are many successful businesses. But, just because one business model works doesn’t mean a similar one will prevail the same success. Before you jump-in to launch your dream startup, do your research. It’s important you can easily answer the below questions:
- Can you clearly define your business’s purpose?
- Do you know who your customer base is?
- Does your business solve a problem for your customers?
- Have you bounced your idea off of trusted friends and mentors?
- Are you prepared to give your new business venture 110%?
Take time to read, research, and absorb as much information and advice as possible. But don’t stop there. Find successful experts who can offer up real-world advice and insider information. Ask them to share their story and explain all the pros and cons of their journey.
Create a Business Plan
The business plan you create will be your roadmap to success. A well-thought-out business plan should convey a realistic view of your startup’s future. You will want to highlight any obstacles you may encounter and how you will pivot away from failure. Solid business plans include:
- Your Defined Business Purpose
- A Problem to Solve
- How Your Business Solves that Problem
- Why Your Business is Needed—Is there an immediacy?
- What Your Market Potential Will Be
- Highlight Your Competitors
- Show How You Will Make Money
- Future Vision
The creation of your business plan will take time and research. Don’t run past this critical step. Your business’ success depends on a clear, well-designed business plan.
What’s Your End-Game?
You’ll want to define what six months, one year, two years, five years, ten years, etc. will look like for your startup. Dream big but try to be realistic. You’ll want to know what your bare minimum and goals will be so you can easily define what your exit strategy will look like. Whatever your goals, establish them early and check-in regularly to see how you are trending.
Becoming an entrepreneur and launching a startup are not easy feats. It’s no surprise that most new businesses fail—so, do your research, develop a strong business plan, and establish an endgame.
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Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.