There is a need to look within yourself and decide whether you are ready to become an entrepreneur. Many people never leave the first stage they have brilliant ideas on their laptops or minds, all they need is a step of faith and start focusing on the idea/opportunity with their limited resources, that’s what real entrepreneurs do.
1.
Opportunity Recognition
This is the period where you undertake pre-start analysis. It cannot be quantified in time, it can take less than a month to a period of many years, where do great ideas that match an opportunity come from? If I knew this answer, I would probably be a billionaire today. Some opportunities or ideas come out of your environment or a situation you are going through, by an accident and at other times a slow hunch.
This is the period where you undertake pre-start analysis. It cannot be quantified in time, it can take less than a month to a period of many years, where do great ideas that match an opportunity come from? If I knew this answer, I would probably be a billionaire today. Some opportunities or ideas come out of your environment or a situation you are going through, by an accident and at other times a slow hunch.
At the beginning it’s
every important to do your home work, think through the idea/opportunity, understand
the nature and potential of the opportunity, concept itself, sustainability and
determine how to decide whether it is worth your time and energy.
2. Opportunity
Focusing
This is where you have do a sanity check, decide whether to pursue the opportunity or let go. At this stage you are able to get rid of bad ideas, narrow you focus and expose holes in opportunity. We are all different, we can see the same opportunity and come up with opposite conclusions.
This is where you have do a sanity check, decide whether to pursue the opportunity or let go. At this stage you are able to get rid of bad ideas, narrow you focus and expose holes in opportunity. We are all different, we can see the same opportunity and come up with opposite conclusions.
3.
Commitment of
Resources
Many entrepreneurs commit by incorporating their business while others quit day jobs. I would not recommend quitting a job to start a business, you are not guaranteed of a paycheck, unless you have enough money to keep u afloat before the business matures or you have someone to support you financially if all goes to hell. If you are young and do not have a family or responsibilities, just do it, ignore my words and get started. Start with developing a business model, it’s pretty simple, how are you going to get money out of her purse. A business model will cover these areas: - Customer segments, Problem you are solving, Solution, Unique value preposition, Key Metrics, Unfair Advantage, Channels and revenue streams. If you have a problem with figuring how to come up with one just visit this site- Click Here and within 20 minutes you will be able to generate a business model. I have saved you time and money that would have been spent on creating a traditional business plan. Commit other resources, kick of the venture, I would recommend starting with a pilot test and trials before you use all available resources, follow up and generally try to determine what will be the primary focus of your venture.
Many entrepreneurs commit by incorporating their business while others quit day jobs. I would not recommend quitting a job to start a business, you are not guaranteed of a paycheck, unless you have enough money to keep u afloat before the business matures or you have someone to support you financially if all goes to hell. If you are young and do not have a family or responsibilities, just do it, ignore my words and get started. Start with developing a business model, it’s pretty simple, how are you going to get money out of her purse. A business model will cover these areas: - Customer segments, Problem you are solving, Solution, Unique value preposition, Key Metrics, Unfair Advantage, Channels and revenue streams. If you have a problem with figuring how to come up with one just visit this site- Click Here and within 20 minutes you will be able to generate a business model. I have saved you time and money that would have been spent on creating a traditional business plan. Commit other resources, kick of the venture, I would recommend starting with a pilot test and trials before you use all available resources, follow up and generally try to determine what will be the primary focus of your venture.
4.
Market Entry
Your early profitability and success will determine the market entry stage. By now you have a small business; you are already making some revenue from early customers. You have already built a working prototype or a MVP (Minimum viable product), in a position to find out if the business model is profitable, reasonable, able to achieve traction- results/growth. It’s up to the entrepreneur to choose to raise more capital for growth or remain small by self financing (Bootstrapping- the art of building a company with little or no money). By market entry we mean playing you last card, diving into the business fully. You raise money to open new branches or reach new customers.
Your early profitability and success will determine the market entry stage. By now you have a small business; you are already making some revenue from early customers. You have already built a working prototype or a MVP (Minimum viable product), in a position to find out if the business model is profitable, reasonable, able to achieve traction- results/growth. It’s up to the entrepreneur to choose to raise more capital for growth or remain small by self financing (Bootstrapping- the art of building a company with little or no money). By market entry we mean playing you last card, diving into the business fully. You raise money to open new branches or reach new customers.
5.
Full Launch and Growth
The entrepreneur now has to choose a growth strategy, considering all available alternatives, one can choose to remain small or build a big business. It’s not all ventures that grow to become large corporations. One reason might be an entrepreneur who might not be able to hack his growth or there is not enough space in the market for growth, your business model is not scalable.
The entrepreneur now has to choose a growth strategy, considering all available alternatives, one can choose to remain small or build a big business. It’s not all ventures that grow to become large corporations. One reason might be an entrepreneur who might not be able to hack his growth or there is not enough space in the market for growth, your business model is not scalable.
6.
Maturity and Expansion
At this stage the growth becomes more natural, you already have a substantial market share, enjoying good revenues and growth. You are in a position to do expansions, mergers, acquisitions, get rid of inefficiencies. The beauty of this stage is you are mature now and have lots of cash. It more like in your 40’s, mature, married and loaded.
At this stage the growth becomes more natural, you already have a substantial market share, enjoying good revenues and growth. You are in a position to do expansions, mergers, acquisitions, get rid of inefficiencies. The beauty of this stage is you are mature now and have lots of cash. It more like in your 40’s, mature, married and loaded.
7.
Harvesting
This is the end game, if you ever go into entrepreneurship in order to make a fortune. Entrepreneurs become instant billionaires by harvesting their ventures. An IPO is the best business exit or being acquired by a larger company that is publicly traded. We concentrate or sweat the small stuff, entrepreneurs concentrate on the early stages. Successful exits are of great significance and make entrepreneurship worth pursuing for both investors and entrepreneurs.
This is the end game, if you ever go into entrepreneurship in order to make a fortune. Entrepreneurs become instant billionaires by harvesting their ventures. An IPO is the best business exit or being acquired by a larger company that is publicly traded. We concentrate or sweat the small stuff, entrepreneurs concentrate on the early stages. Successful exits are of great significance and make entrepreneurship worth pursuing for both investors and entrepreneurs.