3% of entrepreneurs have started to create a business during the pandemic. Most of them are people who have already been entrepreneurs, according to data from the Entrepreneurship Map 2020 prepared by Spain Startup-South Summit. This study also indicates that with a single project behind the back, the failure rate is 56%, with three launches it drops to 12%, and 8% with four or more startups launched. For those of you who have in mind to start a business , in this article he points out the seven essential keys to do it successfully.
7 essential keys to start your own business
In most cases, starting a business from scratch is difficult. Of course, you have to follow a series of guidelines to achieve success. Most importantly, an entrepreneur must have been trained for it. Not only in terms of the area in which you want to develop your project, but you must also learn to undertake .
Next, take note of the seven fundamental keys to starting your own business . Do not miss it!
OFFER THE SOLUTION TO A PROBLEM
Companies are born with the objective of responding to needs . That is, there is a problem and organizations offer products or services to address it. That solution that is proposed to solve that problem will be the business idea . The key to this point is not to think only about the economic return. You have to find a subject that you master and that you are passionate about.
LEARN TO UNDERTAKE
You can have very good ideas but, without the right knowledge, they will not succeed. Training is essential to know what one is going to face , how the market works and the difficult path and the different stages of launching a new project.
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MARKET RESEARCH AND TESTING
The only way to know if a business makes sense is to launch it through small tests. These can be from creating a simple web page to promoting and selling a prototype of the product to see the reactions of the public.
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FORMALIZE THE PROPOSAL
Once the riskiest hypotheses have been validated in the previous step, it is time to formalize all the information and create pitch decks . It is essential to build a good sales presentation to show the project to potential investors or clients. Selling skills are essential in the world of entrepreneurship.
BRANDING CREATION
Every day we are subjected to a large amount of stimuli. Therefore, to be successful, a company must attract attention and stand out from the rest . Shaping branding should be done regardless of what differentiation strategy you want to follow, be it low prices, value proposition, exclusivity, etc.
ESTABLISH A LEGAL STRUCTURE
If the necessary assumptions to start a business have been validated, or even having already generated the first sales, it is time to formalize a legal structure . Having a legal form will help the entrepreneur to separate his legal responsibility from the responsibility of the company.
IN SEARCH OF EXTERNAL FINANCING
Now is the time to grow and scale in operations. There are business models that require a large initial investment and need capital from third parties, such as hardware or “hard tech” companies. However, this step is always better to avoid, since the ideal is to be able to finance yourself with sales to achieve healthy and sustained growth.
“Entrepreneurship, innovation and training go hand in hand. The business sector evolves by leaps and bounds and learning is the raw material of the entrepreneur. Beyond the field in which you want to develop a business, you need a base of technical knowledge and personal skills that must be acquired to be able to undertake successfully ” , explains Óscar Fuente, Director and founder of IEBS .
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