We can define an entrepreneur as a person who takes the risk of starting something, of using ingenuity, audacity, enthusiasm and job dissatisfaction to make a change through the innovation of ideas.
But who said that being an entrepreneur is not scary? in fact it’s very scary, it’s something like jumping a parachute into the void from a plane in the heights: you can’t be entirely sure if the parachute will open or you’ll crash to the ground… But don’t worry, at least you have a parachute. And that is too much already.
Now, you may also be wondering: but am I really wearing a parachute in my new adventure as an entrepreneur? It is a timely question, and for this reason we offer you 5 sections that you must take into account before taking the jump, and when you have them ready, don’t worry, you can now jump out of the plane with the certainty that you have the parachute in perfect condition, ready! for a good landing!
- Find your differential factor
Also called Key Success Factors (KSF): It involves finding those things that make you different, it is probably the engine that will turn your idea into a real business. And that differential factor is defined by two basic features:Looking for a Market Niche
Pretending to satisfy the needs of the general market is not a good option, it is already too saturated, therefore, we recommend that you direct your business idea to satisfy specific needs, in an underexploited sector where you are allowed to grow and highlight these differentiating elements. why customers should choose you.
Find out what makes you unique: This is the time to think as a consumer and ask yourself, what would I like to have and what isn’t there? In other words, you can establish your differentiating element based on the shortcomings of the niche in which you will focus your business, or offer a plus.
- Study your competition
Once you have found your niche and your difference, you will find something else: your competition. In this case, as a budding entrepreneur, you should do as exhaustive a study as possible of your competition. Where is it? What does it offer? What prices do you have? How did you get there? You should also take into account the substitute products that although they are not direct competition, they also take away a portion of the market: For example, whose people who cannot buy Nike shoes, will buy a replica.
- Mark your budget
Okay, you’re almost ready: the idea is already much more than an idea and it begins to take the form of a business… This is when you must take all those ideas and dreams that wander through your head and put them on the ground.
Make a list with approximate fixed and variable expenses. Try to be as realistic as possible, because there is nothing worse than finding out that your adventure as an entrepreneur hits its head against the lack of economic funds from the very beginning.
- Establish your economic bases
With the list of approximate fixed and variable expenses, it is time to find a way to cover them. You may have a budget derived from your own savings, and that would be, the truth, the most paradigmatic case of all. Although, probably, it is also the least abundant case.
But don’t let the economy stop you! A good entrepreneur knows how to find the necessary funds, either with the necessary investors or with more modern options, such as that crowdfunding that has transformed so many ideas into successful businesses.
- Set SMART goals