Today being an entrepreneur is very trendy, especially amongst millennials and young people. However, this is not an easy job as there is a lot of competition out there, so you need to know what you need to do in order to be successful.
How can you produce profitable and innovative opportunities?
There are many different approaches that could be taken, however we recommend this step by step guide that will help you start this exciting process.
It all begins with understanding your customers! Many people think of a product that they would like or come up with a new use for an existing product that they think could be useful and then think about how to sell it to potential customers. This used to be the way things were done back in the old days, but because there are so many products today, creating a new one and then thinking about how to target it is too risky. That is why you need to think about your customers first and focus on understanding their core needs.
Come up with at least 100 problems that people you know have, they don't have to be massive problems (you can't fix all of the world's issues), focus on the little everyday things that people struggle with and write them all down.
After you have done this, go talk to the people you thought about and find out if the problem that you identified is an actual issue, if it is, then think about how many people have that same problem and whether or not solving that problem is something that they would find valuable and that you would be interested in.
Remember to focus on your passions, expertise, and interests. If you decide to solve this problem, it is going to take a long time so pick something that you are interested in and that you know about.
Make a team! Even though you could try to do it alone, having more people to work with you is better as you can have more input and more points of view, the more different you are, the better! Just keep in mind that you have to work with them for a long time, so pick people that you are able to work well with.
Come up with different ways of solving the problem, the more solutions you can come up with the more chances you have of them being innovative and successful!
The most important things to keep in mind are...
Have a customer- centric approach- focus on understanding your customer's core needs. In the coming weeks we are going to post an article about in depth interviews and one about understanding the customer journey, which will help you understand your customers better.
ALL entrepreneurs fail, the important thing is that you learn from your mistakes and that you keep on trying!
Comments