So you’ve got a great product or service, and you’d like to take it to the next level and go big! While this is probably an essential element in starting a business, it is also important to consider the other essentially important elements in establishing your business.
Here they are:
Some business people focus mainly on product or marketing and tend to put the people at the end of their priority list. It may not seem to be as important as your product or service, but finding the right people would definitely help. Find the best and experienced in the industry and take them on board even if the business is just new. You don’t need to hire a handful, just a few that you trust and you know can help establish your organization. They can even help you brainstorm great ideas for your business.
“Hiring the best is your most important task.”
– Steve Jobs
2. Customer Wants
Sure, there are a lot of products and services out there, but what do customers really want? Listen to what your customers have to say. Elle Kaplan, who found the need to empower women with financial advice, for one knows that fulfilling what people need is essential to success in business. Find out what your market needs. This is what will set you apart in an industry proliferated by businessmen.
“I realized I wanted to make top-tier, honest financial advice accessible to women and their families.” – Elle Kaplan
3. Market size
Market size would determine the potential of your business. It would sure take a lot of hard work to dominate in a small market. Try to forecast the potential market. Finding out the market size also helps determine what kind marketing you need in order to ensure the success of your business.
“We are at the point where game designers have become celebrities due to the size of the market they serve.” – John Romero
It is important to determine what culture you want your business to have. What are your values as a leader and what do you want your organization to be known for? Your culture will set you apart from the rest and identify your company.
“For individuals, character is destiny. For organizations, culture is destiny.” – Anonymous
Timing is key to everything, especially in business. The greatest entrepreneurs didn’t become successful only because of their idea, but the solution they came up with was what was needed by many at the time they started their business. Think of the greatest entrepreneurs of our time. Mark Zuckerberg founded Facebook in 2004 at the time when connecting globally was very controversial at the time. Had he found it earlier or later, Facebook would not have been successful?
“My first YA novel, not many people have read. It’s a fickle business. There’s a degree of timing and luck involved.” -Gayle Forman
Experience is also essential in entrepreneurship. Many successful entrepreneurs (young and old) bank on their experience for their success. Experience doesn’t necessarily mean experience with business, but real life experiences that help develop an entrepreneurial mindset. Take for example young entrepreneurs who made it even before they were 30. Most of them didn’t have any actual career experiences but they have had experiences that helped develop the entrepreneurial mindset. These experiences help fuel entrepreneurial success.
“Entrepreneurship is living a few years of your life like most people won’t. So that you can spend the rest of your life like most people can’t.” – Anonymous
Starting a business needs more than just an idea and motivation. These key elements are essential to spell your business’ success. Take them into consideration when starting a business.