New discoveries come into our lives every day; we do things that a hundred years ago nobody would have imagined would be possible. These discoveries began with a simple idea, with a thousand questions, with obstacles, but with something different.
These ideas consistently impact the market, innovate processes, redefine industries, and provide solutions to problems that no one had sought to solve before, but how can one turn a business idea into reality?
Here we tell you five basic premises about entrepreneurship:
- Define the idea
Try to be as specific as possible. No business, neither small nor large, can consider having everything for everyone in the world. Remember that the more precise the idea is, the easier it will be to focus on a niche market and find the ideal audience. In any case, if this is not possible, you must restrict the competition to the maximum, providing extra services, new products, etc. That is the key to most of the companies in the market.
Consider all facets of the idea. Turning an idea into a business requires that we think about the product or service we are going to offer. We must contextualize it and find out how it would fit in the market.
- Fit the idea into the market
Carrying out a market study allows you to evaluate whether your idea is worth investing in or not. Start the search by writing what you think is the main need or problem, which can solve your product or service. Write it down and keep that paper close to you, well present at all times.
Find out how many people have that problem or need to which you are going to give a solution and select some of these people to talk about it that everyone is interested in. Consider creating a survey to conduct to the said target audience, in order to find out what they think about your idea and what alternative solutions they would like for their need or problem. This way, you will know firsthand what your prospects want and how to adapt your business idea to their needs.
When you already have good results, investigate the competition and find out if your project is different from theirs and if it can really compete with many winning options.
- Define the brand
The brand you choose will be your identity, forming the first step when starting a company. This must be before starting with the creation of the company in legal terms because, at this point, you will decide the name it should have, define it, etc. As time passes, you can detail everything much more, but you must know how your brand will be in order to guide your business strategy in a clear and defined way.
Things to keep in mind when choosing a name according to the startup studio:
- Select a name that defines the difficulty you are going to deal with.
- Be sure to find out the success and failure associated with that name and ask your prospects what they think.
It is the perfect time to secure a web domain so that your name is finally yours and no one else on the internet.
- Register the company and secure intellectual property
If you are already clear about the previous steps – the idea and how it can work – the next step is to patent it and make sure that no one else can develop in the same way (although it is clear that imitators will always appear). The intellectual property focuses on an individual or company owning the rights of a particular product or company.
It is essential that you follow the legal guidelines to patent your business and begin the creation process faithfully. For this step, we advise you to gather all the necessary information from the official pages of the state, in order to use them as a guide in your process. Write down all the questions that arise and go to one of the closest offices to solve your questions.
- Get capital
Make a business plan. This may be the most complicated step, and also the one that is most distant in time. You must create a business plan that has the necessary parts to promote a new and innovative startup. Therefore, you must create sales campaigns, marketing strategies, define in-depth branding, etc. It is the perfect time to get into the matter and turn the first plans into reality.
Getting money and starting to create the startup are things that can go together. Also, consider that if you get an angel in the business, it will provide financial support but also advice and management on the management. The process of creating your business will be greatly influenced by the way you get to finance it. If you are going to depend on investors and third parties, you will have to keep them up to date with your progress, and even if the bank gives you a loan or capital, you should keep them in mind by paying them back with an extra percentage of interest.