Advices for Entrepreneurs

It is widely acknowledged that common characteristic of the successful entrepreneurs is to dream and hard work to make these dreams to come true.

I agree with that. There are these two on the tip of the iceberg. But let’s go down on the list together and prepare ourselves a check-list together.

Limitless
Limitless

Yes, dream but don’t make your dreams to be dependent on the assumptions or boundaries. Dream freely. The more it seems harder to get, the more beautiful it is to get them. You have to keep your feet on the ground anyway at some point during your chase, don’t be timid from the beginning.

Passionate
Passionate

It is crucial that you are bound to your idea with passion. You need to have the necessary energy and motivation to chase that dream in any condition. But never blindly. You need to be open every comeback about your idea and you need to continue to discuss.

Awareness
Awareness

You need to analysis your idea and its difference from the already existed business models on the market. You shouldn’t follow any idea which is already used or easily copied.

Inspiration
Inspiration

It is also very important that you should be inspired while analyzing the results of other business models related to your idea. What they did right or wrong, what they can be done better? In this way, you will be one step closer to pioneering ideas.

Customer
Customer

The other factor that you need to consider with your idea simultaneously is the customer. Who will use your solution and why they will use it? Is it the right time for this solution? What is the measurement? How big it is or how small?

Team
Team

Let’s talk about one of the most discussed subjects in literature. Who forms your team which will develop and carry out your idea? Is the competence group correctly formed? Is everybody in the team already passionate about the project? Is everybody on the team compatible with each other, have they developed a team culture? Is the relation with the ecosystem supporting the team fostered?

Idea Verification

This is the necessary step that you must take before starting your project. You need to ask your potential customers and users from the beginning. Will they use your solution? How often they will use it and why? Or with which feature they can start or continue to use it? How much money will they be willing to pay for this solution?

PoC Prototype Demo Stage

Let’s move one step further than just asking. It is testing and experiencing stage. We need to develop a prototype or demo to show how our idea will provide solutions and what kind of solutions. When people will see, touch or use these, their perspective will expand too. We need to take their feedbacks and enrich the design by reaching out the widest group possible. User experience is critical.

Winning Business Model

What is more important than the product, service or infrastructure is what kind of a business model will be followed. A business model is a reasoning method to show how a company will create “value”, how they will distribute it and how they will ensure financial sustainability. How will you earn money with this idea? In other words, what is your revenue model?

Let’s look at together to entrepreneurs-based business model Lean Model Canvas to come up with a winning business model and see which questions we need to answer:

  1. What is the need for this solution or which problem are you trying to solve?
  2. Do not suppose you don’t have any competitor. What are the alternative solutions or services provided to meet this need or solve this problem? Make your research.
  3. Who is your target customer? Define your target segments by dividing them to separate stages and focusing on mid-term planning.
  4. What is your Unique Value Proposition? How you offer a difference?
  5. What is your logical and applicable solution offer? Which functions of your solution meet the need or solve the problem? Is this solution technically possible?
  6. Channels? Which advertisement, promotion or marketing channels will you use? It is better to approach this issue with stage by stage. You should try to apply different models to different stages and then consolidate and coordinate them.
  7. Have you calculated the cost and revenue financially? What is your expectation of users and revenue at the first stages? How much revenue increase is expected as the target markets grow? And how much it will cost to develop this solution or run this business? What type of refund period or sustainable income model will be formed?
  8. What is key metrics? What is performance criteria which help you to evaluate the success of your business model stage by stage? You need to watch, report and take an action according to metrics which will evaluate the success of the company such as user count, commitment rate, withdrawal rate, income, like, growth percentage, brand value.
  9. What is your Sustainable Competition Advantage? How will you sustain to be preferable in target markets by the target audience? Which factors will differentiate you from your competitors? With which methods you will stay competitive in the market, is it the scale, solution characteristics or trust to brand?
Business Plan

It is vital to prepare an extensive business plan to accomplish winning business plan and complete every stage using planned sources with a successful program planning. It is also inevitable to face difficulties, problems, condition changes on the way. But it is crucial to follow the business plans strategically and carry out the project.

Fund

Most of the entrepreneurs point out the most difficult part of their plan as to reach a sustainable financial source. In some cases, only some part of the dream can be achieved because the developed parts with the help of customer involve only a limited area. In these cases, source creation model can be accomplished by transforming the first stage to an economic value without giving up the dream. In addition to this, a lot of International and National Programs, Investors, Funds and Support Institutions work to develop models to come together with start-ups and scale-ups. The best method to achieve the most suitable and effective source to accomplish winning business model needs to be developed. For this, it is significant to be a social entrepreneur. It is possible to reach right financial sources by following smart communication models in extensive networks.

Mentors

One of the most important rings of the circle is to be a part of a system which can provide the entrepreneur a mentoring service. The best assistance of mentors that they can provide is their experience and knowledge that they gain during their idea producing process. They play an important role in the success of the enterprise by leading entrepreneurs with their maturity during the main stage of applying a winning business model. The fact that mentor has already experienced all the problems, went through these phases and solve the problems already provide different perspectives to entrepreneurs while coaching them.

What is Next?

You have dreamt, come up with an idea, conceptualized the project, taken the path, generated the prototype, experienced, produced the new version, it evolved to winning business plan, designed the business plan, found the necessary sources, consulted the customer in every stage and you are on the way to create an economic value. Then what? Have you considered the next? What will you be doing this time next year or one year later of that? Are there new versions of your solution? How much of your dreams are coming true? Or is there new dreams coming? Do you plan your way to be a global brand? Are you aware that you cannot create a scale with a limited market and local approach? The only way to deal with global competition in your own market is to analyze global markets and plan to explore them. Have you phased your dream by focusing on the average while establishing your winning business plan and determine the target audience? Then you know what you will do in five years.

And the success will be inevitable.

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