Starting your own business is exciting and a learning experience. But success comes to those who plan well and have a roadmap to entrepreneurial success. Here are the five essential steps to consider when launching a new business:
1. Solve a problem
Some of the best businesses in the world are not ground-breaking, world-changing technologies or ideas, they are simply solutions to everyday problems. Think transportation, rentals, online booking of vacation or properties, finding a realtor or delivering entertainment at your fingertips. If your ideas solve a problem or simplify people’s lives, you have a viable and sustainable business. Also, keep up on the trends; think Airbnb, which allows users to post and find rooms for rent. They understood that young consumers are loving the ‘sharing economy’ and this could be what they would want and enjoy. Right on.
2. Focus on a single thing
As a new entrepreneur, you have many new ideas or branching off from your original idea, and it can be one single reason of failure of your business. If you’re on the many entrepreneurs who’ve had ideas on pivoting right during the first few months of launching your business, you’re not alone. If you put all your focus on doing one thing well, you have a stronger chance for success as opposed trying to juggle a few ideas and see which one does the best. Having a cohesive vision and focus is also essential to be looked upon as a leader. As a leader of your team, you need to do your best to build this trust. Just give it all and you’ll naturally motivate your team to share your vision and dream.
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3. User experience rules
From Starbucks to Tesla, what’s attracting and exciting users is how well companies are committing to improving user experience. Just put the users first to create the best business value. No matter what, this is a requirement once you are ready to launch your idea. Is your solution offering your users to convenient way to do or access something? Is it solving their existing problem with ease? Is it enabling your users to make a decision easily and efficiently? Are you providing all means to complete the process? If yes, then carry on. You’re on the right track. UX is no long ‘nice-to-have’, your users expect it to be done right.
4. Be a storyteller
An idea will only go as far as its story-tail. A story-tail is what your users and media will pick up. These skills are about marketing and sales. Build a strong team to help market your product or services but be the vision and a story teller that inspires them to be part of your adventure. Story telling can be essential for entrepreneurial success. Create the vision for present and future, when people can relate to your product or service as a story they can embrace and recall, it can gain virality without much effort or investment. Storytelling rules!
Related: Promote Your Business with the Right Marketing Mix
5. Stay honest and transparent
As a new entrepreneur a lot is happening left and right, inside and around you. As investment grows and your team grows, there becomes an ever-increasing need to stay honest and transparent in all your business management. People like to work with people they trust. Credibility and trust as a CEO will take you much farther than anything else. Your team is your most valuable asset, retaining your best talent will help you get off the entrepreneurial ramp and accelerating on the success highway.