Is my idea any good? 7 steps on how to start a business

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July 1, 2020

Written by Maike Benner  

Being a good entrepreneur not only means having ideas, but also realizing them. Starting a business does not mean that you will achieve your goals right away. Starting a business means facing challenges and being able to fight them and win. Below you can find 7 steps that ambitious young people can refer to start the path to establishing their startup.
1.Learn from others mistakes
Try to research information about your idea, on websites, in books, or at events for people starting a business. Every successful entrepreneur has made mistakes and gone through challenges along the way of starting a business, which makes them often willing to talk and share their experiences.

  1. Knowledge and experience
    It is very important to understand everything about the business you plan to develop. If you have a business company, make sure you are close to such businesses, if you have a business market, find a job, and work in one of the departments of that type of business/industry. It is important to be involved in the businesses of your interest in order to learn how business is run from within. You can also discover areas that may seem insignificant if they can contribute to the positive change of the planned company.
  2. Get feedback and know your customer
    Market research is the key and essential point to show if you are on the right track. Inform young people, talk to them, share your idea, and welcome their positive or negative feedback. Your product or service could get a good return only from the comments and suggestions of people who are interested in them.
  3. Study your market
    Among other things, market research also allows you to capture your competition. What other products and services are on the market? Not all businesses stem from a revolutionary idea and many successful businesses are born out of improvement from an old concept. However, you need to offer customers something significantly better, cheaper, easier than what they are using for it. Knowledge of competition would enable you to learn tactics and ideas on how to become a market leader.
  4. Ask for a mentor
    Nowadays it is very easy to go online and find the right people, who could help you create value in your company. Mentors enable you to secure the support of your new business through their experience. Making decisions in your business is a daily act, which is why suggestions and references are very important for better decisions. Try to be involved all the time, by attending important exhibitions, workshops, and conferences, and talking to friends or family members who have already started businesses.
  5. Hire a great team
    Successful entrepreneurs aren’t successful within a vacuum. We all have a great team and support network behind us. If you are surrounded by capable, cooperative people and critical ideas that help improve your work, you will succeed.
    Hiring public relations and marketing experts can be done even later, in the initial stage it is important to promote yourself in every possible way. Social media is a basic tool for such an opportunity. Facebook and LinkedIn pages once Instagram has the maximum effect to do so. Entering the competition can help promote you in one way or another to show interest in customers.

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