Figuring out a path for life is something that the youth find hard to establish. This is because there are a lot of options that add up from going to college, getting employed, doing both or even starting up a business. The options depend on the circumstances and the final decision of the person. This is why brainstorming is important in that it identifies for you what you need through comparing different strategies and options in life. Researching is also an important method to find out what works and how it can work.
Anyone starting up has to be smart in decision making and the venture he or she decides. This means that being around people that have made it is important. It means that the amateur imitates or takes after an established individual. This is important in ensuring that the best is acquired and done. There is also need to be on the lookout for new trends both in management, goods, services and even ventures. The more work involved in research, from the best people in a particular industry, the more an individual acquires more.
It is important to take risks as an entrepreneur. This is the beginning of failure or success, therefore being on the lookout is important. The risk to be taken should be assessed and this can be a decision to get into an active company, the decision to acquire important skills in learning or to start up a business. The stakes normally lie with the decision and the amount of risk. There are high-risk companies that earn and pay a lot of money to the employees. It is important not to be so selective. This is because an opportunity may lurk behind a startup or even an employment that may give good experience and startup capital.
Startups are not guaranteed to run from launch; they are not made to hit the industry and take it by storm. The truth is that they need to be pushed and work has to be invested in them in order to reach this milestone. There is a need to push the business with all the necessary effort in order to reach it to the market and get people to invest in it. No matter how essential a service or product is, without a necessary push, the users cannot access it. There are many possibilities that guarantee this because of the complex nature of users.
The possibilities include an alternative product or service in the particular market, lack of information by the users or even ignorance from the possible users. This is the reason that the entrepreneur has to effectively venture into the field in order to sell the idea of the service/ product to the possible market. The secret is to reach out to the market and not wait for the market to find the product/ service. Going out and meeting the market helps to put out the product/ service, and it can be effective in reaching the market.
The vigor and the need to consult is one prime characteristic of an entrepreneur. It is what determines whether an individual startup continues to grow, stagnates or is wiped out. Therefore the constant behavior of a startup entrepreneur is to consult with markets, experts and other industries. This is how expansion and even opening up of other ventures happens. The more vigor an entrepreneur puts in the business, the more productive it becomes.
There are times when possible entrepreneurs ask themselves how to acquire business ideas. The solution is not to look for business ideas; the solution lies with looking at the problems and finding the solutions. It means that instead of looking for ideas on what to do, an individual has to look for problems in the particular market, then come up with solutions to the particular problems. This is the most substantial way to find a venture that will help the market and stay relevant.
Starting up a startup should base on the idea of who needs the service or product (Graham, “How to Get Startup Ideas”). This ensures that the users seek out the service/ product on a regular basis and therefore keeps the start up in business for a long time. The business concept has to be needed, and if an entrepreneur thinks in this direction, then it means that there will be more business for the startup than just time and other resources to be spent on marketing. There are a number of products/ services that the market needs and this is the starting point for a startup.
The one lesson that startups should pick up is to focus on the product/ service and not on making in the initial stages. Marketing in a more broad sense should focus on moving the product onto another level. This means that most of the effort of the startups is to focus on building the product and finding the most interested parties or market. The moment the product is launched to the interested people, market research starts.
The reason that startups should not engage extremely in marketing is because of a waste of resources and time. The business should be acceptable to the market in the sense that the product is needed by its market. Therefore when starting up, an entrepreneur has to focus on the small market that will help to inspire the product to be acceptable into the wide market. There is a need to invest in the product, and a good investment will ensure that the product serves the needs of the market. The more the product solves the problems of the users, is the more it markets itself.
Successful entrepreneurs create or come up with ideas that can easily be manipulated or operated by the market. The reason for coming up with a service or product is not to teach people how to use it. The idea has to be helpful to the people and not create other problems or needs. This is the reason that when coming up with a business idea, the entrepreneur has to know the best way to present it so that the users do not have to strain in order to acquire or use the service. This way, it will be possible for the user to use the service/ product.
Usability should, therefore, be enhanced in the product. This is because the product/ service has to be appealing and helpful to the user. The user should be able to operate the product or enjoy the service. The strain of learning or not knowing the direction of operation can be extreme to the user. This means that for a product or service to completely be of benefit to the user, it has to satisfy a standard way of usability or user-friendliness.
Startups in whichever industry or category require the use of capital. The success of such a mission also depends on the much that has been invested in the startup. Therefore money is important when starting up. The startup capital helps to set up a few logistics that are required. This can be the buying of the products or even the renting of the premises to offer the services. It is important since it ensures that the particular business is achieved through the acquisition of the necessary materials. Therefore, an entrepreneur needs to have a startup capital, and this can be acquired from a wide area of avenues.
The most important source of startup capital is the investors. Investors are important since they provide funds, and they are available to ensure that the business is monitored to achieve its target goals. Therefore an entrepreneur has to talk or convince the investor to put money into the company or business in order to enable it to run. There are a number of ways in which an entrepreneur can achieve this.
The first way for an entrepreneur to convince a possible investor is through the industry or particular service (Graham, “How to Convince Investors”). There are industries that are high risk but give an equally high return. There are industries that are low risk and give a return in large sums but with the necessary patience. Therefore the decision of the investor will depend on the industry that the entrepreneur seeks to invest into.
The concept is to select an industry that will convince investors to put their money into the business. Therefore the entrepreneur has to research on the best industry that will attract investors. The management skills of the entrepreneur are the other possible convincing strategies for attracting investors. Investors need to be told what they want to hear, and this means that their money is safe with the business and that it will accumulate and get back in terms of profits.
Therefore the entrepreneur has to be capable of convincing several investors. This is done by approaching a large number of investors and giving them a viable investment option that can move them. The investment option needs to be viable to the investors, and they have to be assured of the returns. Therefore the entrepreneur has to be confident and skillful in managing the conversation so as to show the investors that his or her business idea is good for the market.
Works Cited
Altman, S. Advice for Ambitious 19 Year Olds. 24 June 2013. Web. 24 June 2016.
Graham, P. Do Things That Don't Scale. July 2013. Web. 24 June 2016.
—. How to Convince Investors. August 2013. Web. 24 June 2016.
—. How to Get Startup Ideas. November 2012. Web. 24 June 2016.
Hacks, V. How to Pitch Startups to Investors. 2008. Print.
Livingston, J. Jessica Livingston: Why Startups Need to Focus on Sales, Not Marketing. 3 June 2014. Web. 24 June 2016.
Spool, J. M. What Makes a Design Seem 'Intuitive'? 10 January 2005. Web. 24 June 2016.
