Seven essential keys to starting your own business
BY RRHHDigital, 01:00 – 03 January 2021
63% of entrepreneurs started to set up a business during the pandemic. Most of them are people who have started before, according to the Entrepreneurship Map 2020 prepared by Spain Startup-South Summit. This study also indicates that with a single project behind the back, the failure rate is 56%, with three launches it drops to 12%, and to 8% with four or more startups launched. For those looking to start their own business, IEBS Business School, the leading digital business school for online education, highlights the seven essential keys to success.
Offer the solution to a problem: companies are born with the objective of meeting needs. In other words, there is a problem and organizations are offering products or services to fix it. The solution proposed to solve this problem will be the business idea. The key to this point is not to think only of economic performance. You have to find a subject that you are familiar with and that you are passionate about. Learn to be an entrepreneur: You can have great ideas, but without the right knowledge they won’t work. Training is essential to know what we are going to face, how the market works and the difficult road and the different stages of launching a new project. Testing and Market Research: The only way to know if a business makes sense is to start it with little testing. These can range from creating a simple web page to promoting and selling a prototype of the product to see audience reaction. Formalize the proposal: once the riskiest assumptions of the previous step have been validated, it is time to formalize all the information and create pitch decks. It is essential to build a good business presentation to show the project to investors or potential clients. Sales skills are essential in the world of entrepreneurship. Brand creation: every day we are subjected to many stimuli. Therefore, in order to be successful, a business must gain attention and stand out from the crowd. Brand shaping should be done regardless of what differentiation strategy you want to follow, be it low price, value proposition, exclusivity, etc. Set up a legal structure: if the assumptions necessary to start a business have been validated, or even after having already generated the first sales, it is time to formalize a legal structure. Having a legal form helps the entrepreneur to separate his legal responsibility from the corporate responsibility. Seeking External Funding: Now is the time to grow and evolve in operations. There are business models that require a large initial investment and require third party capital, such as hardware or hard tech companies. However, it is always better to avoid this step, since the ideal is to be able to finance yourself with sales to achieve healthy and sustained growth.
“Entrepreneurship, innovation and training go hand in hand. The corporate sector is evolving in leaps and bounds and learning is the raw material of the entrepreneur. Beyond the field in which you want to develop a business, you need a base of technical knowledge and personal skills that must be acquired in order to be able to undertake successfully ”, explains Scar Fuente, director and founder of IEBS.
In this sense, IEBS Business School has a program adapted to these characteristics, the MBA in Digital Entrepreneurship, designed to help those who are undertaking or wish to do so and wish to learn the fundamentals of business management from the hand of great professionals. of the sector.
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