In every entrepreneurial project there must be a stable road map in which to support us in moments of weakness or doubt.
These points must be conceptual in nature and can be adapted to different projects. We will always have to make unforeseen changes or pivot on different elements to have the feeling that you are moving in the right direction.
The pillars of your entrepreneurial project
These pillars should be as follows:
Be clear about your “core business”
Do you really know the basis of your business? Would you explain your project in 1 minute in a clear way and that could generate interest to the listener? These two points deserve a lot of reflection because they are the soul of your project.
Any project needs a component of emotion and passion
There are a huge number of companies that if their founders had initially raised them in a 100% rational way would not have been carried out. If you have devotion for your business, that can be the difference between persevering and surviving or discouraging and abandoning in limit situations
You need to be clear about your abilities
If not, investigate further. In a first stage you will surely have to occupy like 3 or 4 positions simultaneously but then you will have to locate in the area where you are more useful.
When you define your skills you will see that you have to complement it with other skills.
This point is tied to the previous one. And that means that choosing your team is the key. Avoid at first making quick decisions with this as it then costs much more to rectify.
The principle invests the minimum to have a first market test
In almost 100% of cases you will have to modify and optimize “acts of faith” that you saw very clear at the beginning. You have to adapt to the market and the demand, and that requires many tests.
Study your competition
This point you may read in all articles of entrepreneurs but what I propose is that you go deeper into it. Even if you have the possibility to interact with them the information obtained will be of great value.
Consider expanding technical knowledge that you can use as added value for your customers
If your potential customers do not perceive you as an expert in your industry, your sales may go down.
The value proposition
Before I mentioned the “core business” as the basis of your business. This base is not recommended to be exactly the same as a competitor already established in a market where you want to penetrate. This is the eternal question, why do they buy me and not the next? That proposal does not have to be 100% innovative can be a new channel, rapidity in production or delivery of product, service or shopping experience. If it is only the price I advise you not to be the only difference. In this case, you will always appear willing to reduce your margin a little more.
Try to incorporate new technologies into your project
I believe that all businesses must adapt their activity to a myriad of opportunities and tools that we have today. It is very important to be up to date with everything you can use to improve your value proposition.
Never lose sight of what you do
Our day to day sometimes makes us have a partial vision and lose perspective for decision making. If you have the opportunity, from time to time, stop and look around. If you like everything you see it is still in the same direction.
Although at a conceptual level, there are guidelines that will hardly change: passion, team, training, goals … so I propose a “back to basics” on ideas that can help launch or retouch your business.