Being an entrepreneur is challenging, exciting, fun and a lot of hard work. The process of defining what Your business should be all about is important and it always starts with the big WHY. Defining the problem, you’re solving, presenting the solution, and develop a plan to reach your target audience are steps in your journey of becoming a successful entrepreneur.
Define Your WHY!
The big Why is not about making money, it´s about your reason to be, your purpose. In order to be successful You need to have a clear purpose, a mission You really belief in. The business and the purpose have to be true and heartfelt. Not many companies have a clear understanding of the big WHY, so You can actually achieve a competitive advantage by defining your true purpose and communicating it to your stakeholders. To become a successful entrepreneur, there are three important factors You need to be aware off.
Firstly, you need to define what problem Your business is solving. People are concerned about solving their problems or fulfilling their needs. And when you´re company has the solution it´s a potential success story. And remember, focus on the solution. Companies tend to communicate what a product or service is, rather than focusing on the problem they solve.
Secondly, check if the primary target audience actually have this problem and therefore need You. Get to know you´re target audience, what are their needs, desires, concerns and ambitions, rather than just focusing on demographic characteristics. You need to earn their trust in order to become the problem solver they need.
Maintain logical order
When you defined the problem you´re solving and you´re getting familiar with the target audience, first then You can start making Your business plan. Many entrepreneurs start at the wrong end and start planning before they have formulated the big WHY and what problem they are solving. They often start with questions like:
How can I reach, acquire, and keep customers?
How do I best define and differentiate my product/service?
How can I generate revenue?
What’s your cost structure?
What’s your profit margin?
Those are important questions, but should be a part of your plan, not you´re initial concerns.
So, to sum it all up, three key factors of a successful entrepreneur are:
- Defining the problem your solving
- Checking if the target audience needs your product or service
- Making a good plan
Ask for feedback!
And a good piece of advice always is – talk to others, ask for advice and second opinions. Present Your business ideas to people You know and listen to their feedback. Testing can help you adjusting your business idea. Getting different perspectives on your story, your mission and your ideas, will help you to design the best and most relevant business plan. You can use the elevator pitch technique. That is a short, pre-prepared speech that explains what your company does, clearly and easy to understand. And You should do it in 30-60 seconds. It’s not a lot of time, so keep it short, define the problem you’re solving and the solution You offer. Present it as the auditor is your target audience.
It´s also a good idea to check opportunities regarding entrepreneurship trainings or programs. Many entrepreneurs think they need to solve all the challenges themselves, but together we´re stronger.
Good luck of becoming a successful entrepreneur!
Byline; Lotte Frost