Do you like your business to run or do you keep running yourself?
Phase 1: A dream is born.
An entrepreneur is a person who visualizes his dream; he/she sees a revenue stream and is willing to take a risk working on it. In other words, you as an entrepreneur, already have a lot of qualities. You must have courage, perseverance; you have to be direct, decisive, and good in planning, long-term vision……. But above all you need to have passion.
I am often asked: where are the good opportunities in the market to start a business? And can I open a business? And of course I cannot give the correct answer. If you do not have passion for your business and the founding idea, with the first disappointments you’re likely to quit. The many obstacles that you will encounter during the process of founding and growing your company are challenges and decisive for your success. If you have passion, you are much firmer looking for solutions and go on where others stop.
So it has to be your dream and yes this dream has to be born. The comparison of your business with a baby growing up and becoming an independent person is the correct one. Therefore I am always shocked when especially women entrepreneurs are being asked the following question:” if you would have to choose between your business and your family … what would be your primary choice?” It is really impossible to choose between your one child, and your second one, your business!!!!! 24writer.com
What matters at stage 1 is Income (marketing and sales). You must have already sold your product or service before you begin. Concrete buying signals must be captured in Letter or Intends. This is a valuable document if you are looking for finance. Banks, Business Angels, Venture Capitalists are only convinced in investing in your business when you really have taken your product or service to the market. I’ve met many start-ups with the best gadget, service or product without testing whether a customer actually buys it. This is not the way to go forward. (There is one exception on that rule and that is in the field of High Tech. There are proper channels to get millions for research and for your first prototype).
Also crowd funding is a good way to finance your dream. You create with your effort to finance, at the same time your first customers and ambassadors.
Work on a mission and vision and incorporate this as emotional value in your sales strategy. By doing this the willingness of your future customer to buy and to pay a larger amount of money only increases.
What if your company already existed for many years? Maybe you are a 2nd, 3rd generation owner? Is this phase still relevant? Yes, it is !!!
Going back to your passion, mission and vision should be on your agenda at least every 5 years. The world is changing and your business needs to develop accordingly. Maybe you want to tryout other business models … or..Your vision is different from your predecessors?
The values and goals of your business should be solid and up to date. They are the basic elements for your marketing and sales strategy. Who is your dream client and how do I catch him/her? What are the activities that I can initiate to influence these targeted customers to start buying? If your passion and vision is the passion of your customers and staff, you just cannot go wrong. Then your dream is not only born, this dream has spread among the people!