Time is not waiting for start of business Preparation

Feasible entrepreneurial plan? Every day, people start their own business, and every day they start their own stages. There are countless people holding the entrepreneurial dream. Why is there a dream come true? Is someone dreaming of nothing? A feasible entrepreneurial plan is the key to success! What is a feasible entrepreneurial plan?

Donald Sull, a well-known professor of management at the London Business School, spent five years studying entrepreneurial cases to find out how entrepreneurs can maintain their due discipline while pursuing opportunities ), uncertainty that comes with management. He published his research results at MIT Sloan Management review to provide a map of startup entrepreneurs who step by step.

Step 1: Develop practical assumptions.

Entrepreneurs must first define opportunities, clarify the resources they need, the value they will create, and plans for execution. The assumption must be flexible, and the company must inevitably go through various changes before it is stable. A venture capital company in California, after studying three hundred new companies, found that a common feature of a failed company is that it was too early to determine the business model.

When making assumptions, entrepreneurs also need to determine their abilities. The first consideration for filtering entrepreneurial opportunities should be that entrepreneurs should ask themselves whether they can gain a place in this opportunity based on their own experience or expertise. In addition to understanding customers, competitors, technologies, and regulations, entrepreneurs must also find out the key to their success. Entrepreneurs must be able to answer: "What is the critical injury to the company ?」 (For example, a competitor with strong financial resources) should also be able to answer: "What is our treasure ?」 (For example, create a better mouse trap .)

Step 2: Collect Resources.

Before testing, entrepreneurs must obtain resources, including tangible capital, equipment, intangible intellectual property rights, and information collected from potential customers. How much is enough? The resources collected by entrepreneurs must be sufficient for their second test.

Moreover, the company should first determine the business model and then employ core employees. According to a study conducted by venture capital of California, most of the successful new companies were engaged in tests several times. After having a stable model, they hired important supervisors, because at that time the company knew clearly that, what are the professional and experience required by the supervisor. In addition, the company can outsource functions unrelated to core testing and concentrate limited resources.

Step 3: design and execute the test.

Common practices include customer research, manufacturing samples, and small-area trial sale. During the test, the company may adopt partial tests to collect useful information for a specific problem. This method is applicable when the company knows it and does not know the topic. Relatively, comprehensive tests are suitable for companies to discover unknown problems. Companies are looking to test products on a small scale. For example, before products are listed nationwide, try selling in a region first. In addition, companies can also adopt step-by-step tests, such as testing and adjusting menus, pricing, and decoration of new restaurants.

Regardless of the test method used, entrepreneurs should avoid the negative effects of the test, including long delays, too much money, unclear goals, and persons in charge of the test regard success or failure as personal success or failure, this leads to loss of objectivity and so on. To avoid such situations, the company can invite external experts to participate in design tests and evaluation results.

When you start a business, if you can grasp the map in your hands, the chance of a dream come true may be higher.

Business Sector connection: How to assess whether your entrepreneurial plan is feasible? Although you have the opportunity to start a business now, you have a good motivation and a great idea, but it may not be a good time for you to start a business based on economic capacity, family, and other factors.

You must be competitive in your own business, and only you can decide what to do best. It is difficult to get started, and it is more difficult to start a business. If you choose to start a business, you will naturally look forward to success, rather than thinking about failure in case of failure-because at the beginning you think of failure, it is neither negative nor unlucky. However, though unpleasant, it should be considered clearly at the beginning of the business. After you decide that you are suitable for starting a business, you do not have to rush to start a business immediately. You must first assess whether your entrepreneurial plan is feasible.

1. Can you clearly describe your entrepreneurial ideas in words? You should describe your thoughts in a few words. Based on the experiences of the winners, it is probably a warning that you cannot turn this idea into your own language-you have not considered it carefully!

2. Do you really know what industry you are engaged in? Many industries require people who have worked in this industry and have an understanding of all aspects of the industry. Otherwise, you will have to spend a lot of time and energy investigating, such as price, sales, management costs, industry standards, and competitive advantages.

3. Have you ever seen someone else use this method? In general, some prosperous companies have more practical business methods than those special ideas. This is a popular phrase among experienced entrepreneurs.Famous saying: "A good idea that has not been implemented may not be implemented ."

4. Can your ideas be tested by time? He will be excited when a future entrepreneur's plan is actually implemented. But after a week, a month, or even half a year, what will happen? Is it so exciting? Or you already have a completely different idea to replace it.

5. Do you want to be yourself or someone else? Are you planning to devote yourself to the implementation of this plan in the next five or more years?

6. Do you have a good network? The process of starting an enterprise is actually a process of organizing suppliers, contractors, consulting experts, and employees. To find a suitable candidate, you should have a personal network serving you. Otherwise, you may find the world's entrepreneurial Lab (elab.icxo.com) trapped in unreliable people or a flood of people.

7. What is potential return? Everyone invests in and starts a business. The main purpose is to make the most money. However, the idea of getting rich as soon as possible implies more than money. You also need to consider potential rewards such as sense of accomplishment, love, and value. If you are not aware of this, you must reconsider your plan.