Introduction

Somehow, you find yourself wanting to start your own business or possess a successful and well-known brand company but unsure of how you can achieve it. The good news is, we are here to support you! In this blog, we’ll provide you with a guide on how to get started on your entrepreneurship journey. Let’s take that first step together!

Step 1: Discovering one’s motivation to start a business

It is always good to be motivated to start something on your own, strive for the better, and achieve the impossible. One never knows until you start by doing what’s necessary; then do what’s possible, and suddenly, you will find yourself doing the impossible. It marks the beginning of your success, and you have gone beyond the limits of the possible into the impossible.

So, one must first discover one’s motivation to start a business. Discovering your motivation may be described as the light that will spark the fire within, opening doors of opportunities in one’s life.

Whether your motivation be that you desire to be independent, to have freedom and flexibility, to have extra income, to share your creative passion, to fill a niche in the market, or to work from home, it is essential to remember that your motivation encompasses not only to make more money and have more remarkable achievements but possess a driven energy that can bring your passion further and impact the lives of others.

To affirm your motivation when you plan to start a business:

We are free to choose our paths, yet we can’t choose the consequences that come with them but still, we can make things right when it is not. May your choices reflect your zeal and confidence, not your fears or doubts.

Step 2: Conduct Market Research

Before we start to plan our business, it is essential first to evaluate our idea. Whether it can withstand over time, even if it is affected by many factors or circumstances, or it can survive and grow even more, where the trials have become the stepping stones for the business success.

You may consider focusing your business idea on sustainability as it maintains and sustains the business over the ages. This idea commonly employs strategies, technologies, or actions that promote economic, social, and environmental sustainability over the long term, creating a sustainable solution for all.

Once you have the business idea, conduct a thorough market research. Analyze the industry, target audience, competitors, and potential demand for your product or service. Understanding market trends and consumer needs will help refine your business concept and identify growth opportunities.

Step 3: Craft a Solid Business Plan

When starting your business, it is encouraged to take it step by step but not hastily try to generate revenue. A well-structured business plan is vital to your success. Outline your business goals, strategies, financial projections, and marketing approaches. A comprehensive business plan will serve as your roadmap and assist you in securing funding if needed.

Starting your business cautiously and wisely is as important as building the foundation of your business that allows you to expand further in the future. A building built on a poor foundation will collapse easily, especially when faced with trials and errors.

However, we should not only know how to plan for a business start-up but also know how to deal with the most common failures.

Generally, the global business failure rate is between 20% – 40%, based on a recent study. Data from the U.S. Bureau of Labour Statistics (BLS) shows that approximately 20% of new businesses fail during the first two years of opening, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. The leading causes of failures for most businesses are:

1. Ineffective business planning
2. Cash flow problems
3. Insufficient funding
4. Ineffective marketing strategies
5. Failure to adapt to market changes
6. Lack of suitable talent
7. Poor management
8. Overtake by competitors
9. Lack of knowledge
10. No successful system in place

Learning most businesses’ common failures is crucial, and you are encouraged to consider them when developing your business plan. When you can deal with the failures many businesses face, your business will have an unimaginable breakthrough and drive you further into success.

Step 4: Build a Strong Support Network

Your support network is the solid ground from which you can propel yourself upwards. -Anna Barnes

Creating a solid support network of people who support, challenge, and inspire you builds and boosts your confidence to achieve your personal and business goals.

When you surround yourself with a supportive network of mentors, fellow entrepreneurs, and advisors and nurture it to build trust, communication, and reciprocity, you learn from others’ experiences that can provide valuable insights from different perspectives and avoid common pitfalls.

Engage in networking events and join entrepreneurship communities to diversify and grow your support network. With this, you can easily find support and successful mentors who can inspire and guide you in your entrepreneurship journey.

Step 5: Secure Funding

Depending on the scale of your venture, understand your funding options and know the different funding sources available to you. From there, employ the ones that best fit your specific business needs.

Various funding options include personal savings, loans, angel investors, venture capital, or crowdfunding platforms. Upon knowing your options, be prepared and tailor your pitch and strategy to appeal to each potential funding source and improve your chances of success.

Step 6: Legal and Regulatory Considerations

Prepare for each stage of your business’s growth that will bring different legal challenges, and avoid common, costly mistakes with the support of legal professionals or business consultants who will simplify the process for you.

From there, ensure that you comply with all business legal and regulatory requirements, including registering your business, obtaining licenses or permits, and understanding tax obligations.

Step 7: Develop a Minimal Viable Product (MVP)

If you’re creating a product, consider developing a Minimal Viable Product (MVP) to test the market. It enables you to observe and gather early feedback on the customers’ actual behaviour with the product or service. Based on the data collected, you can then make improvements based on real user experiences and ensure less effort and expense you spend on a product that will not succeed in the market.

Step 8: Build Your Brand and Online Presence

Connect with consumers and stay relevant by establishing a solid brand identity and online presence.

Starts with developing a professional website, utilizing social media platforms, and engaging in content marketing to reach your target audience. Your online presence will be crucial in attracting customers, building credibility, and maintaining your reputation.

A solid online presence will set you apart from your competitors and open the door to connecting with a broader audience, which provides you with the foundation for increased business growth.

Step 9: Launch and Iterate

Consider launching your business when you have everything ready, including your Minimal Viable Product (MVP) and marketing strategy. Be prepared for a journey of continuous improvement. Embrace feedback, adapt to changes, and iterate on your products or services based on customer responses.

Although, at times, you may find starting and maintaining a business relatively challenging, learning from successful businesses may open a door that brings you closer to success.

We can see a successful business usually possesses the following:

1. Innovative business idea
2. A solid business plan
3. Financial stability
4. Core essential skills
5. Broad knowledge
6. Right talent
7. Strong company culture and management
8. Strong and broad network connection
9. Excellent customer service and outreach
10. The support of technology and tools

Step 10: Persevere and Stay Passionate

As you start your entrepreneurship journey, be prepared and persevere through all the ups and downs. Challenges will test your passion for your business. Never give up but celebrate milestones, learn from failures, and continue to strive for growth and innovation.

Till the end, a question you might want to ask yourself: How would you define your success in business?

Remember, while you must achieve success by attaining wealth, resources, loyal customers, unparalleled competitive edge, or market domination, only a successful character brings you true victory. Those with success in character formation determine their destiny, their ability to master change rather than allowing change to master them, and their consistency in walking through a life of trials, achieving success from time to time.

Conclusion

If you have determined to start your own business, don’t give up easily but continue to move forward courageously until you have achieved victory over yourself and built your glorious legacy. Not everyone can succeed in business instantly. However, the commitment and efforts we put in continually transforming ourselves will help us to succeed. As we live up to our values and strive to be a better version of ourselves, it speeds up our advancement towards victory over ourselves and subsequently achieving success in our business, bearing in mind that who we are will be reflected in our business.