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7 Tips to lead a business to success

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More than 8 years in the market as a business consulting company , allow us to confirm that both large and small companies aspire to success every day.

But what is that success about? Is it economic, is it reputational, is it the recognition of your product or service, is it its expansion? Success is the sum of everything that points to your main objective and your brand DNA.

In this article we collected 7 key tips that have served us well, and that may serve you, if you are starting a business in Colombia or anywhere in the world.

Let’s get into the matter…

1. Define and evaluate your goals

The first step to being successful in business is to know where you want to go and how you are going to act to make it happen. In an article published in Entrepreneur, Carol Roth, author of books on entrepreneurship, explains that you must ask yourself the most difficult questions, such as: what do you want to present to the market, how much is your product or service going to be worth, against whom are you going to compete. This will help you set goals and plan next steps.

2. Test the scalability of your idea

Early-stage companies, especially startups, need to be scalable. But what is scalability all about and how to test it? Basically, it is a business model with a high capacity to increase income without proportionally raising costs. It is necessary to identify the market and expand its dissemination and sales channels, but be careful not to make the wrong decisions. Scalability will allow you to understand your business model and how far you can go with it.

3. Organize your finances

The cost to start a business depends a lot on the product or service you are going to sell. However, all startups have one thing in common: time to build a solid foundation and financial stability. Therefore, you need to have extra money/savings to ensure the survival of the business until you break even. If you don’t get the most recommended, turn to financial institutions or venture capital investments so they can support you in this process.

4. Build a network of contacts

A very paisa saying goes, “tell me who you hang out with and I’ll tell you who you are.” This works the same for business. Success in them also depends on a good network of contacts, since it is not only about what you know, but who you know. Connections with successful people in your area can guarantee good advice. If they are mentors, they can accompany you and help you on your path; or if they are friends, they can recommend your products or services in a word-of-mouth chain. These relationships can also help you find good suppliers and investors interested in your idea.

5. Always give the highest quality in your service

Did you know that today’s purchase decisions of users depend 80% on customer service? It is no longer the discount of the garment, the color or the characteristics of the product or service, but how it is treated during the purchase process. The customer experience must be one of the priorities of your business, since there you will have a reason to retain your consumer. Once you know what the needs and preferences of your customers are, you must focus on the quality of your service. Once the client perceives a decrease in the quality of the business, it is very difficult to reverse that image in his mind.

6. Evolve with the market

Another key point to having a successful business is to be constantly aware of the evolution of your market. If we are fully aware of the advances we can position ourselves at the height of the competition or at the forefront of advances. If we study the trends, we can offer our clients the most innovative on a temporary basis.

7. Develop strategic intelligence

One of the tips for starting a business is to have financial intelligence, which allows you to be strategic in every move. If, for example, your objective is to publicize your business in the short term, you can establish pricing strategies, that is, make temporary offers of your service at a lower cost so that people are encouraged to try your product/service. You can mark them according to the needs you have in the short term or if what you are looking for is a strong position in the market, these strategies should be focused on the long term.

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Business Ideas

How to Generate Business Ideas

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  • Import ideas from abroad. Detect the moment when an idea that is working in another market can inspire you to import it into yours.
  • Adapt innovation to other sectors. If an application or technique has worked well in one field, why not implement it in another?
  • Observe the new social trends. Society is constantly changing, as are its needs. A market study will be the perfect ally to detect unexplored niches.
  • Locate needs not covered in the market. Identifying unsatisfied needs in the consumer is the main aspiration of any entrepreneur.Do you want to know what the needs of Consumers are?
  • Re-adapt existing products. Re-adapting any product that is already on the market implies improving it to successfully reach the consumer.
  • Pay attention to changes in legislation. Obviously changes in legislation modify behaviors and, therefore, give rise to new markets. An example can be found in the increase in the demand for hands-free kits for the car from the new DGT Road Safety Law .
  • Turn your hobby into a real business opportunity. We must discard the thought that a good business idea has to be revolutionary, since it may be more feasible than one thinks.

Some techniques to generate business ideas

  • Very fruitful ideas can come from an existing product on the market. Thus, by replacing some elements of an article it can be improved. An example of this is the famous Chupa Chups that arose from adding a stick to a candy.
  • Another technique is the elimination of attributes of the original product, while the inversion refers to modifying the contraption to its opposite form, such as, for example, the idea of ​​the pen corrector, which was born precisely because the previous one was conceived not to be able to be erased.
  • Exaggeration, on the other hand, has to do with changing the size or packaging, among others, of the original product. The two person bike is a good example. Finally, another technique is the reordering of product attributes.
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Business Ideas

4 steps to generate business ideas with innovation potential

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  • The specialist in entrepreneurship and host of the FET program, Bruno Monteverde, comments on the four steps necessary to develop business ideas with potential for innovation that allow adding value to clients. 

Lima, July 23, 2021.- Currently there are various ventures in the market such as social, cultural and digital. According to the Institute of Economy and Business Development of the Lima Chamber of Commerce, in 2020 more than 235,000 companies were created in the country. However, most are launched without prior study and therefore do not have a relevant factor for their survival: innovation.  

According to the specialist in entrepreneurship and host of the CIDE-PUCP FET program , Bruno Monteverde, the strategy to develop a business idea with potential for innovation and that stands out from the rest consists of addressing the problems that no one else is observing. “Looking at markets where nobody is creating something new and launching a creative product or service that solves a customer need in a certain sector will lead this new entrepreneur to be a pioneer and gain an advantage over their competition,” he said.

And as every creative idea originates from previous research, for the specialist there are four steps to create business ideas with potential for innovation that generate value for the public that the future entrepreneur is targeting:

1. Analyze the inefficiencies of the market that will be entered 

The entrepreneur can launch a disruptive business in various areas, either in a sector that he does not know or by entering one in which he has experience, but it is very important to analyze what inefficiencies affect customers in those markets.

2. Talk to the future client

Once the problems of the market have been identified, a dialogue must be held with the future client about these shortcomings. With their help, the business idea will gain a necessary point to become innovative and will have value for its future users.

3. Create a relevant and creative idea

The previous two steps will give us specific details about what the market sector the new entrepreneur is targeting needs. The idea can lead to a technological or traditional solution, but it must add value and novelty.  

4. Correct implementation of the business idea

The host of the FET program, Bruno Monteverde, comments that the success of a business is not found in the idea, but in the implementation. It is necessary to create a good business plan and differentiate yourself with the help of marketing tools, design, customer service, etc. 

To conclude, the specialist comments that there are markets to which future entrepreneurs should be attentive: craft food and drink. “Businesses linked to sustainable production and the circular economy currently have great opportunities.”

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Business Ideas

How to generate business ideas? | Methods, steps and techniques

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You can’t start a creative business if you don’t have an idea. But how to generate business ideas? Is there any technique that can help? We would all like to be the owners of the next ideas that dominate the market, but keep in mind that getting a great idea overnight, which also works in the market, is an almost impossible task.

That is, if we do not know the market we are facing, how can we create a successful idea? Don’t worry, there are several methods that can help us. Generating ideas and business projects does not have to be torture. Inspiration is everywhere. We just need to identify those opportunities to make our idea viable. Today we show you how to do it!

Having a business idea is the first step to start a project and become independent. For example, a business idea might come from a specific problem that needs solving or from creative inspiration while taking a shower . In any case, an idea is always the starting point of any business. Thus, to carry it out, it is often necessary to visualize it and develop it in a business plan . 

A good business idea is a conceptual approach to new business activities. These goals aim to create real benefits for selected target groups by solving problems or satisfying needs. To know how to generate business ideas, you must first be clear that it must have the following characteristics: 

  • Being unique
  • Have a high level of innovation
  • Being able to solve problems 
  • have high profitability

Of course, there is no universal way to generate a good business idea. There is also no magic formula to find them. However, there are still different methods that can be used while searching for a business idea. The first step in coming up with a business idea is to think about what your future customers need or want.  

Starting your own business must be a well thought out decision and, above all, well organized and designed. For this reason, when undertaking the most important thing from the beginning is to know how to generate business ideas. In addition, your idea must be clear and concrete, because it will be the pillar of a great project. 

To put an end to the blocks that do not allow you to achieve success, there are countless strategies to generate business ideas, both individually and collectively. With this, in addition to being able to overcome this obstacle and carry out your project, you will be able to master it so that everything goes well. 

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