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7 tips to start your business

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The entrepreneurial spirit is spreading throughout the world. People constantly find revolutionary business opportunities. However, it is often difficult to transform these opportunities into action. Therefore, it is essential for entrepreneurs to incorporate the following seven tips if they want to start their own business.

Identify the right business

Entrepreneurs must be willing to explore every aspect of themselves to find which business venture they should pursue. Also, it is important that you listen to your intuition. Individuals tend to ignore intuition and thus avoid the truth about their true passions. In general, there are three common approaches that entrepreneurs can follow to find their ideal business.

The first is that they do what they know. Future business owners need to look at what they have done for others in the past and think about how those skills could be transformed into a real product or service.

The second approach is for entrepreneurs to examine other successful companies. They must find aspects of those companies that are attractive and then try to emulate them in their new company.

The third approach for entrepreneurs who want to find their ideal business is to solve a common problem. The product or service that can fill a current gap in the market is the best adventure to follow. If a potential business owner can identify this space, they have a high chance of success.

Business planning improves the chances of success
An efficient business plan has the ability to accelerate the arrival of a new company to the market. This plan will help entrepreneurs gain clarity on the business path as well as build confidence in their future. A vision of this nature does not need to be incredibly detailed, but must contain the goals, strategies and action steps necessary to make the business a reality.

Know the target audience before spending money
Before spending money, it is important to know if people will actually buy the product or service offered. One way to test potential business interest is to validate the market. It is important to ask the following questions to take this test.

What is the size of your target market?
Who are your customers?
Is your product or service relevant to their everyday life?
Why do they need it?

Ultimately, the best way to obtain this information is for entrepreneurs to solicit directly from their target customer base. If the response from this target market is positive, then the prospective business has a legitimate chance of success.

Determine the finances needed to start the business
The business and personal life of an entrepreneur are often connected. In general, they are often the first investors in their respective businesses. As a result, it is important that they have a detailed understanding of their personal finances and the ability to track them. This comprehensive process is critical if entrepreneurs want future funding from investors.

Also, it is important for entrepreneurs to correctly classify what business they want to start. This characterization will help emerging business owners determine how much cash is needed to start the startup. For example, a lifestyle business requires a relatively smaller amount of start-up funds. On the other hand, a high-tech startup would require large amounts of capital investment.

Build a support network
To boost the profitability of their respective businesses, it is essential that entrepreneurs also build an extensive network of connections. These people may include supporters, advisers, partners, allies and suppliers. When building this network, it is important to demonstrate passion in the company itself. Also, the more connections an entrepreneur has, the larger their support group will be in the event of failure. The larger the network, the greater the opportunities for businesses to expand and prosper in the future.

Selling by creating value
Although it may seem that the purpose of a business is to sell a product or service in exchange for some form of compensation, people often do not want things “sold” to them. As a result, entrepreneurs must focus on how their company serves others. Customers want to know how a new product or service can solve one of their problems. The companies that can effectively serve the needs of consumers are the ones that are most successful in the long run.

Spread the word
Entrepreneurs should never be afraid to advertise their business. They should use all available marketing tools to increase awareness of their vision. Some useful platforms include Facebook, Twitter, YouTube, and LinkedIn. Although social media may be more effective, all options should be explored. Other marketing opportunities, such as word of mouth or blog posts, can increase the number of potential customers for a startup.

Conclusion
Starting a business is an extremely daunting task. However, with the proper motivation and attention to detail, the process can be greatly simplified.

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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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