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tips for entrepreneurs before starting their own business

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Starting your own business is not that difficult. Many companies started with one thing: a good idea . If you already have it, you have taken the most important step to start.

Of course, then there are several things to consider. Check out these 7 tips that will help you start off on the right foot.

  1. Find your strong point

You must be an expert in yours. For example, if you are going to start an accounting business, you must be good with calculations.

Identify your talents and experiences. Talk to your family and friends, they can see talents that you may not value, or suggest fields of work.

  1. research

How much does it cost to start? What financing options do you have? Who can be your customers? How much will the projected sales and profits be?

However, a lot of research can kill off a great plan. Plan as best you can, but keep in mind that there will be unforeseen things to handle as you go.

  1. make a budget

Some concepts of an initial budget are start-up costs and monthly fixed expenses, as well as projected sales and profits. Some of these numbers will be estimates.

The budget must be reviewed and adjusted permanently (every week or month) so that it is a useful tool that allows you to cover your expenses.

  1. save

Managing money in moderation is key to success.

Think about what is used. Computers, furniture and other things can be bought second hand.

Redeem for services or discounts. For example, if you are computer savvy, offer to upgrade a web designer’s system in exchange for the design of your business website.

Embrace moderation in your personal life as well. Every dollar you save will be money to invest in your business.

  1. Promote

Take advantage of free options like Twitter and Facebook . Describe your products or services and offer them on these social networks or in a blog .

Investigate methods such as sending emails, handing out flyers, or advertising in the media. The type of promotion will depend on the type of business.

  1. weave nets

Network with people who may need your service. Connect with other entrepreneurs through associations or chambers, to learn about the industry you are going to enter, join forces or offer services.

  1. Value customer service

Once your business starts, be prepared to wear a lot of “hats”. You will be owner, accountant, promoter and more. But never neglect customer service. Building a good relationship from the beginning can accelerate your success and save you from failure. Deliver your product or service in the fastest and friendliest way.

If you’re willing to work hard from the start, your small business will expand to where you want it to be and do what you love to do.

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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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