What are the 3 Important Steps for an Entrepreneurial Endeavor

When deciding to go through with a new business venture, there are several factors and a needed in-depth analysis that helps bring the entrepreneur to the decision if their venture is practical and feasible. There are millions of articles, blogs, and resources on the most important steps in pursuing a new venture and I wanted to point out what I feel are the three most important. I find the below to be the 3 most important steps when deciding to pursue an entrepreneurial endeavor.

1) Come Up With the Idea, Locate the Opportunity
2) Do your research- Who’s Your Target, Is there a Need
3) Build Your Team- Team With a Good Fit and a Sync Workforce

Come Up With the Idea, Locate the Opportunity

Coming up with a business idea can be the easiest step in the entrepreneurial process. Whether the idea is stemmed from a lack of service or an inconvenience in a current service, being able to think of something that could make money can be impulsive and without much thought. What separates a good and bad idea is the recognition of the opportunity that the idea presents and being able to put it under a microscope to view all of the short and long term possibilities from the idea. The idea needs to be analyzed thoroughly to find if this idea is something that will change the way people will live and think, something that has potential for the short and long-term, and if its something that is profitable. This will help in locating the opportunities that come from an idea and will help in deciding to pursue a business idea.

Do your research- Who’s Your Target, Is there a Need?

Researching and putting in the time needed to thoroughly investigate your business idea and new business venture is critical in being able to determine if it can be successful. This research includes finding out what special permits or licenses the business may need, calculating startup costs, choosing a business location, finding your target market and how you will appeal to them, competitive analysis, locating risks, locating the need for your product/service, and looking at the business from an unbiased view to see if it is something that can make money and sustain business. There are several models (SWOT, Check lists, Process Mapping, etc.) that can help entrepreneurs during this process but without a great deal of research, business owners position themselves to not be able to identify new opportunities and their business is at risk of not being positioned to make decisions that can affect its longevity. The business plan will help a business owner determine if their idea will make a good business venture and it is stated by the SBA that a typical business plan can take up to 400+ hours, so the time and attention to detail in researching your business idea is imperative.

Build Your Team- Team With a Good Fit and a Sync Workforce

Surrounding yourself with a team that works together and whose members can bring something to the table that is different from one another is essential in creating a successful business. Being able create a team that can bounce ideas off of each other and builds a working synergy that pushes the business forward can be one of the most difficult things for a business to form. As a business owner, you have to be able to depend on your team of employees and they must be able to trust your decisions and capabilities. The old saying that a team is only as strong as the weakest link is true in business, as customers will judge your business by the employee that they are working with. In a business world that is surrounded by new social media outlets and consumer reviews, being able to create a team that puts the client’s needs first and carries themselves as a reputable employee for your company is priceless. This also extends to the network that you set to create for your business. Whether it is subcontractors that you will send business to or professionals that you will seek for advice, being able to find these individuals who can help propel your business are few and far between but as a business owner, they will be the glue that holds your business together.

Don Pleger

Coastal Business Strategies

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info@cbsplans.com

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