Being an entrepreneur is something that many people would like to do at some stage in their lives. Many entrepreneurs take the risk of starting it and very few manage to succeed. Here are some of the reasons why few ventures manage to become profitable businesses.
First of all, it is necessary to distinguish between what is a business and what is a company. A business is the smallest productive unit capable of producing income independently, and can be composed of several products or services.
A company is a formal organization that may include several businesses, has a developed administrative, operational and financial structure, and a transcendent project. Businesses and their products, however good they may be, have a finite life; that is, they tend to die at some point. A company may have several businesses throughout its life, and even though some of them end, it can continue to move forward.
Entrepreneurial business idea
A business idea is the identification of an opportunity to offer a product or service that solves an unmet need and for which someone is willing to pay. We can achieve this through market research . It is the first step and shows the link between a skill, knowledge or competence that allows us to offer a solution and a real or apparent need that can be satisfied through it.
Please note the following:
Surely, despite the obvious drawing errors, you will have identified lebanon phone number it is a car, but in reality it is not a car, it is only the sketch of a car; the equivalent of a business idea, you can glimpse what it will be but it is far from being it.
Having a business idea is just the starting point and the first mistake of an entrepreneur is to stop at this first step, like many others; others turn it into a business, and most of them fail in a short time. To prevent this from happening to you, we invite you to go through the following stages:
Business plan
It integrates the different elements to develop the business idea. By developing the idea in a business plan, the possibilities and resources required to carry it out can be identified.
The possibilities are identified through a market study , which allows us to know who the competitors are or will be, who may become clients and to estimate the sample size. The necessary resources allow us to measure the needs in technology, human talent, physical resources and investments, their cost, and the difficulties that will have to be faced to obtain them.