I would first like to point out there is difference between people wishing to be an entrepreneurs and a person wanting to be a start up founder. Entrepreneurs look for business opportunities and create ways to make them profitable, most entrepreneurs concentrate more on earning money than the major responsibilities of running the company.
Entrepreneurs are everywhere not only in the rich areas of the world but also in poor parts, there is always an opportunity for creative people to make money no matter where they live.
On the other hand a start up founders creates a business that will someday become profitable, their goal is different than that of an entrepreneurs. The start up founder does not have a major financial agenda – they create a product or service they hope will change the world, they don’t start off with the idea of making millions, they just want to become famous and prove to others how anything is possible.
For the budding entrepreneur the road could be a bumpy one. In order to get started they need a product or service, not just any product or service it has to be one that a customer needs, this product or service needs to fulfill a niche in the markets ever changing world.
So you have thought of a product and realized it’s potential now you need capital, you will need enough to at least get you through the first year, this money after all has to pay for product, marketing, employees, advertising and many other expenses you will incur in order to get your business off the ground.
Then you will need customers your product needs to jump out, it needs to be better than any other product on the market today, the customer needs to feel that they really need it and that it is far superior to any other product they have used or may have tried.
Knowing and understanding your customers needs are an essential part of your business and employing a really good marketing manager can be your biggest asset. In fact a good marketing manager will make sure your company’s product stands out from all rival products, they should also possess perspectives and insight and devise proposals to propel the product forward.
Now as far as advertising goes the more you advertise the more people are exposed to your product, the more they are aware of it the greater the chance that they will purchase it, so it is essential for you and your business to acquire the best advertising manager you can afford, after all it will be money well spent.
- In summary you will find in order to be an entrepreneur there are several things that you will need to be:
- First a guy with a talent whether it be in products, marketing, development, operations or finance, you must have one thing you do best
- Second you need a customer with a problem or requirement that you can solve in a way that no one else can.
- Third the product, and as previously discussed it must be the best one available available on the market.
- Last but not least is capital you must secure enough financing to at least last the first year, this way you have time to work on your product, advertising and marketing in order to reach your goal and have a thriving business.
- We will be dissecting and looking at a few startups in the next few articles, and hopefully give you an idea on how to get into creating businesses and products.