If you’re as big of a fan of Dragon’s Den as we are, you know there’s nothing worse than the entrepreneurs not being adequately prepared for the questions they are asked. For the viewer some of the issues and potential problems seem apparent, however, running a start-up is nowhere near as simple as it seems. Here are some elements to consider when thinking about starting your own business:

ATTITUDE

So, you’ve come up with a fantastic idea for new good or service, now what? Our attitude can make or break a thriving start-up and thus it is crucial for entrepreneurs to be focused, motivated, committed and passionate. Passion is an essential quality because starting a business can take full priority over your time and energy. If you don’t give enough care to bringing this idea to fruition, you’re not likely to get anywhere.

MENTORSHIP 

In addition to passion having the right credentials is essential. A smart idea is great but if you don’t happen to be business savvy, attempting to get lift-off may seem impossible. Attending seminars, reading books and blogs and watching YouTube videos is an excellent start if you lack the skills or academic background to run a business on your own. Also remember, never hesitate to reach out to people with experience who would be happy to let you pick their brain. Taking advice from more experienced businesspeople who’ve been there and done that can be very rewarding for those just starting up. You should always be willing to learn and listen. Just ensure that you can trust the people who are mentoring you and that they have your best interests at heart.

BUSINESS MODEL

A detailed business plan is fundamental for any start-up. Once you’ve fully formed your idea, done a lot of research and spoken to mentors, it’s time to put the real work in and create a fully developed business model. It should answer these questions:

•    Who are you helping and how?

•    How do they want to be reached?

•    How much are customers willing to pay?

•    What will your relationship with your customer look like?

•    What resources and assets are required?

•    What partners and suppliers are necessary?

•    How will the good or service be provided?

•    What drives the cost of the good or service?

There will likely be several drafts and plenty of research along the way. Explore all the possibilities, opportunities and options available. Create an assortment of prototypes and adapt your business model on the fly and don’t be afraid to go back to the drawing board. Making mistakes is part of the learning process and we build ourselves from every one of them. 

CUSTOMER BASE

Once you’ve taken these steps, getting to know your customer base is next. Of course, a start-up needs capital and investors to get off the ground, but without a need for the service or product, the point is moot. Connecting with your customer and making sure there is interest is vital. Customer connection also makes it easier to present and market your start-up; if you know exactly what your customer is looking for you can offer them the right messaging.

Start-up success doesn’t look the same for every business. At the end of the day, continuing to innovate, focusing on your passion, and staying determined and connected to your audience are the stepping stones for success.

If you’re starting your own business and need somewhere to begin taking these steps, contact us today for a tour.