Have you ever tried to build a successful business? If you are an entrepreneur, the answer is probably yes. However, you’ll also know that it’s difficult because you will need to invest all your resources and on the other hand, you will not have a guarantee that you will succeed.
So what do you do? Many people have found success by using systematic approaches, especially at the startup level of the business. But, there are a few things you should know before you start with such a systematic approach to ensure the success of your future company.
This post will tell you what you need to know to make sure you select the right business idea that will let you successfully build your next business.
If you’re looking for a business that will succeed, the best method to ensure you end up with something that lets you succeed is by implementing these steps:
1. Start to build a business around your customers.
Who will buy your products and services? What’re their biggest problems and needs? How they are currently solving their problems? All of these questions will need precise answers that you will use in shaping and re-shaping your basic business idea.
2. Start building small and build on it.
You don’t need perfect products when you start your business. Why investing in something that you don’t know if it can succeed? But, you can start small with the products or services that will incorporate the most important features and benefits that you find in the previous step. That’s a minimum viable product (MVP) defined by Eric Reis in The Lean Startup as a product with enough features to satisfy early adopters.
When you have such a product, you can start testing how your MVP satisfies customers’ needs and what you will need to add in the form of features if you want to improve overall customer satisfaction. You are building your business step by step.
3. Don’t forget that your business startup level is all about testing.
If you lose some sales, it’s not the end of the world, but you will need to ask more questions and find answers. Why you don’t succeed in selling your product to that type of customer? What is that he/she wants from your product or service? What do you need to include as a feature and benefit if you want to succeed next time?
4. All activities, all tasks, all efforts, and all trying you will need to translate into knowledge.
The knowledge that you will receive from all of your efforts will be priceless for your future success.
5. Even so, your knowledge needs to be actionable.
The knowledge stored in your brain doesn’t have value for your business. That knowledge needs to be implemented in your business strategy, in your future products and services, in your processes…
6. Don’t forget that you are in the process of continuous change.
Everything that you implement as a result of accumulated knowledge from testing is some type of change in your business.
Now that you know what you need to do, you’re ready to start with the process without worrying that you will lose what you already have, or at least without catastrophic consequences for your life.