Entrepreneurship can be an intimidating venture and in the beginning stages can often feel as though you are in over your head. There are however key practices and habits that are useful for anyone considering making the step toward entrepreneurship. The following tips have the potential to assist in the preliminary stages, but they are no way exhaustive.
Think it Through
Your idea or concept for a business might be stellar and cutting edge but it is always important that the ideation stage is not shortchanged. Within the early stages of just having an idea, it is important to drill down on questions that help you to ascertain the viability of your idea. Think through the nuances of the problem you hope that your product or service will solve. As best as possible, place yourself in your prospective customer’s shoes and see if the idea you have generated responds well to solving problems. With the basic knowledge you have, work through each stage of the journey and see if there are any gaps identified and how you can solve them. Use your time and energy in these early stages to be as thorough as possible.
Within the ideation stage, it is also useful to get external opinion, this helps to provide the objectivity needed in crafting your idea. As individuals we are not always able to spot gaps and to see our own biases and others can help with this. In addition, it is crucial that you connect with individuals that have skill sets and resources that can help with the development of your concept. The Jamaica Business Development Corporation (JBDC) is Jamaica’s premier provider of business development services, where your ideas will be taken ‘from concept to market’. JBDC’s business development officers are trained to help the budding entrepreneur and this guidance can make a world of difference in chasing your dream.
Read, listen, research & ask questions
The entrepreneur must commit to reading, listening, researching, and asking questions. These habits cannot be understated. Benjamin Franklin said, “being ignorant is not so much a shame as being unwilling to learn” and this is true for the entrepreneur. The pursuit of knowledge is undeniably important. The beauty of this age is the incredible ease of access we have to information. Read about your industry, business, and entrepreneurial practices. The internet is filled with resources that can help entrepreneurs to move from an idea stuck in their head to the manifestation of an actual product or service. Many people do not consider themselves readers but there is now a wider array of options to increase knowledge such as podcasts, audio books and videos. Ignorance is no longer an excuse for not pursuing your dream. It is also necessary to put yourself in networks that provide you with access to people that have a wealth of knowledge and within those moments it is important to ask your questions. Knowledge is unfortunately an undervalued resource in the starter pack for entrepreneurs, but it possesses the capacity to position and align an entrepreneur for major success.
The JBDC’s “Starting a Business” workshop is an excellent opportunity for the entrepreneur who is ready to kickstart and make progress with their business. The 4-week workshop begins on March 1, 2022, and will cover 4 modules:
1. Lean Start-Up & Lean canvas
2. Product Development, Branding and Packaging
4. Budget and Recordkeeping