It’s still only a few days into the new year and if you decided that 2023 was the year that you were going to take the leap of faith and start your business, kudos to you. If you are in the early stages of having taken the leap, this article is for you. We will explore five things that are a must know for your journey ahead.
A particular trait found in many entrepreneurs who make it big is a certain positive tenacity which Forbes Magazine describes as faith. In their article Are you an Entrepreneur? The Leap of Faith, they said “A common characteristic of successful entrepreneurs is a deeply held belief, call it faith, that they will achieve business utopia, no matter what the cost, energy, time or sacrifice. Faith is the foundational building block that allows, empowers and compels them to take the risk and to move forward with their dreams. This faith imbues a subtle trust and a feeling of confidence that they can be victorious. For dreamers who lack this strong inherent conviction, they quickly conclude entrepreneurship is not for them.”
Mindset is Everything
There are key ways of thinking that are a common thread through the minds of entrepreneurs, many are curious problem solvers that have a grit and tenacity that sees them achieving great things. While these are often innate features of your mind, there are some mindsets that evolve and shift when you take a jump into the pool of entrepreneurship and it is important to remain conscious of the patterns of thinking that you are developing.
According to Entrepreneur, “When it comes to running a successful business, it pays to have a positive attitude. The way you act around challenges and obstacles will reflect on the way you conduct business. This also affects how your employees will see you.” Entrepreneur encouraged entrepreneurs that “Failure is an absolute necessity for success, but the trick is that failure is also all about how you frame it. Instead of seeing it as a fault you can never live down, recognise that failure isn’t personal. Your approach failed, and mistakes were made. You, as a person, didn’t fail.”
As a new entrepreneur, you will soon realise how vital planning and road mapping is. Forbes Magazine describes a Business Plan as “A dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb.”
Important elements of a business plan include an executive summary, market analysis, company description, organisational structure, description of products and services, marketing and financial plans for your business. These are just the general components involved in making a business plan. This piece of document is one that evolves and changes over time as your business grows.
Your value proposition can be considered as the distinct statement that details why your ideal customer should choose your business. This is what communicates why your service or product is different from others in the market. As a new entrepreneur, it is crucial to spend time developing this document and research is a key part of that process. Here are a few things to consider when developing your value proposition: think about creativity after you pin down clarity, write out clearly how your customers will benefit and keep the language simple and to the point.
Partners for the Journey
There are no two ways about needing support on your journey of entrepreneurship, particularly when your business is at the infancy stage. You must deliberately choose those who come alongside you on the journey, be it business partners or mentors. Forbes Magazine reminds us, “In many cases, you can’t launch a venture alone — you’ll need partners or investors for funding and know-how. Your business plan will hopefully have considered this issue, but think further about who should really be involved, and what impact it’ll have on your venture.” Consider the skillsets you will need and the personalities that you find useful to be in your community.
According to Entrepreneur, pricing is a big problem for many businesses. They said, “One of the biggest challenges for any business is pricing. This applies not only to a startup, but also to well-established businesses, especially those in lower-margin, highly competitive industries. The common theme with most pricing issues is risk: risk setting prices too high and you may push potential customers away; risk setting prices too low and you cut profits.”
Investing in learning how to price your products or services will allow you to avoid certain common mistakes such as using the same margin for all products, forgetting to take all costs into account and finding out what competition charges and doing the same, learning how to price comes with reading and also a bit of trial and error.
JBDC teaching the Fundamentals of Business
The Jamaica Business Development Corporation (JBDC) will host a four-week workshop on the Fundamentals of Business, starting February 7, 2023. The workshop, which targets potential entrepreneurs, will go more in depth on some of the topics touched on in this blog post. Participants can look forward to modules such as: Entrepreneurial Mindset & Formalisation, Design Thinking & Value Proposition, Marketing Fundamentals and Product/ Service Costing and Start-up Cost. Visit www.jbdc.net for more information and register at .
5 things every new business owner needs to know before starting (cnbc.com)
Are you an Entrepreneur? The Leap of Faith (forbes.com)