Starting-up a company is the workforce trend of the future. However, creating your own company is more than just raising capital for it. Everyone has business ideas but 90% of start-ups will fail. Here’s how you can learn to be the successful 10%.
Create a business plan & test it
The most crucial aspect is having a short, understandable, and concise business plan. Keep in mind when drafting out your plan, point out clearly how your product/ service is different from your competitors.
If your target consumers can’t see the difference, they would rather still to your competitors out of brand awareness, preference, and good past experience. Ask yourself. How will my company provide value to them?
Create a short informative business summary
Investors,and customers would want to know about the company within 2 minutes. Keep it short,yet informative about who you are,what you are,and how are you different.
A business plan without thoroughly profiling your target customers, competitors , and the industry , will fail.
Introduce your product/ service
It is important to draft a product/service statement. This structures clearly what your product/service is, what it provides, and what it solves better than competitors.
Creating a start-up is more than an idea.TEMPO Business training may be the solution to becoming that 10% entrepreneur. Or if you are in need of fast-tracking your start-up, try our BEYourStart Accelerator Program