Entering the business world is not impossible, although it is difficult at some stages, especially in start-up projects during discovery phase. These are the ten steps derived from the three expert guidance:
Putting an end to frequency “Move fast and destroy things. If you don’t crash them, it means you’re not fast enough to realize your dream,” said Facebook founder Mark Zuckerberg. Among his company’s entrepreneurs to break the frequency barrier that might dominate some before embarking on a new idea.
Therefore, the advice agreed upon by the experts is not to waste much time before deciding to implement the project. If an innovation-based project is not immediately initiated, someone else will create it.
Knowing the need of the Market
Before Coticone started establishing KF, it lost the UAE’s most developed field, with oil projects bringing its equipment from abroad. Hence, he decided to manufacture oil valves instead of importing them at high prices.
What is essential is that a project that receives constantly growing demand, not temporary, is established. Most importantly, the need for the new item or service does not stand at the borders of the new investor’s country. Crossing borders means increasing sales and hedging against the risks of a domestic market stagnation at any time.
Preparing a Feasibility Study for the Business World
Knowing all the information about the market to be access is a prerequisite before entering the business community. A careful feasibility study should therefore prepare that identifies market trends, strengths and weaknesses of competitors, as well as the potential for loss.
Suppose the desired investment is to build a small leather factory, for example. In that case, you need to know the most prominent competitors locally and globally, the volume of demand and growth rates to reserve market space among competitors in the first phase of the project life.
Not to Overstate Optimism
The new investor should not expect a small retail or spare parts project at no more than $5,000 to make a profit in the first year. Here, beware of over-optimism about business indicators. As the actual demand for the new product may be lower than feasibility study estimates due to changing market trends or the introduction of new, more attractive or less expensive products by competitors.
Team First in the Business World
No matter how much the new investor has the skills and abilities to work 24 hours a day, he will not be able to accomplish all the tasks himself. The entrepreneur must be primarily focussing on planning, supervision and follow-up.
When the project you present to the funding authorities. The second question to be ask to the investor after discussing the financial indicators will be about the team that determines the efficiency of implementing your plan. And the level of quality.
Without the high quality of The Kotekon valves, they would not have been welcomed by oil factories as an alternative to German and American valves.
Banks are not Always the Source of Funding
Some may prefer to receive funding from anyone at the beginning of the project’s life, a relative point depending on the profitability and scope of the project. But the most important thing here is to get the most appropriate funding.
Therefore, the new investor has many options. If he prefers to borrow and bear financial burdens that can cover during the project. They must first benefit from the financing programmes provided by government institutions. When he fails to do so, banks will be the second option. If the new investor decides to contribute to the project.
Differentiation and Personality Strength
If the new investor cannot convince financiers, shareholders and customers, and his project, his product will have no place in customers’ homes.
Accomplishing some tasks requires wearing an elegant suit or driving a luxury car, even if it is rented. Sometimes, the appearance is an indispensable introduction to marketing the idea.
Believing in the Project in the Business World
“Investors need to be aware that investing is not a bet. But a stake in The Future Company,” says global investor Warren Buffett. If the new investor does not plan from the outset for his project to be the largest of its kind in the world, growth will not be his ally.
The first step in planning is for those wishing to enter the business world to hold regular account records of their expenses and revenues and abandon the idea of tax evasion. When an investor wishes to participate in a stake in the project in the future. He will first request account records. And thanks to his experience. He will be able to discover the validity or deception of their numbers.
Failure is a Path to Success in the Business World!
Could anyone have imagined That Jack Ma, founder of Alibaba E-Commerce, would become China’s richest man with a fortune of $21.8 billion, according to the Bloomberg Billionaires Index? After failing two web design projects at the beginning of his business life?
This world is not furnish with flowers. And the new investor must turn the overzealousness in the first blow of the project into a firm. Insistence that goes beyond marketing, financing and other difficulties. Performance evaluation is not a wasted time
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