Few things in life are more gratifying than launching that project you’ve been preparing for a while. Planning is key for the venture to reach a good port. Only if we prepare ourselves to the possible eventualities and anticipate to any possible situation we will achieve the success of our project.
First, you have to perform a thorough internal analysis: Analyze your strengths, your weaknesses, the resources that you have… Of all, the most important thing is to know your weaknesses (for example, your scarce negotiating skills) to be able to anticipate them and prevent them from ballasting your project.
Analyzes the opportunities and threats of the environment
In addition to the internal analysis you should analyze the environment in which you operate to determine the different opportunities (external factors that, once identified, can be used by our company) and threats (external factors that may harm Your project and that must be identified to anticipate them.
Define your target Audience
You have to define who you are going to sell your product to: Age, sex, location, purchasing power, channels through which you can reach them etc.
The product or service you offer has to meet a need not covered
Undoubtedly, it is the universal error of entrepreneurs: To think that our product is the best and, therefore, will sell it alone, without effort. But this does not work like this, we must do a self-criticism exercise and evaluate as objectively as possible if our product is actually going to sell. Keep in mind that we can develop an amazing product but if there is no one interested in buying it it is impossible to create a feasible business. For that… what does it need to cover? Does the customer really need it?
Define the legal structure of your business
At this point we have to decide the legal form that we are going to give to our project: Are we going to work as freelance entrepreneurs? Are we going to work with family or friends? Do we want a corporation? Before moving on to the next steps, we will have to define this concept.
Assumes only calculated risks
“Without risk there is no paradise”: Undertaking at risk 0 is not possible. The risk is something inherent in entrepreneurship and therefore inevitable. But we must strive to take only calculated risks when creating a company.
Prepare your budget and stick to it
It is true that unforeseen costs always arise at the time of embarkation. But the probability of this happening is greatly reduced if you devote time to budgeting your expenses.
Calculate the amount of your initial investment you will need (local cost, machinery etc). In the same way, do not lose sight of the cost that you will have to face monthly in terms of materials, staff spending etcetera.
Define your funding needs
It is not always possible to finance projects with own funds. That is why you will have to rely on external financing on many occasions. And it is good to have the financing needs well defined so as not to ask for more credit than you really need. Don’t forget that, while banking credit is generally used, you can bet on new financing formulas such as crowdfunding or crowdlending.
And finally assumes the possibility of failure as a positive experience
It is true, statistically a large percentage of entrepreneurial projects do not reach their first year of life. That is why we have to assume that this can happen and visualize it as something positive. In the Anglo-Saxon countries to be able to access managerial positions they always ask to have launched a project… and have failed. The motive? The entrepreneur who has failed in a project is fully aware of what were the causes of this failure and will be able to anticipate them.
And now that we are ready to undertake we will launch our project. In the Master for entrepreneurs of IEBS we teach you to undertake with guarantees of success. Do you want more information?
Originally posted 2016-10-05 14:04:14.