Tips for starting a business from successful entrepreneurs
Alexander Semenov
© Alexander Semenov, 2021
ISBN 978-5-0053-5097-8
Created with Ridero smart publishing system
Preface
Dear Reader!
This book is not based on my experience, although I started businesses and even now I am the founder of YourGroup Holding (yourgroup.ru.com) in my 17 years, but I can not give business advice because of the small amount of experience. BUT DON’T YOU DARE CLOSE THIS BOOK! I have talked to many successful entrepreneurs, learned a lot from them, and I am ready to share this information with you. This book is suitable not only for those who are just looking for a business idea, but also for those who already have a business. This book will help you find an idea, choose a sales strategy, tell you about the basics of online promotion, and much more. Throughout the reading, you will be given the tasks recommended for completion. Of course, you may not fulfill them, but know that only you are responsible for your future.
I sincerely hope that this book will be the beginning of something new, the beginning of positive changes in your life.
WHERE TO START
The motivation of the entrepreneur
There are many motivations, for example:
– Business to realize your dreams
– Business to implement your ideas and initiatives
– Business as a financial instrument
– Business for your financial well-being
– Business for your personal and professional development
Understand why you need to be an entrepreneur.
Three qualities necessary for an entrepreneur:
1) Determination
2) Attention to detail
3) Perseverance
How to find your business scale and format
There are four business scales:
№1. Self-Realization (a business where money is not the main goal)
№2. Closing needs (a business that will allow you to close your needs, but no more)
№3. Sustainable business (a business in which the owner can afford to give work to other people)
№4. Wildest dreams (Corporation)
Make a decision – what scale of business do you choose for yourself.
The bigger the business, the more money you need to launch it.
How and where to look for business ideas:
1. Do what you like
2. Do what you do well
Formula for success: interest + skill = your business idea.
When you understand what is interesting, you need to determine the type of activity:
● Sell what you are interested in;
● Teach what you are interested in;
● Advise on a topic that interests you;
● Share information about what you are interested in;
● Invest in a field of activity that interests you;
● Engage in production in a field of activity that interests you;
● Organize events that interest you;
● Take care of what interests you;
● Provide entertainment in a field of activity that interests you.
Task: choose three of your areas of interest that are very important to you today, and then choose three of your areas of expertise that you are best versed in, connect three areas with three competencies and see what kind of business you can build.
How to choose the most promising idea
Now you have 3—4 business ideas. What should you do next? Every business idea can be tested. In order for the project to start well and develop well, you need to take into account two points:
1. Resources (your funds, capabilities, and competencies);
2. The speed of the launch of this project;
Now rate each project from 1 to 10 points, based on what resources you have and how quickly you can start the project. The project that scored the most points should be implemented first.
What employees are needed and how to distribute roles between them
Success in business depends on the quality of the team.
There are 4 roles in the team:
1. Controller (result-oriented and goal-oriented. This person will always keep the whole team in good shape and remind you of the results)
2. Motor (a person who creates the right mood of the team, which has no obstacles, who will move the entire project and promote it to success)
3. Support (a person who creates high-quality relationships between team members)
4. Analyst (a person who provides information for decision-making)
Ideally, each person should have a role, but at the start you can combine all these roles in yourself. However, these roles must be present in the team.
Task: right now, think about whom you specifically need to attract to the team, what kind of people can they be? What can you already actively manifest in yourself, and who do you need?
HOW TO BUILD A BUSINESS MODEL
What is the business model and how it helps the company. How to model a business to reduce risks
The business model is a visualization of your future project. The business model is used to describe the basic principles of creation, development and successful operation of the organization, reflects the mechanisms and logic of the business, covering its key areas.
Everything is simple, if you have a good template. Fortunately, there is such a template-this is the template of Alexander Osterwalder.
Task: fill out the template.
Start working with the template with consumer segments. Move sequentially along the pattern from the right part to the left, working through each block.
What questions to ask yourself when building a business model?
● In the «Consumer segments» section, you should ask yourself the following question: «What groups of customers is my business focused on? Who will come and buy my products and services?»
● In the «Value Propositions» section, you should ask yourself this question: «What can I offer my customers? What customer needs will we meet?»
● In the «Customer Relationships» section, you should ask yourself the following question: «How will customer service be organized?»
● In the «Channels of Distribution, Sales and Communications» section, you should ask yourself the following question: «What will be the points of contact of the company with the consumer?»
● In the «Sources and amount of Revenue» section, you should ask yourself the following question: «What will our customers pay us for and how?»
● In the «Key Activities» section, you should ask yourself the following question: «What does the company do best