Very often entrepreneurs come up with good business ideas that they are eager to make happen and see them succeed, but unfortunately the reverse happens.
Sometimes this happens due to the lack of support. Other times, it’s the realisation that the idea is not as interesting as they might have presumed.
An article about ‘Things to do before starting a business’ published by Business News Daily shows that it’s important to research your industry, find competitors, understand risk and map out your finances before starting your business.
Eddy Roberts Niyomfite, a young entrepreneur says that when starting out, one thing he had to be careful about was the kind of feedback he was getting from people and the audience he was targeting.
"There are things we have to learn to approach this correctly. How do you extract useful feedback? Not all feedback is bad; there is also the positive one, but how do you manage that feedback? Make use of that to make your business better,” he shares.
Eugenie Tuyisenge, a tour operator says that before starting a business, one needs to understand that it takes time for everything to fall in place.
"When starting a business, some entrepreneurs tend to rush things, but what they fail to remember is that as a start-up, clients will not appear at your doorway immediately. It may even take up to six months before they show up,” she says.
What to have in mind
Desmond Mathenge, a businessman in education consultancy advises to first do a market survey, but also, to consider venturing into online business as it is the most promising and easy way to start out.
"With market survey, you need to know the market you are targeting. This can be done through consultations either with business consultants, friends, or family for them to share helpful ideas to supplement the one you already had,” he says.
The right partnerships and meaningful connections are also very important, Tuyisenge proposes.
"Get the right partners and reach out to your connections, let them know about the services you are providing. You can do this on social media or even via calls. You also can attend events where you can share flyers with people there, make sure to take advantage of every occasion and tell people about what you do,” she says.
Tuyisenge adds that entrepreneurs should keep investing in their business for it to work out. And also, put in more efforts to make it appear on the market.
Niyomfite advises to first know the purpose of the business before starting out.
"Spending a lot of money on a business is not enough to make it work. It doesn’t matter how much you start with, but how willing you are to make it work.”
An article by Bplans, about the ‘Steps for entrepreneurs with an idea, but no funding’ recommends the following;
Find a mentor and ask for advice
When you ask for money, people will automatically be sceptical and want proof that your idea is viable. But is it, really? Have you gotten the objective opinion of someone who has been in your shoes?
Perform market research
Finding your target market might be the most challenging step of making an idea into a business, but it’s also one of the most important. To conduct your research, you should use a variety of different sources to examine the opportunities and pitfalls of the market.
Determine your capital needs and write a business plan
Throughout the course of your research, you’ll get a more realistic idea of how much funding you’ll need. Even if you manage to get a crowdfunding campaign off the ground or find a way to fund your start up yourself, the costs of running every aspect of the business can go way beyond your initial capital needs for launch.