There is a large number of aspiring entrepreneurs around the world who are eager to build new companies, solve problems and improve things around them.
Most of them want to jump straight into success and create business to get customers. However, they would need to be more patient as these things don’t have overnight!
There are a few steps that they would have to take first such as:
- Build a really good team that are experts in the industry market and specialized in a wide range of different fields such as finance, marketing, human resources etc.
- Test the market opportunity deeply, as it isn’t enough just loving the product you will sell — you have to make sure that others do as well and are willing to pay for it.
As a mentor, these are usually the first things I coach startups. The first two questions I ask are: What kind of team have you built and have you made sure they work well together? Are they well-suited to hanbdle this particular market? Have you tested and validated your product idea to ensure sufficient demand?
Another thing most entrepreneurs think is that investors will immediately give them money, but that is not the case. You really have to expect to be able to self-fund your project or gather money from the people around you (family, friends etc.) in the early stages before earning the trust of any “strangers.”