Entrepreneurship: How to start a business 

Entrepreneurship – Calm down, first breathe, and don’t panic. Here is a little guide for novice entrepreneurs that can help you feel better and set goals. In your positions: ready, set, go!

Entry barriers

This concept was developed by Michael Porter, in which four competitive forces are responsible for analyzing the difficulty of starting your business. Identifying your barriers will be the first step in entering the market and competing with your competition. These barriers are:

• Economic barriers of scale: the greater the production, the greater the benefit due to the reduction in unit cost
• Economies of scope: Resources shared between different activities or products
• Differentiation of the product or service: It can result in greater investment for new companies
• Legal barriers: Patents and permits can delay the company’s start-up.

Competitors

In this sense, you have to consider everything related to existing companies that offer the same product or service as you. Analyze your innovation index and how you operate (prices, promotions, follow-up, quality, among others). Knowing where you are compared to your competition is essential to starting your business.

risks

It would help if you avoided as many risks as possible. For this, it is possible to highlight, for example, adapting the product or country’s culture the country. In addition, there must be consistency concerning the market’s real needs since even having a wonderful business idea; may not be a product or service that suits the needs or desires of customers.

On the other hand, there is also credit, liquidity, market, and interest rate risk when undertaking the company since it must face all the assumed payment commitments, including the payment of interest and amortizations. of the debts.

Market analysis as an Entrepreneurship

Very useful programs such as Google Trends and Google Ad words give us clues about the potential market that exists on the internet and trends. In addition to using online gear, you can also search for studies on your sector and related statistics.

Reach your client before the start-up of the company and know their opinion as an Entrepreneurship

Surveys, focus groups, or samples of future buyers are essential to test your product or service. Offer something to people willing to try your products and get an honest opinion. (Avoid including in your sample: wife, husband, children, uncles, or pets of your family)

• Creation of a prototype with 3D technology: In this way, you can show the product saving a little time and money.
• Early Adopters: When it is a very innovative product, these consumers are ideal for giving their point of view and showing it to other potential consumers, so they will tell you if they like it and if they would pay for it.
• Fans in networks: You would reach a market segment that can be part of your future customers, who can help you know if your product or service is liked; they will give their opinion about the name and even the price they would pay.