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Entrepreneurship has always been an outlet with prospects for growth, progress, and career development. In today’s Greece, entrepreneurship is seen as a solution to the problem of employment and tackling unemployment. That is why there is strong mobility and interest in setting up new companies.
But how will this option work? How is Sustainable Business Created? The following is an attempt to decode the steps to create a viable business:
Step 1: The Business Idea!
Suddenly it was as if the lightning rod of Garnazis lit up in your head !!! Brilliant idea! But what makes a great idea? Who will sign me that I will not be “one of the same”? How do I create a sustainable business?
Two things to keep in mind: the product or service that your idea has to address must meet a need and/or solve a problem.
Step 2: Market Research
Is there a market? How great; What are the characteristics of the market? There is competition; And if so, how big?
These are the basic questions you are asked to answer.
This information is needed to see if there is a market gap for the product and/or service you have devised and if it really makes sense to go ahead with it.
Startup * business or not a startup, in order for your business to be viable you have to have the market and the gap in it to claim a piece of it.
Step 3: The Differentiation Element
Probably the most important thing to consider. What are the strengths, the weaknesses of your project? What are the challenges and risks? Do you have a comparative advantage over what’s on the market?
Work proactively. Work with specialists. Get into Accelerator programs that support new businesses because … if you market, a product and/or service that already exists at the same price, in the same way, then the market share you get is not guaranteed.
Find or invent a way to differentiate yourself.
Or else, find another idea.
Step 4: Business Planning
If everything proves that your idea is not only excellent but there is a gap in the market and a differentiation in your thinking, then analyze your project with the following in mind:
Find the right team to frame your project.
Determine your market and competition in detail.
Identify the characteristics of your product/service.
Who do you need to work with?
What is the business model you will follow?
How much money do they need and where will you get the necessary funds.
Create a mini-budget of three years.
You will definitely need some help. Consult with Market, Innovation, Finance etc experts or get into Acceleration Programs.
Step 5: Search Funds
Good ideas, good new products, and services but without capital, they are not easy to implement.
Take advantage of the 3 Fs (Family Friends & Fools κε) funds. If you don’t have enough money or no one to finance your environment, then look for solutions in government programs, angel investors and/or get into Accelerator Programs that can provide both capital and know-how and give you the right fit. tools and tips that will help you get the resources you need.
Fundraising is essential for business planning, research to validate, document, and further develop the idea and business model, as well as to evaluate business potential. Also, if there is a standard of the product or service, you are very positive, if any. This is the only way to convince potential investors of the attractiveness of your product or service.
An important thing to keep in mind is that prospective investors are attracted by low startup costs, high risk, high or possible global market, high returns and growth prospects.
Step 6: Appropriate Guidance
Assuming the previous steps went well, the idea is good, there is a gap in the market, you have found the necessary funds and you need guidance on how to get started and typically your business.
Talk to the right people who will give you the guidance you need just before you can get legal form. Legal, Intellectual Property Experts, Business Licensing Experts, Marketers, Financial Advisors, Tax Advisors, IT Consultants, etc can help you and enlighten you on issues that you are not aware of before you press the start button or in Greece you are abroad.
Step 7: The New Start
You will not stop being a new business unless your business makes a significant turnover. These accomplishments can be, for example, developing your product or service according to the milestones you set, finding new investors, opening up markets. Whatever the case, be sure to get guidance from Market people who can help your growth and consolidation, your progress, and your profitability.
Remember, creating a viable business, startup or not, is probably the most profitable and rewarding experience for your career.
Good luck!
* Startup or startup is a new company based on an innovative rationale for developing a product and/or service and also has prospects for rapid market growth and development. In other words, it is an enterprise with an innovative rationale that offers a solution to a specific problem or desire (need) of its customers and aims to grow rapidly and dynamically, creating added value for both its customers, shareholders, and employees.