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I have been contemplating setting up my own business, but I am in need of guidance.
My business idea is a fashion-related one. I know the market is quite competitive but I am still working on implementing my vision.
I therefore have several questions regarding the "pre-implementation" process.
1. How did you focus on one specific business idea and purpose?
2. How did you effectively drafted your business plan?
3. What factors, other than the obvious, does one have to take into account to elaborate a solid business plan?
The most important thing you need to research is whether or not customers will pay for your idea. Don't be afraid to discuss your idea with unbiased people who will be truthful with you.
The most important thing you need to research is whether or not customers will pay for your idea. Don't be afraid to discuss your idea with unbiased people who will be truthful with you.
Thank you!
Of course. I've been doing a lot of research lately in order to fully grasp the weaknesses of the industry I am aiming at and see where/how I can introduce my concept as a "novelty" capable of catching a group of consumers' attention.
The concept also has to be innovative enough to attract investors.
Market research and consumer behavior are obviously the first factors to be considered before diving into such a costly endeavor.
I think I would need to discuss it with industry consultants/specialists but I am not sure on how to proceed. I would probably need to check industry-related forums to get an accurate perspective.
I just watched two well-funded start-ups fail, one had a high profile personality backing it, the other was developed by a group of highly educated MBA's & some of their professors. The basic problem with both is that the end consumer wasn't interested. Both had innovative concepts, there just wasn't a need or an interest in the new service they offered.
In your examples Kara, education does not equal intelligence - it's usually the less fortunate that are the craftiest. I think the mistake these entrepreneurs had was assuming their expensive degrees would give them some sort of edge in the entrepreneurial world, and when it came to wits.
I know 2 entrepreneurs who had no degrees. One started a clothing brand with little more than $100, build it slowly but surely. My uncle was dirt poor and had to do a lot of things to have opportunities others take for granted. He started 2 very successful business and yes, he got a higher education eventually. He used his own brains and street smarts to start his ventures and become successful with them.
In your examples Kara, education does not equal intelligence - it's usually the less fortunate that are the craftiest. I think the mistake these entrepreneurs had was assuming their expensive degrees would give them some sort of edge in the entrepreneurial world, and when it came to wits.
I know 2 entrepreneurs who had no degrees. One started a clothing brand with little more than $100, build it slowly but surely. My uncle was dirt poor and had to do a lot of things to have opportunities others take for granted. He started 2 very successful business and yes, he got a higher education eventually. He used his own brains and street smarts to start his ventures and become successful with them.
I know degrees don't necessarily equal success in the entrepreneurial world.
My dad is an entrepreneur too so I somewhat know that success isn't exactly dependent on how many degrees you have.
I think the problem with certain "young" entrepreneurs is that they are ego-driven because they have prestigious degrees. They analyze their concept under a business angle and probably left aside certain pieces of creativity.
Anyway, that really wasn't the point of my thread. You guys are already predicting that my endeavor is going to fail ha.
I worked in the high fashion industry for a while, I sort of know a bit on the insides. I should probably talk to industry experts.
I certainly don't expect you to fail, I want you NOT to fail! Back to your original questions dealing with the pre-implementation phase, I have started all of my businesses in a spiral notebook, writing tons of notes, ideas, to do lists, contacts, sources, potential customer groups, licensing requirements, material & labor costs, overhead, advertising ideas, etc. As you research and develop each aspect, you will see whether or not your original idea will work or if you need to refocus it or walk away.
You may need to create prototypes, work out costs at different quantities, and then test them to see if your customers like them. I tested one product for a year before I started selling it.
I only went to investors for one new business. They were very interested but thankfully they made a couple of additional phone calls that gave us another point of view and we decided not to move forward with that business.
Be careful with investors, many are interested in full control and being able to grow the business quickly then sell for a profit. It may be better for you to start your business without outside investors and grow it brick by brick like most entrepreneurs.
I certainly don't expect you to fail, I want you NOT to fail! Back to your original questions dealing with the pre-implementation phase, I have started all of my businesses in a spiral notebook, writing tons of notes, ideas, to do lists, contacts, sources, potential customer groups, licensing requirements, material & labor costs, overhead, advertising ideas, etc. As you research and develop each aspect, you will see whether or not your original idea will work or if you need to refocus it or walk away.
You may need to create prototypes, work out costs at different quantities, and then test them to see if your customers like them. I tested one product for a year before I started selling it.
I only went to investors for one new business. They were very interested but thankfully they made a couple of additional phone calls that gave us another point of view and we decided not to move forward with that business.
Be careful with investors, many are interested in full control and being able to grow the business quickly then sell for a profit. It may be better for you to start your business without outside investors and grow it brick by brick like most entrepreneurs.
I was just joking
These are actually very good tips! Thank you.
I am on the fence as to whether or not I should involve investors because as you pointed out, they "support" may come at a price.
What do you think is the biggest "obstacle" one faces during this phase?
I am on the fence as to whether or not I should involve investors because as you pointed out, they "support" may come at a price.
What do you think is the biggest "obstacle" one faces during this phase?
You are really still in the decision making stage as to whether or not you can attempt this venture. You may run into several obstacles; some may be fixable, some may stop/delay/change your whole idea.
And money could be an obstacle. But many times it's a good thing to start on a shoestring, you will be more cautious with how you spend your start-up money.
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