What is the first step to entrepreneurship?
It’s not coming up with a fantastic idea. It’s not even coming up with a great, shiny product.
Becoming an entrepreneur is about solving problems. If you can problem solve for a specific group of people, you have a business.
Ever wonder why products fail? They are not needed. It can be proven. Over the last ten years, 42% of products have failed.
Today, I’ll share with you some astounding statistics on product failure, and what you can do to make sure that you don’t.
The First Step to Entrepreneurship Is NOT a Product
There are tons of things people want.
It’s new entertainment, new shoes, new clothing, the latest vacation spot and more.
There isn’t anything wrong with those things, but if you look at the world as as a whole it isn’t needed.
This is why elite vacation spots have such a high price-tag. Only a few can afford it.
Those who created it know this, and that is why they have to charge an insane amount of money to get anything out of it.
However, the first step to entrepreneurship is problem solving. The only things that make sense have longevity and are NOT a quick fix.
Here is a good example.
- A diet doesn’t solve the problem of weight loss, but a program that offers a nutrition plan for a person’s daily life and menu will solve the problem. This is why more dieters have success with programs like Weight Watchers. The problem isn’t necessarily the food, but it’s having a team of encouragers that help people know they are NOT alone. They need a certain degree of counsel, cheerleading, and a plan.
- A product like a massage roller is great, but the product that is really the problem solver is there Theracane. It can offer massage but in tight places where people get knots. Whether you get knots in your neck, back, or elsewhere, Theracane is a great choice. It gets things done because it gets into the knot and releases it. Problem solved.
Can you see how this works?
It’s all about being specific.
Those who want to become entrepreneurs may have good ideas, but what makes it a great idea is getting into the problem solving arena.
If you don’t want to fail, focus on solving problems rather than creating products.
What else do you need to remember before you start your new journey into entrepreneurship?
First Step to Entrepreneurship is Targeting the Top Problems
The first step to entrepreneurship is targeting the top problems.
What are they?
- There is no such thing as an overnight success. Everyone will need time to start something and bring it to fruition. Most overnight successes have taken 5 years or more.
- Focus on your strengths. You know this is true if you have ever focused on a problem you are facing! Focusing on problems will get you nowhere. Focus on your strengths or what you’re good at. If you focus on problems you’ll just think more about the problem and other problems related to it.
- Get the right team around you. Making sound business connections is good, but getting the right team of people in your niche will mean a lot. Many start-ups are failing because they have the wrong people involved. You might want to get to know someone because they are popular or they have connections, but you MUST focus on the connections that matter. Nearly 29% of startups fail because the wrong folks are involved in the process.
- Fail quickly and fail often. Failing isn’t a bad thing, but in our culture, we are consumed with failing being a bad thing. Those who have failed know that they learned something from screwing things up. Fail quickly if you are going to fail and fail often. It’s helpful to just get it out of the way!
- Understand your value proposition. You should know what it is, but you should also understand it. What is your value proposition? Do you understand it? Make it clear to your audience how you can help them. This is the very foundation and “first step to entrepreneurship”. If no one knows what you are doing, you won’t either!
Being your own boss can be rewarding, and it’s a lot of work. Once you have an idea, make sure that you refine it down to solving a problem.
Problem solving is what matters most, and it’s important that you solidify this as your first step to entrepreneurship so that you become a massive success!