Next serious of exercises will concern so called "Business Creation" process. Your goal will be to determine what you want to do as your main business and to test if the business you have selected is a viable solution. You will test if there is demand for it and how much competition you have. All this will be done before you actually have your product or service ready. (If you have product or service already, you can apply the same techniques to ensure yourself that what you are doing is the right choice.) If you had the chance to read "E-Business Success Blueprint" you know that product or service creation is not the first item on the list of tasks in business development process. This here is the actual sequence.
1. Find a group of people to become your targeted audience.
2. Get to know your targeted audience by asking them what they need.
3. Develop solutions that they need.
4. Develop and implement an effective sales process.
5. Create and administer support and a customer friendly follow up system that encourages clients to purchase additional products.
Also you should spend about 80% of your time on formulating, testing, analyzing and promoting your business and only 20% on creation. The first step in deciding what type of business to own is to figure out what it is that you really love doing. By doing this, you’ll be one step closer to discovering the perfect business venture for you. If you skip this important step, you will be missing out on a wonderful growth opportunity as it truly influences how successful you’ll be in your business. Passion is the single most important thing in helping you get over the hurdles of disappointment.
As a fledging business owner, you will be required to learn new things. You’ll be forced to enhance and develop certain skills and you will uncover many obstacles along the way. This will not be easy and as such, you may even be tempted to give up. But, if you have passion, you will keep going. You will not slow down and will stay focused in developing your business and being actively involved in it. In essence, your passion will get you through the tough times and will encourage you. So now without looking what business you are already in and what you did in recent years, think of what it is really you would like to be doing even if you were not paid for.
What is the one or two things which would get you from your bed early in the morning and keep you busy till the end of the day and at the same time make you feel satisfied, focused and create sense of purpose. To help you with this assignment consider that you have only 24 months to live. Assume that there is nothing you can do to live longer than 24 months. The only things you can do is to use this 24 months to the maximum of its potential. Assume also that you have no money to travel to distant countries and you need to make a living to support yourself and your family. Determine 2 or three things you would be doing even if you were not paid for. I hope this will be fun.
Bogdan Fiedur
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