The art of entrepreneurship is one that only a few have mastered. The textbook based method often taught in MBA schools where a series of steps need to be meticulously conducted prior to starting a business while having value do not necessarily make a successful entrepreneur. Entrepreneurs who are successful are those who can take decisions at any time during the business building process – including selling it before it’s even ready.
William Keyser recommends a series of steps that should be taken to maintain the cutting edge entrepreneurial skills:
Networking: The most important step should always be to constantly network for customers. Keeping an updated contact list will allow an entrepreneur to find opportunities and not be prevented by lack of resources – the most valuable of which are humans.
Researching clients: After getting your list of names ready, find out the opinions of those you do not know. Ask simple questions and using the free survey’s available online, one can gain the needed marketing information. To make sure people fill out and send the survey, offer an incentive, such as the compiled report of results you have tabulated. The response you generate will be critical for further steps.
Calling potential clients: This task involves revolves around one word: listening. Listen to your potential clients and get their feedback. It is through conversations with them that you may be able to collect some vital information or insight. They may point our additional requirements needed for the product or the way they would like to use it. At the very least, they can refer you to someone who could give you greater input. Because of the benefits of revealing your product before launch, there is no need to keep it a hidden secret.
Going back to the business plan: Now you will need to modify the original business plan based on the input received from your research. By calling potential clients you have already conducted ‘live tests’ of the product even before the launch. Rather than spending so much more to change course after the official launch, you are in a position to reevaluate and go with the launch much better prepared. After this, you may need to go back to the tasks outlined in step 3 and conduct another feedback session. Keep the final business plan no more than a recommended 30 pages. This could be difficult to do, but it’ll force you to focus on the core strengths of your product rather than diluting them with so many other words or potential avenues. Keep the direction of the business very straight.
Repeat cycle: Once your business plan is up and running repeat this cycle again. In fact, the more you discipline yourself to repeat these steps, the more likely you’ll gain confidence. Constant feedback and retuning of your project plan will make it look as if you were conducting a research rather than a risky business venture. With each step, you’ll see yourself as reducing the risk and potential pitfalls as you are receiving valuable information. In the long run, when you are gradually transitioning to a full-fledged launch, you’ll be in a much stronger shape than if you had gone without having the consumer feedback.
Since you’re consistently positioning yourself in a better position to successfully run the business, because of your sound preparedness, you may be in a position to go ahead and sell the business unit without ever even making a full-fledged launch. By adopting a model of continuous pre-launch analysis and reevaluation, you’re already going to be attracting investors who want a matured business concept.
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