Employee to Entrepreneur - You've Started Now What?

Hello Entrepreneurs,

My last post questioned as to whether your mind allowed you to accept you are an entrepreneur by asking a few questions and referring to a definition.  We are all entrepreneurs.

Assuming you've accepted the entrepreneur possibility, now what?  Now is the time to begin defining the opportunity, shaping it, giving it form and function.  The process is the same whether you're planning to sell a "widget" or a service, they are both products.  Let's talk product.

Product, there are many definitions and variations.  I like:  solutions and answers delivered to the target market, a bundle of satisfaction, value in a word.  What you offer the market place must be needed, it must solve a problem, (solutions - haven't we heard that a lot?) and answer questions.

Trust me it's true.  Products enter the market to solve a problem, products stay in the market because they continuously answer questions.  Don't believe me, consider this example.  Your physician suggested adding more fiber to your diet and gave suggestions as to how.  One suggestion was through the consumption of high fiber cereals.  At this point you have a problem right - you must eat high fiber cereal.  Unless you're a farmer and can process grains - off into the market place you must go. Where do you go - the grocery store.  The prospect of finding a simple solution brings you to the store and more specifically the cereal aisle.  Unscientific research via the Internet revealed cereal can help.

What draws you to a particular product - the box fronts.  The box fronts are answering your questions - how much fiber, does it taste good, are there any other benefits, how many calories,etc.  The notion that a product can solve a problem draws buyers into the market place.  Answering their questions, now that's what gets them to buy.

Small businesses must first and foremost think about the customer, we do not have the luxury or the "Benjamins" to create demand.  With that in mind, what problems are solved by your product?  For success, I recommend a minimum of five (5) solutions and they must be concrete.   Here's a tip - solutions beginning with "I", are not solutions.  For example:

• I love dogs
• I like to cook
• I make beautiful jewelry

The "I" phrases are about you, not the customer ~ there is no I in customer! 

Better solutions are framed:

• Experience in training over 100 animals and more than 20 breeds
• Meals are homemade and contain 100% of recommended dietary fiber
• Jewelry is custom and reflects the individual

See the difference?  Good luck defining and listing the solutions.  This phase of the process isn't easy and should take some time.  Be patient, thoughtful and painfully honest.  The result of this exercise will yield the platform upon which your business will be sustained.

If you have questions, comments, concerns or get stuck in this process, feel free to send an email. 

Success and warm regards,
Roneida

P.S.  Follow my Tweets at RMMarketingMind.  We're discussing financials, Profit & Loss Statement currently.

Employee to Entrepreneur - Let's Get Started

Have you been downsized, rightsized, reduced, eliminated, adjusted or layed off?  Many have, me too.  We  are professionals with decades of experience, expertise and energy, are we entrepreneurs too?

Perhaps you're toying with the notion of starting your own business but you have questions, concerns and more honestly- doubts.  Relax that's normal, it's healthy and exactly what you should feel.  The key is identifying those doubts, addressing them honestly and putting a plan in place to manage them.

In this blog you will  find tips on managing your mind and then managing the start up of a new enterprise.  Step by step we'll walk through the process.  From the business idea to developing the financial plan, marketing, operations and ultimately a business plan than gets results, we can do it.

If you were an employee, you were also an entrepreneur.  Don't believe me...answer these quick questions:

• Did you takes risks?
• Did you make decisions?
• Did you doubt yourself?
• Did you make mistakes and correct them? 

If you answered yes to any question, you have been an entrepreneur - you just didn't work for yourself.  Check out Webster's definition.

Here's some food for thought - every business was once a small business -- think about it.

Regards,
RM