Entrepreneurship is one of the most popular words of today’s economy. While still in high-school or university, more and more young people are encouraged to create their own jobs and generate opportunities. However, transforming an idea into a business and creating a company isn’t always easy.

Although not all the graduates or young professionals have the ambition to become entrepreneurs, the biggest part of the group will have a few brilliant ideas along their personal and professional paths. If you see yourself as someone who is willing to take risks and move on fearlessly, you may be able to accomplish your projects and transform them in successful ideas.

Here are some tips on what can help you thrive on the path to creating your new company.

 

5 Steps towards transforming your ideas into a business

 

1. Share your ideas. Feedback is important

When we have a good idea that we believe can be converted into a successful business, we often get afraid of sharing it with our network. The truth is most of us grew used to listening that it is safer to keep our ideas to ourselves than sharing them with others, but we forget that “the others” may be the right people to help us taking those projects out of the shelf and moving on into creating a company.

Despite what you may think, sharing and collecting feedback from others is very important. It will probably be that exchange of ideas that will make your idea thrive. Aside from friends and family, also seek the opinion of people that have a wider knowledge of the market in which you would like to invest.

Working in places that value a “culture of sharing”, like coworking spaces, is a huge added value for those who are starting. You may find people with other ideas, complementary to your own, and eventually find the perfect partner to start your business.

 

2. Don’t do it all on your own, work with a team

As you know, we all have different skills and it is essential to understand the extent of what we are able to do by ourselves. Do some self-analysis and find out your limitations. Only then you’ll be able to figure out if you need a partner or not.

Sometimes, more than finding a partner that suits your needs, it is fundamental to hire a team that makes you proud, that grows with you and helps your company grow. Teamwork is also very important to consolidate ideas, to develop the business and, consequently, to succeed and increase income.

 

3. Test your ideas and plan for different scenarios

The moment of creating a company is really important and represents a big commitment. Therefore, after collecting as much feedback as possible, it is vital that you test your idea and analyze different routes, before you move forward to open your company.

You should think like an investor, understand if this is the best timing to come to market, who are your clients, if there is market competition, where are the best opportunities, and so on. Basically, you’ll need to develop a kick-ass business plan!

 

4. Study your competition

The market gets more competitive every day, therefore, it is necessary that you study your competition thoroughly, before you create your company. Despite the sector in which you are planning on investing, there will certainly be someone else offering the same product or service that you are. Analyzing the competition and understanding how it performs and communicates with its audience are fundamental aspects for the definition of your business strategy and to monitor your progress. Only then, you’ll be able to differentiate from others and find a better opportunity for your idea.

 

5. Find your target audience and work towards it

Besides competition, there is another vital part in any business: the target audience. If you’re creating a product or service which you intend to sell, you’ll have to define your potential client and work towards him/her. Only after you have your ideal buyer outlined, you’ll be able to adapt your tone and brand to offer exactly what he/she seeks.

 

If you’re looking for an opportunity and you have an idea that you would like to see translated into a real business, get to know Piece of Work. In our coworking space, you’ll find the perfect environment to foster creativity and a group of people ready to assist you with everything you need.

 

Get to know Piece of Work

 


 

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