Start with an idea – Never discard an idea no matter how crazy it may seem. Airbnb started with two young founders struggling to pay rent but had the crazy idea of renting out their apartment to guests who could not find hotels accommodation during a convention. So, pay close attention to your ideas. The more unique the idea, the better.
Do market research – Find out what your potential customers want and need and see if your product can meet those needs. If not, study your product or services to see if it can create and sustain a new trend.
Get the right people – Finding the right partner, hiring competent people or narrowing down your business needs and matching them with the right talents will get you the right support system.
Build a prototype – Get a test market and get their feedback. Make improvements as you go along and present your product to potential investors for financial backing.
Launch and grow – If you’ve come to this stage, there’s no turning back. Launch your products/services and see it grow through proper marketing. Do not expect immediate results, but keep finding ways to reach more people and get testimonies. Find your business weak points and make an effort to improve them. Strengthen your financial backing by building on your brand.
Never stop learning – Sometimes, you will hit a wall that will require you to unlearn everything and relearn new skills to keep your business going. Continue upskilling or reskilling yourself and your people so that they grow with your business.
SEGi University has comprehensive business programmes to groom new-age entrepreneurs to succeed in challenging times. The campus also has an Aspiring Entrepreneurs Club which exposes students to industry engagements, networking opportunities and latest trends to equip them for the future. Visit www.segi.edu.my to learn more.