Here's how you can begin your own business journey.

A business should be solving a problem, not just selling a product. Identify a problem you want to solve, this will guide your purpose. Market research plays an important role to understand target audience and competitors. Develop a clear business plan which will outline goals, strategies, and financial requirements. Take advice from mentors, and build a network of like-minded individuals. Face challenges as opportunities for growth and stay adaptable to change. Treat every setback as a learning experience which will bring success closer.

We’re living in a world that’s changing faster than we realise, and it’s on us—the entrepreneurs, the dreamers, the doers and innovators to find solutions to some of the world's most pressing issues. As leaders and innovators we have a responsibility to explore strategies and processes to reduce harm, enhance equity, and protect as well as boost health and well-being. Beyond purpose, you need a subject area that can hold your attention span for years (through amazing times and difficult ones), and provide a solution that can be commercialised.

Oftentimes we confuse 'topic passion' with 'work passion'. You might be a coffee aficionado (topic passion), but starting a coffee bar means you'll be serving cappuccino's and latte macchiato's all day, any day. Without a work passion for hospitality, you'll probably lose your interest sooner or later. Topic passion is (mostly) for hobbies. Work passion is for work. Obviously, a combination of these can act like a multiplier!

Find you "Ikigai". Many people have said this, find the perfect balance between something you love doing, something you're actually good at, and something that pays/you can monetise. To add to the mix - another way to look at it is to find a pain point you know exists (aka a market for what you want to build) - where you're adding value by solving an actual problem. If that can fit into your Venn diagram - then an intersection of all this is what you should identify before starting a business. That's one you can sustain, and you will truly enjoy building. Every business comes with numerous challenges. When you're building something at the intersection of said values, at least you enjoy the rollercoaster ride it will take you on!

Ton marché est constitué de tes clients, des intermédiaires, des apporteurs d'affaires, de tes concurrents et des solutions alternatives. Les clients, les intermédiaires et les apporteurs d'affaires te permettent de définir les besoins auxquels tu dois répondre (opportunités/risques). Les concurrents et les solutions alternatives te permettent de comprendre comment le marché y répond aujourd'hui et t'aident à définir ton positionnement (forces/faiblesses).

Ready to turn your brilliant idea into a thriving business? Hold on! First, embrace the crucial step that separates dreamers from doers: market research. Think of it as your business GPS—a golden compass unveiling insights that can catapult your venture toward triumph. It's a game-changer because: It reveals hidden opportunities and lurking pitfalls It helps you understand customers better than they understand themselves It allows you to outsmart competitors before they know you exist Don't guess—know. Dive into industry reports, conduct surveys, and analyze trends. Your findings will shape your business plan, inform pricing, and craft an irresistible value proposition. In the business world, knowledge isn't just power—it's profit.

Once you have had the passion just dreaming and thinking wont work you need to start working on it with first step market research making a detailed report of business in detail like competitors, their functioning, their clients etc and many more things

After developing a business concept, you need to conduct in-depth market research. Understanding the market for your product or service, your rivals' identities, and the characteristics of your target market are critical components of this step. Information about market developments, competitive pricing, and consumer preferences should be gathered. This study will benefit your business plan by assisting you in making data-driven choices. It serves as the cornerstone for constructing a unique corporate plan.

1. Identify Your Target Market: Start by clearly defining who your potential customers are. Determine their demographics, preferences, and purchasing behaviors. Use surveys, focus groups, and social media insights to gather this information. 2. Analyze Competitors: Research your competitors to understand their strengths and weaknesses. Look at their pricing, marketing strategies, and customer reviews. This will help you identify gaps in the market that your business can fill and develop a competitive edge. 3. Study Industry Trends: Stay up-to-date with the latest trends in your industry. Subscribe to industry publications, attend conferences, and follow thought leaders. This will help you anticipate changes and adapt your strategy.

An objective approach allows you to evaluate your business idea, market, and competition without rose-tinted glasses. It helps you identify potential weaknesses and challenges that you might overlook if you're emotionally invested in your concept. By taking a step back and analyzing data objectively, you can set achievable goals and financial projections. This prevents you from overestimating potential revenue or underestimating expenses, leading to a more accurate and sustainable business plan.

After the completion of the market research report the next what comes in is a business plan it is the full prove plan to drive business starting with creating MVP's and product marketing fit to test.

I used to spend months on complicated business plans, but they always ended up gathering dust. Here's what I learned: Real business plans aren't written, they're lived. Talk to 10 potential customers. Build a basic prototype. Sell it to 1 person. That feedback is worth 1,000 pages of projections. You’ll uncover the REAL problems, the REAL solutions, and the REAL opportunities. This is how you create a business that people actually want. Stop planning. Start building.

It should outline what you want to achieve and how you’ll get there, covering everything from your company summary and market analysis to your products, marketing plans, and financial goals. It’s your roadmap and pitch, helping you stay on track and impress potential investors or partners.

The path to success is laid out in a business strategy. It describes your company's objectives, tactics, and intended action. Executive summaries, company descriptions, market analyses, organizational charts, product lines or services provided, marketing and sales plans, finance requests (should you be looking for investors), and financial projections are all components of a strong strategy. In addition to serving as a roadmap, a business plan can help you pitch your idea to possible backers and investors.

Selecting your company's legal structure is an essential first step. It impacts your personal liability, taxes, and capital-raising capacity. Limited liability companies (LLCs), corporations, partnerships, and sole proprietorships are the most popular forms of business structures. Selecting the option that best meets your company's objectives and demands is critical because each has pros and cons. Speaking with a legal professional may help you make the best choice.

A business plan is your blueprint for success. It should outline what you want to achieve and how you’ll get there, covering everything from your company summary and market analysis to your products, marketing plans, and financial goals. It’s your roadmap and pitch, helping you stay on track and impress potential investors or partners.

1. Research Different Business Structures: Understand the differences between sole proprietorship, partnership, LLC, and corporation. Consider how each structure impacts your taxes, personal liability, and ability to raise capital. 2. Evaluate Your Business Needs and Goals: Assess your specific business situation, including the level of risk you are willing to take, your plans for growth, and your funding requirements. This evaluation will help you determine which legal structure aligns best with your objectives. 3. Consult with a Legal Expert: Schedule a consultation with a business attorney or legal expert. They can provide tailored advice based on your business type and personal circumstances.

It's important to think carefully about legal structure. For example, if you fund your business with retirement funds through a ROBS (Rollover for Business Startups), it is required that you have a C-corporation structure. LLC is generally the most tax-favored and flexible approach. S-corporations have pros but also certain restrictions and limits. A strong tax advisor versus attorney may be your best source of advice on this topic.

Choosing the right legal structure for your business is an important decision that will affect everything from how you pay taxes to your personal liability. Will you be a sole proprietor, a partnership, an LLC, or a corporation? Each structure has its pros and cons, and the right choice depends on your specific situation. Consulting with a lawyer or accountant can help you understand the implications of each option and make an informed decision. This step might not be the most exciting part of starting a business, but it's crucial for protecting yourself and ensuring everything is set up correctly from the start.

Additionally, brand storytelling can be a powerful tool. Sharing your business's story can create an emotional connection with customers and differentiate you from competitors.

Your brand identity shapes how customers perceive your business. It includes your business name, logo, tagline, and overall aesthetic. Your brand needs a personality, tone of voice, cadence, style, and persona. If you can't develop this because you're not creative, I beg of you to hire someone who is. If I were to compare companies with bad products but great brand identities to small business owners with great products but terrible brand identities, you wouldn't know of the latter because they never gained enough traction or brand appeal to make it to the mass market. Invest in your creativity and identity!

Your brand identity is the vibe your business gives off. Make sure it reflects what you're all about and resonates emotionally with your audience.

Your brand identity is how you want consumers to view your company. It consists of your company name, tagline, logo, and general style. With a powerful brand identity, you can differentiate yourself from rivals and increase client loyalty. It's critical to make sure your brand conveys your company's principles and mission. Think about the feelings you wish to arouse in your target audience and how your branding may best express those feelings.

Your brand is more than just a logo or a name – it's the essence of your business. It represents who you are, what you stand for, and how you want to be perceived by your customers. Creating a strong brand identity involves defining your brand's values, voice, and visual elements. Think about how you want your customers to feel when they interact with your business. Your brand should be consistent across all platforms, from your website to your social media to your packaging. A strong, cohesive brand will help you stand out in the market and build a loyal customer base.

Nail down your launch plan. Think about starting with a soft launch to fine-tune things, throwing a big opening bash, or kicking off a catchy marketing campaign. Your launch should make some noise and pull in your first customers. A smart, splashy start sets the tone and builds momentum.