Entrepreneurial Process
The past couple of days, we have been exploring the steps that entrepreneurs take to create their startups. After discussing the actions of different entrepreneurs, you and your team should have identified a common characteristics and actions that all entrepreneurs take as they move from an idea to a startup venture. It is important to note that the entrepreneurial process is a linear sequence of actions. Instead, the entrepreneurial process involves multiple actions taking place at the same time and using the feedback gained from these actions to re-form your startup.
Below are some the things that you should have discussed.
- Look for problems
- Use interest and passion to energize the project
- Build/work with a team
- Propose a set of solutions
- Determine the best solution possible (synergies)
- Design the solution (good or service) MVP
- Validate the offering (get feedback)
- Respond to feedback (change features or pivot)
- Depending on product, maybe get patent
- Build a business model
- Promoting idea and product
- Determine the target market of customer segment (early adopters)
- Determine revenue stream (revenue model)
- Locate a partner to manufacture
- Find distribution channel
- Promote and marketing the product or service
- Raise capital (money used to build the business)