Tips to Starting your Entrepreneurial Project

Last updated 19 June 2020
Tips to Starting your Entrepreneurial Project

Your entrepreneurial project explains the factors, details, and steps, an important factor in the success of the entrepreneurship cycle and startups as well. In this important article, we will talk about the life cycle of entrepreneurs from the beginning to the guidance, follow-up, evaluation, and then the end in detail until we urge the owners of a clear vision in the field of entrepreneurship to invest in seeing it and using its time.

Rate Yourself

Entrepreneurship is a very tempting business for a person. Everyone wants to become an entrepreneur at this time and lead projects and their own companies. This task is not an easy process but difficult for people who do not have a clear vision and deep thinking and a willingness to start in this first stage must determine what type of work and allocate Times to work with, what skills do you need, experiences and lifestyle how do you apply this project or leadership?

Also read: Common Myths about Self-Employment – Freelancing

Project Idea Development

Before starting the project idea, you can analyze, test, and develop from it before launching this project. You should always think about defining the problem and what are its solution and the products and goods required for that. The problem will be large in order to cover the largest possible number of customers and target a large market and test this idea will be through Eric.

which is called the Lean Startup Model, and not if the idea is that it is successful, it will succeed or vice versa, and you can use a lot of things such as Design Thinking, which helps you in building the idea, statistics and studies related to that.

Target Customer Study

Identify the personalities of potential buyers that help you determine the ideal customer for you and write the customer profile to know what is appropriate and good for the customer and what is not appropriate, as well as their lifestyle, attitudes, thinking, and general information about them.

Value Study

Through the proposed value or the value provided the Value Proposition. This study helps you greatly in understanding the value that you will provide to customers, how you will provide it, and what are the distinctive things about your company or your project. It’s their market share, how they use social media to promote and market, and how audiences and customers interact with them.

Market Study

 It will help you to know the market more broadly and know its size, characteristics, statistics, and its impact on your new project, and does the market need such projects, and is there really fertile ground for the advancement and work.

Also read: The Most Important Basic Channels for Digital Marketing

Financial Study

 Defining the financial study and what are the ways you rely on it to finance your project from the beginning to the end, so you must focus initially on the models and launch them for testing, and then you can apply to investors and financiers.

Also read: Online Platforms for Project Financing

Building a Business Model for the Project

 It will explain many things to you for the success of the first stage and tell you whether you can come to the second stage or not, and you must write down the most important details in order to be able to make decisions.

Starting with the Basic Preparations

Choose a project name and co-founder, design the visual identity for your project, build websites and social media pages (Twitter, Facebook, Instagram, Snapchat(

Smallest Product Testing Values

At this stage the product is built and tested which is called the Minimum Viable Product (MVP) and construction is not carried out through your imagination and vision, but in its initial form, and the main advantages that are the essence of the product, because Prototype is usually requested by incubators and business accelerators, or a prototype for The project, Prototype is one of the most common forms of MVP, and therefore must be identified some things such as characteristics, framework, and details of work.

Building the Project Plan and Performance Standards

The plans are built for guidance, and they can change if an emergency occurs, or you can change their details which are not strict, but they must be smooth in dealing and changing, and that the most important plans that you build are the marketing plan, growth and pricing, and performance indicators to help you determine whether this is The project is a success or a failure based on criteria that are determined.

Give Advice

At the beginning of your career in the projects, you will face many risks, variables, and the like. To face these problems easily and with a high degree of flexibility, you need to appoint a mentor to provide advice and continue with you at the beginning stage, and this advice is very important for people who do not have extensive experience in pilot projects, and the best mentor You can use Mentor, and he can help you throughout your project journey.

Finding Financing for your Project

After launching the MPV project, you can search for sources of financing, whether through family, self-financing, friends, business accelerators, incubators, bank loans, foreign or local investors, or crowdfunding.

Also read: Skills Needed for Self-Employment

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