Entrepreneurship starts with the question ” What change can you bring in to the existing world?”. To answer this question a proper idea of the existing world primarily. But can you learn everything you have in this world?. No, not just you, any one on this earth can learn everything that is happening around him.
Then how will make a move?
Introduction to Entrepreneur Mindset:
To become an entrepreneur, you need to look for a change that you could possibly bring in. You need to think of a gap that you can bridge in. This mentality is simply called Problem Solving Mentality.
Let me give you an example!
Alexander Graham Bell thought there is a necessity of a telephone and invented it. Nandan Reddy, Sriharsha Majety, Rahul Jaimini thought that there is a necessity of food delivery and found Swiggy. An example too old and another Contemporary example.
Did you observe any thing out of the examples?
All the People above there are actually Entrepreneurs. Grahambell came up with a product(telephone) but the rest came up with a service of food delivery.
That is the point I wanted to make. The Entrepreneurship can start with a product or with a service. All it takes to get successful is necessity of your product or service.
Research for Entrepreneurship Ventures on your offering
Search Various sources on internet to find if there are already entrepreneurship ventures with the same or close idea you want to launch in. If there are successful ventures, you will have competition. If you could find failed entrepreneurs, you could learn lessons.
You will then need to research on the market you want to target and make a persona, which includes demographics, behavior etc, of your customer. Now analyze the market depth and also make the projections of the customers you want in and also the revenue that you can generate.
The fact is that with out the knowledge of the customer in the market, you don’t know whom to sell the product and without the projections, you will not be able to track your progress.
Hey thinking what this is and came out of no where?
It is actually not!
Design thinking is a process of solving a problem in a most viable way, both economically and risk free. So how does this process help Entrepreneurs?
Let me first tell you about the stages of design thinking!
Emphasize: Understand the problem you want to solve to its best. Engage with people who are facing the problem, talk to them and gain more insights on the same!. research about the problem on internet and understand it more. Now as you will have the proper understanding of the problem, can you frame it in words?
Define: Its time to explain your problem statement to your mates or colleagues. You need to address the problem statement in the market perspective. For example It is more like, you want so say Entrepreneurs need mentorship rather than I want to mentor Entrepreneurs.
Ideate: How do you put your offering across? Think the feasible ways. Choose the best possible way out of all the possible ways, considering the expenditure ant return on investment expected!. Now develop your understanding on the Idea.
Prototype: The name prototype explains the meaning by itself. Time to give your idea a form. The product (or) service should be designed to a prototype. It becomes easy for you to pitch the product to either your customer or your investor.
Test: All your efforts above will now come to implementation. Test your prototype in the target market and evaluate the results.
As you now understand why I used the word design thinking in this blog?
Most of the entrepreneurs fail as they want to hit a market at a very early stage. so, think as an entrepreneur and behave as one to become one!
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