To become an entrepreneur, the first thing you must have is a business idea that solves a market need or is so innovative that even the market did not realize it had such a need. However, in most cases, the entrepreneur will require support if he wants his idea to be successful. In this article we will detail a venture from the conception of the idea to an established business.
The idea: When an entrepreneur has a business idea, the first thing to do is to seek support to refine it and review the financial feasibility of the project. To do this, it is common to look for an incubator, which supports the entrepreneur in structuring the idea and creating a business plan. They are also in charge of evaluating the technical, financial and market feasibility of the project. Incubators, in addition to providing advice to the entrepreneur, often also provide physical space and access to financing and seed capital. Incubator assistance, in turn, goes through the following stages:
Pre-incubation: The entrepreneur is provided with all the necessary tools to develop his business plan. The approximate duration of this period is 8 to 12 weeks, and aspects such as the market plan, financial plan and legal aspects, among others, are molded.
Incubation: In this stage, the business plan is developed and the implementation and operation of the business plan begins. The incubator advises the entrepreneur on different financing programs.
Post-incubation: At this stage, the business is already up and running, but we seek to follow up and continuously improve it. Specialized consulting services are offered to consolidate the company.
Start-up: Once the business model is developed, a prototype of the product or service is generated and tested in the market. At this stage, it is vital to manage scarce resources and time, as well as the formation of a capable team. At this point, the entrepreneur begins to produce on a small scale and to make his first sales; and this is when it is proven that the idea has a future. This is the moment to identify mistakes, shortcomings, opportunities and improvements that might otherwise be overlooked.
Initial development: At this stage, the entrepreneur already has a product that can grow and therefore begins to scale its business model. At this point it is vital to obtain financing to start up. For this, different financing options should be considered, such as angel investors or crowfunding campaigns. The entrepreneur must formalize his company and consider aspects such as invoicing.
Growth and consolidation: At this stage, it is when you move from a venture to a final company and the operational functions are already clear. The company must be made known through advertising campaigns, marketing strategies and social media outreach.
Internationalization: It is at this stage when the entrepreneur starts to scale his business model, and therefore financing becomes important again.
These phases mentioned above are common in a successful venture, however, we must not forget that it is normal to realize, in some of these stages, that the idea will not be as successful as expected. This is why every entrepreneur must have the ability to stand up, to generate new ideas and to start again with this process.
Gloriana Solano
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