How to Become a Successful Entrepreneur After Covid Passes
Virus COVID – 19 is certainly making a mass in every market. It is a very challenging time for everyone and whoever decides to become an entrepreneur, in this time, is a brave person and ready to become successful. For sure, there is no perfect time to start, so start as soon as possible – no matter before or after COVID – 19 passes.
Always have in mind that crisis is a coin with two sides – opportunity and danger, depends on how you see it. So, be aware of the danger, but don’t ignore the opportunity and a chance to grow from it.
Let’s talk about how to start and become successful in entrepreneurship.
First step: Questions to ask yourself
For the beginning, turn on the bulb in your mind and light your starting idea. You can do that by answering some of these questions:
- What do you want to work on
- What is your biggest passion
- What would you love to work even for free
- What awakeness butterflies in your stomach
Ok, we have started with “What”, so let’s see “How” to do all of your wants. Here are some questions to think about:
- How to organize your business
- You should check regulations for your country because every country has its own rules
- For example, if you are from Massachusetts, and you want to organize your business as the Limited Liability Company, you should check regulations for llc in ma
- How to provide investment
- How to do good marketing for your business
- How to fulfill the needs of your potential costumers
This is the wrong order of the questions, let’s learn why.
By Simon Sinek, everybody should start with “WHY” and show it to consumers. “Why” is the heart of every business and its beginning. It is the key to success.
Don’t forget to be authentic and make sure that you have the harmony of those 3 questions we talked about earlier. The synergy of “Why, How, What” better known as “The Golden Circle”, from the book “Start with Why” by Simon Sinek is very important to make good foundations of your entrepreneurship.
Research it, apply it, and let your success shine!
Second step: SWOT analysis
SWOT analysis is very important in order to see your company’s potential position in the market. Also, it is a useful tool to make decision-making easier and to determine the direction of movement. Strategy can be made based on parameters of SWOT analysis.
It has 4 parts:
Strengths are the things at which you are particularly good. Something counts as strength just if it gives you an advantage. That could be the combination of your leadership skills, know-how, digitalization, or something else, you know the best. Make sure that your strongest vigor is something hard to stole by your competitors. In that way, you will always have something to fight a battle with them and win.
Like anything in this world, your organization also has weaker parts. It is important to find out which are its and to see how you can make it better. For example, if you see that you’ll not be good at decision making, you should go to the course to increase your power in that part. You have to be honest on this step.
Opportunities are the chances that arise in a lot of situations, like a crisis named COVID – 19. As we have said at the beginning, something is what you see of it. So, opportunities are things that aren’t in your control but you control what you do with them. Play smart!
Threats are things outside of your company that could endanger your business. Like COVID – 19. You have to be aware of those and make plans to react in different variations. For example, you can open an online store to make sure that you can provide your potential customers even in a quarantine situation. Make sure that you are Network Secured.
Third step: Business plan
The business plan is an important document for an entrepreneur to start a business and show its objectives. This document isn’t important just for an entrepreneur, but also for investors and creditors. They need to see cost-effectiveness and the possibility of debt repayment. It is a very detailed document with all predictions and plans.
This document has 3 parts:
Every part should provide all the needed information for the estimation of business success. It is not a static document, so you will update it as your business grows.
It is clear that being an entrepreneur is challenging, with or without the pandemic of virus COVID – 19. But as we have said at the beginning, everything is how you watch on it. The outcome will be what you make from all the things that the future throws at you. Be brave and never give up on your passion!