START A BUSINESS - What It Means!

Most of youth admire the life journey of successful entrepreneurs but are afraid to jump start their own journey for the fear of failure. I have listen to many entrepreneurs at different talk shows and television program, one thing they will always say is to start and learn from the process as you move. I'm convinced that as much as we need to start, there needs to be a thought process in whatever business you want to do and as the famous quote says “If you fail to plan, you are planning to fail!” ― Benjamin Franklin. So what does the word START mean to me?

1.  Set goals for the business. Write down why you want to do the business and the expected outcomes. For example; To make a profit margin immediately, Serve a gap in the ecosystem while making profits, Grow the industry and become a lead player etc.  
2. Target a niche market. There are many markets both for services and goods. Ask yourself what industry do you want to plug in? Who are your target customers? Who are your competitors? This part comes in handy while doing the market research before launching. 
3. Align your product with clients need or want To learn what the client wants / need versus what they are using currently. You will need to interact with the market to gather information. Alignment means providing services with an informed mind or strategy (business intelligence).
4. Research continuously Don't rest, to be the number one provider you need to stay alert and adjust your strategies with the emerging trends. You many launch promotional campaigns, customer feedback channels, social media engagement to evaluate how you are performing without making guesses that might mislead in your next product launch.
5. Timely launch your product. Your product performance is determined by many factors, one being the time you launched it. Through your informed research and understanding your clients need you may decide to launch a product for a short term or long term period. Good examples; Christmas gift packs are a short term, while as for gift pack collections is more long term with a variety of products. 

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