1. Understand myself accurately: who am I
First, understand your available resources and capabilities accurately and practice utilizing them in various situations. If you don’t know which areas you excel at, you must get the relevant experiences to become aware of what society demands and possibly understand how different people make their living in this world. Thinking deeply about why certain people live the way they do can provide better insights about yourself.
No matter how small a task, if you participate with a proactive attitude to develop yourself and practice utilizing your abilities, you will likely perform well when you showcase yourself.
2. Reading the trends accurately based on the market needs: where am I?
Come to an accurate understanding of the market that you wish to participate in and capture the market principles behind it. Study, research, analyze and understand meticulously the forces that move the market, including key persons, capital, or causalities. As the old saying goes, if you know the enemy and know yourself, you need not fear the result of a hundred battles(知彼知己百戰不殆).
3. Strategic positioning: what should I do?
What specific role do you play in the market? How can you become useful in the given field? Who should you cooperate with? It would be best if you made objective judgments about yourself from the perspective of the market.
It is meaningless to daydream about what you want to become in the market if no one wants it. You must be at the right place at the right time that the market needs you.
4. How to build the product that meets market needs in the fastest way possible given minimum resources
Even if you have spotted a market opportunity, it would only be a pie in the sky if you cannot execute to fulfill it yourself.
Hence, if you have made up your mind to create something, you must be able to make your great idea sprout at least before it can become a tree. Nevertheless, creating a working product or service for the targeted market with only limited resources is difficult. Therefore, you must mix and match already proven solutions to create an MVP (Minimum Viable Product).
5. Turning doubt into confidence.
If you can spot the market opportunity and rely on your abilities to build an MVP, you must build it as quickly as possible and release it in the market to transform your hypothesis into a sense of confidence.
No matter what product or service you build, it must be finetuned in the market to become recognized eventually. Until then, you must conduct countless tests to check your hypotheses in detail and even check your business model flow with the help of external business partners. This approach can also be referred to as a Lean Startup methodology.
6. It’s time to scale up.
If you have aligned your business model and product-market fit, you must now focus on scaling up. Scaling up and growing fast depends on whether you have an effective strategy to grow your customers exponentially and handle such growth with a responsive system.
The crucial point here is that you must respond to your increased customer base with a simple operational structure to maintain your customers’ trust in your service during the scale-up period. Moreover, it is now important to expand your communication channels with the customers to further build your trust.
7. Building relationships with the customers
Business is all about customer relationships. At the deepest core of business lies only the relationship between the brand and the customers.
Establishing relationships with customers during a growth phase functions as a compass for a company. Establishing this relationship is extremely crucial, as a company is essentially an organization with a mission to deliver customers what they want.
Customers and brands communicate through the media about the products or services. Therefore, the customer relationship eventually determines the product or service.
8. A community in which capital circulates through customers and systems.
A company can be referred to as a community in which capital circulates through customers and systems. Companies today measure their value based on their revenues, or the amounts of money dealt with, as the core metric.
If a company has low revenue initially and requires investment, its corporate value is often determined by the investors’ valuation. The capital that presents a good direction for the corporate value is also called Smart Money.
In the upcoming era of ESG (Environmental, Social, and Governance) management, it is necessary to contemplate how to measure corporate value better, as it is time that we consider sustainability as an important metric for measuring corporate value.
9. From startup to management!
As a process of starting up, companies must manage their organization properly. Many factors need to be managed as the organization becomes larger, so the founder can’t manage everything. Therefore, a management expert is required in organizational management.
Having founded the company and contributed to building its fundamentals from the early days, entrepreneurs get to make key decisions about the direction and culture of a company. Therefore, as an entrepreneur, one must set the company’s long-term goals with the right sense of ethics and public order.
As such, if you aspire to be an entrepreneur, you must prioritize equipping yourself with the right sense of ethics and public order.