Entrepreneurship: How to Develop the Idea of Enterprise
By Hayriye Simay Tunçkılıç
I have an idea! Everything begins with this simple sentence, but it is not always easy to have an idea of “enterprise”, right? You have to think a lot, perhaps spending hours to become an entrepreneur. Besides, turning ideas into reality is indeed the most critical part of the journey towards entrepreneurship.
I have an idea! Everything begins with this simple sentence, but it is not always so easy to have an idea of “enterprise”. You have to think a lot, perhaps spending hours to become an entrepreneur. Besides, turning ideas into goods is indeed the most critical part of the journey towards entrepreneurship. However, taking the right steps in the path of entrepreneurship is possible through provided supports!
Yes, it is not always so easy to find ideas, but indeed everyone has entrepreneurial ideas even if they do not really realise it. Yet, the question is “does everyone make their ideas come true?” Well, not really. The biggest difference shows up just here, which is making the ideas come true.
If you would like to learn how to develop your idea of enterprise, and to make it come true, let me help you with some of the ways!
1) Write Down Your Ideas
Before you make your enterprise ideas come into existence, you need to write them down. Hence, as the first step, examine the issues related to the sector in which you will develop your products. Determine your target groups through market analysis, then, move on to the competitive aspect.
Thereafter, identify the competitors in the market for the product you have developed. Point out the differences between your future product and those of your competitors, through penning down the weaknesses and strengths of these competitors. As the last step, work on your marketing strategy.
2) Get Into the Accelerator Programs
One of the most challenging things about enterprising is making a start. Thus, a number of corporations and institutions have promoted their accelerator programs to entrepreneurs. These programs, launched within certain periods, mark the first step for the idea of the enterprise to become a reality.
Entrepreneurs getting into these programs gather around with mentors, who are experts in their specific areas. The entrepreneurs write down their ideas and mold them into these programs. They not only get the opportunity to acknowledge the ecosystem of entrepreneurship but also build the bases in the path of entrepreneurship by means of networking. The good news is, the entrepreneurs also get fiscal support in these programs.
However, the most crucial part is indeed the training. Ranging from marketing to presentation methods, the training prepares the entrepreneurs for future processes. Besides, the headquarters of those acceleration programs are provided as offices, which increases the interaction of entrepreneurs with their peers. Therefore, brand new and common business models emerge.
3) Get Your First Investment
If you want to make your idea become a real business model, then you need some investments. This step, which is also named “seed investment”, is made through investments ranging from 50k to 250k. If you have some budget for the first investment you can do it through risking, unless you have to look for some investors. The investor you choose in the investment that you will use to develop your first prototype will be the most prominent decision you will ever make.
Choosing an investor, who invested in your area of enterprise is vital for an enterprise to be shaped right. One of the places that you can find the right investor is the accelerator program, where you participated in. The reason is that it will be much easier for you to tell your story since the investors who support the accelerator program get to know you better.
4) Set the Prototype Product
After securing your investment, focus on your prototype by building the right team for you. This prototype you will develop will fulfil the “destiny” of your enterprise. At this point, lean startup strikes as one of the most significant strategies in the world.
The lean startup enables you to test your prototype over small groups at a very small cost. Besides, you can also use massive funding platforms by yourself to accelerate the product. The most popular example of this case is Kickstarter.
5) Grow through Angel Investment
After unveiling the product, you need to grow and boost recognition. Hence, we need not only marketing, advertising, and a budget for product promotion, but also a new investment for the development of the new version of your product. This type of investment is called “angel investment” or “A-series investment.” Ranging from 500k to 5 Mil., these investments are made through angel investor networks.
On demo days (promotion of products), angel investors listen to the entrepreneurs and make the first investments of enterprises with groups consisting of a couple of people. After the investment, initial evaluations of enterprises are made, executive boards are formed and thus begins a real adventure of entrepreneurship!
6) and the Next Steps…
Even after the angel investment, challenging processes will continue. The second round (B-series) investment is the most crucial point for investors to see your confidence on your enterprise. The investors who decide to make a second-round investment will ignite the entire engineering team as well as start hiring a corporate team that will make the growth happen. Yet, this decision in general would make a corporation more fragile.
If the income figure of your company is low, if there are many critical points in the process, and the plan is based on the scenario of making a higher income despite the low figures obtained, the second-round investment would be much more difficult and challenging. Thus, most of the investors indeed do not like the second-round investment. However, the third-round investment shows that your company gets one step closer to the plans of selling or going public.
Finding an idea is not easy, but everyone has an idea to turn into something real. It’s true, we think that ideas hide somewhere deep, but it’s quite the opposite! They are all around and all visible!
Yet, the point is making them come true and taking one step forward towards the idea of an enterprise. This week, I tried to show you some of the ways to discover your ideas and how to make them real. Hope you’ll enjoy!
Girişim fikri nasıl geliştirilir? by Ahmet Can via KIGEM