There are endless tasks to look to before one moves on to start a venture. While it is necessary to evaluate your S.W.O.T. as an entrepreneur, one of the best things to do it assessing your landscape. Planning a competitive analysis and the construction of a sound business model is essential to good entrepreneurship.
Often at times, the initial steps are the ones that differentiate you from the rest of the competition. Without knowing your landscape, the chances of you being unique in your offerings are slim to none.
Rajat Khare, founder of Boundary Holding and a European based entrepreneur, who invests budding A.I. start-up says “There are few essential things about entrepreneurship, and I’ll list out a few of them.”
1. Entrepreneurship is all about taking the first step and implementing them
2. Take Risks, evaluate and learn
3. One of the essential parts in assessing a business idea is its scalability
4. Focus on developing assets for the company, i.e.? Think long term
5. Provide quality products and services to the customer
The Founder of 10 Carat Creations? Nicole Faith says “Being an entrepreneur means having a plan and vision but still succeeding or trying to succeed when the plan falls apart, and you’re left with only your vision. It also means knowing when to give up, especially if your idea isn’t working due to forces outside of yourself.”
Also, doing something because someone “successful” did it won’t work every time. The filter is irrelevant and not enough of a differentiator upon which to build a successful company. For entrepreneurs who think they don’t need strategy or competence, and stress on following a tried-and-tested business model that promised wild profits in some distant, ill-defined future; buying this fantasy will most likely get them scorched.
That filter is irrelevant and not enough of a differentiator upon which to build a successful company. That is an extreme and obvious example of an entrepreneur getting it wrong, but many make the same mistake, just in a less obvious manner!
Therefore, if an entrepreneur is dedicated to making the business work, you’ll need to do a little bit of research and scope out the competition.