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How to start a business

The most important part of starting a business is defining what you are doing, why are you doing it, and for whom are you doing it. There is no right or wrong way to really approach determining the answers to these questions. You do not have a specific order in which you answer the questions.

Why? The short answer is that when you start a business, it is about what you want. When you talk to those who are masters in their given field, the common answer that will be received and that I have heard is to "Make it personal! This is more about you."

You will have to define each key point. But, the one your start with is entirely up to you. Once you answer one question, you are able to determine the answer to the other questions.

  1. The Problem: Why are providing a product/service?

  2. Product/Service: What are you providing?

  3. Target Market: For whom are you providing the product/service?

The Problem

Starting a business based on a problem is taking an everyday issue and determining a solution to fix that issue.

The solution is what you are doing, which is also known as your product/service.

The problem is why you are doing it.

The only question left to answer is whom you are doing it for. The better question is who is an inconvenience for or who is experiencing the issue.

The Product/Service

Another way to start a business is by knowing exactly what you want to do.

By using this method, you understand what you are doing.

But, you must ask yourself, why are you doing it? Do not forget to answer this question, because it helps to shape why people should buy for you. You can also ask yourself, what does your product/service offer that one else provides? Does your product make their life easier or correct a problem that they are having?

Then, when you envision people buying/using your product/service, whom do you see?

The Target Market

I see a lot of people starting a business with the product/service approach or the problem approach. But, here is a different way of looking at starting a business using the Design Thinking Method. The design thinking method is typically used in technology. But, it is interesting to see being used use in creating a business, because it really does help in providing a great product.

Starting a business by knowing who you ultimately want to serve/create a product for in a specific area of the consumer’s lives.

This process helps you understand your consumers’ pain points, lifestyles, culture, and things about them. With this information, you are able to create a solution. Once you have a solution, you will then test to see if the product/service will really meet their needs or requires refinement.

Here you start to define whom you are creating the product/service for. Once you under their needs and lifestyle, you have a better/deeper understanding of why you are creating the product. As well as, what product you are creating.

I have also used this process in reevaluating my business. I found that I providing products that do not fit my target market or were being overlooked because it does not serve the needs of consumers. To be honest, my product offering was all over the place. But, these method has really helped me to redefine my business.

The important key takeaway for this post is to remember, that your business is an extension of you. So, it is ultimately up to you how you want to start it.

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