Starting or running a business can be a lot – from planning it, fundraising, strategizing, marketing, hiring, and execution. However, there are a few things to consider when running a small business. You have to be able to articulate and execute these 4 S’s and apply it to your business to aid growth from a start-up to a sustainable business.
You have to identify a problem that you want to provide a solution for. Your solution has to solve that problem in a unique way; i.e. what is your product or service providing that others are not? How will your solution improve the lives of your customers?
Your product or service has to also deliver value to your customers. Price is what they pay and value is what you are offering to your customer. Find a problem and fix it.
Once you understand what service you want to put out, you need to determine how you are going to produce and deliver your product or service to consumers.
Sometimes, an idea is so new or innovative that the capability to produce it is too expensive, limited, or doesn’t exist. Your system of execution should be accessible, innovative, and efficient in delivering your service or product. You, therefore, need to consider all of such matters.
How will you land your first customer?
Do you know how you will find your hundredth one?
How will you scale up the business in size?
So many entrepreneurs start with a great idea, launch a company, and then it dies out after a short time or when they run out of ideas or money. This can be avoided by a simple business plan that lays out your vision, goals, and strategies for the company. These are not permanent, but they do force you to think through thoroughly, and lay the groundwork for the future. While flexibility is crucial, having a plan at the very least will help you stay focused.
The first three S’s will not work if you do not have the spine; i.e. the courage to start, and also continue. Entrepreneurship is not an easy journey. Business plans and strategies are easy to change and update, but personal courage is not something with an on and off switch. You have to be sure it is something you want to do and you are prepared for.