Entrepreneurship has always been a way out with prospects for evolution, progress and professional development. Today, entrepreneurship seems to be a solution to the problem of employment and tackling unemployment. That is why there is a strong mobility and interest in setting up new companies.

But how would this choice be successful? How is a sustainable business created? Below is an attempt to decode the steps to creating a viable business:

Step 1: The existence of the Business Idea!

Two things you need to keep in mind: the product or service that concerns your idea MUST meet a need and / or solve a problem.

Step 2: Market Research

Is there a market? How great; what are the characteristics of the market? There is competition; and if so, how big? These are the key questions you are asked to answer.

This information is necessary to see if there is a market gap for the product and / or service you have devised and if it really makes sense to move on.

In order for your business to be viable, there must be the market and the gap in it to claim a piece of it.

Step 3: The Derivative Element

It is perhaps the most important thing to consider. What are the possible, what are the weak elements of your undertaking? What challenges and what risks? Do you have a comparative advantage over what’s on the market?

Work proactively. Collaborate with experts. Join Accelerator programs that support new businesses because … if you market, a product and / or a service that already exists at the same price, in the same way, then the market share you get is not assured.

Find or invent a way to differentiate. Or, find another idea.

Step 4: Business Planning

If everything indicates that your idea is not only excellent but there is a gap in the market and differentiation in your thinking, then analyze your project taking into account the following:

Find the right team to frame your project. Identify your market and competition. Identify the characteristics of your product / service. Who do you need to work with? What is the business model to follow? What money is needed and where to raise the necessary funds. Create a mini-budget of three years.

You will definitely need help. You can ask for cosmos values experts to help you or join Acceleration Programs.

Step 5: Searching for Funds

Good ideas, good new products and services but without capital, are not easy to realize.Take advantage of the 3 Fs (Family Friends & Fools ☺) chapters. If you do not get the money or you are not being funded by your environment, then look for solutions to state programs, angel investors and / or enter Acceleration Programs that can provide capital and know-how but also give you appropriate tools and acquaintances that will lead you to raise the resources you need. To find the funds it is necessary to complete the business planning, to conduct a research that will validate, document and develop further I know the idea and the business model, as well as to assess the business potential. Also, if there is a pattern of product or service, you are evaluating it very positively, as the case may be. Only in this way will you be able to convince potential investors of the attractiveness of your product or service. One important thing to keep in mind is that prospective investors are attracted by low start-up costs, high risk, large or potential global market, high yields and growth prospects.

Step 6: The New Start

You will not cease to be a new business unless your business makes a significant turn of achievement. These achievements can be, for example, to evolve your product or service according to the milestones you have set, the emergence of new investors, the opening of markets. In any case, be sure to have guidance from people in the Market that can help you grow and consolidate your progress and profitability. Do not forget, creating a viable business, startup or not, is probably the most profitable and beneficial experience for your professional rehabilitation.Good luck!

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Natasha