Entrepreneur Bootcamp: 4 Exercises to Help You Launch a New Business
Launching a business is not for the faint of heart. It requires long hours of dedication, research, planning, trial and error and deep introspection to figure out what works and what doesn’t. Here are a few DIY entrepreneur bootcamp practices you can try out to get your feet wet.
Determine Your Strengths & Weaknesses
If you really want your business to succeed, you need to fully understand your personal limits. This is crucial because, once you have determined your strengths and weaknesses, you can hire a team of people with the necessary attributes to help balance everything out.
There are many different approaches that you can take to uncover these qualities, including personal introspection, journaling and personality tests. One way that offers some great guidance through the process is called SWOT Analysis. SWOT stands for strengths, weaknesses, opportunities and threats and is a method that has been used for decades to help people better understand their business roles.
Take some time to dig deep and write out what honest answers to the prompts to uncover your assets and challenges. Share your discoveries with trusted friends to get their feedback and see if there are any other aspects that you may have overlooked.
When it comes to building a team of people to help you build your business, networking is always an effective strategy. While it may feel a bit forced in the moment, it is actually a much more natural way of connecting with people than putting out a job advertisement and interviewing a bunch of strangers.
To begin, use a website like LinkedIn to find local business groups and find networking events happening near you. Or, make money while you network by becoming a part of an organization like Amway that can help you diversify your income while you are working to launch your own business.
Make the most of your time spent networking by also using it as an opportunity to perfect your elevator pitch for your business. As you continue taking steps forward toward launching your company, this type of experience with selling your idea is especially valuable.
Find a Mentor
A great mentor is an invaluable asset, most especially when you are on the cusp of launching a new business. The ideal mentor will have years (or even decades) more experience than you do, work in a comparable field and a deep understanding of the challenges that you will face as you begin on the path toward building your business.
In order to help connect with a mentor, put your feelers out to friends and family to see if they have any connections who might be beneficial for you to learn from. You can also reconnect with past colleagues or you may find a mentor while attending a local networking event. You never know who could be a life-changing mentor for you, so it’s critical to remain open to the possibilities that come your way.
Learn About Your Audience & Competition
Once you have your business concept fully fleshed out, dive into learning everything you can about the market, from the intricacies of the audience to the field of competition. Get to know your competitors’ and what they offer so you can better distinguish your own offerings from theirs and find out what works and what doesn’t so you don’t waste time and money making similar mistakes.
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