Firstly, you may identify an industry. You may take the relevant courses in the college to acquire the knowledge. Perhaps you can work in the industry if you have the opportunity. It gives you more insight on how the industry works.
You have also have to analyze the industry from various aspect, e.g. any entry barrier, how the competition, any substitutes of the product, etc.
Also, you have to define your business model and process to differentiate your product from others.
Hope this helps! Good Luck!
Entrepreneurs often find success when they focus on something that they are passionate about. However, they typically fail first (and multiple times) before finding success. During each failure, they learn something important that they improve upon next go around. It's important to fail and learn fast as they say. A few key tips:
- Make sure that you have both school and real life work experience
- Success will require both intellectual intelligence (IQ) and emotional intelligence (EQ) as you lead teams and partner with others
- Focus on solving a problem that needs to be solved and that someone values. Don't built or do something just because you can
- Ensure that the market for your product or service is large enough to meet your financial goals
- Be fully aware and honest about the direct and indirect competition. Ignoring competition will lead to failure. It is extremely rare to enter a completely new market without some type of competition
- Be aware of the barriers to entry for potential competition. If there is no or little barrier, then expect competitors quickly and you'll soon be competing on price
- Look for an opportunity where you can expand your product offering and grow your company beyond your initial area of focus
- Consider partners to help grow into new verticals or markets
- Make sure that you have a strong, diverse, and trustworthy team. You can't do it on your own and you'll need different perspectives and ideas to succeed. Plus, you'll want to challenge each other and avoid group think
- Things always take longer and never go as planned so ensure you have the flexibility (e.g. funds, resources) to navigate obstacles
- Find a mentor(s) with experience that can help guide your through your journey. Better to learn from someone along the way that figure everything out for the first time
Hope this helps! Best of luck!
Deborah D.’s Answer
This is great question! The road to success is riddled with problems, challenges, so much failure. And it's going to hurt. Some people have a moment or meet a person that gives them the words that create a whirlwind of events that end up with the life you dreamed of.
Do you already have a distinct, clear vision of what you want to be doing?
I think it helps to read about what other people did on their journey. The sacrifices are many, and the dedication is absolute. You must have the drive . You must have the passion. You need to be able to see it, as if it is already happening.
You have the business. You have the staff. You have it all.
I am so excited for you!
Make a plan, and work it;work it like your life depends on it, because it does.
Deborah D. recommends the following next steps: