*This article is an ongoing resource pack. Links to useful articles and resources will be constantly updated on this piece. Aspiring entrepreneurs, do check back often and bookmark this page!
Many entrepreneurs to be, failed right from the very beginning without even doing anything. They have a great idea and then nothing…
Why is that?
Like how a sailor would not sail in unchartered waters without substantial research and sea charting, many would be entrepreneurs will want some direction before embarking on this already uncertain journey.
The government in Singapore constantly supports the start-up scene in Singapore. There are programmes that help an entrepreneur get their business idea started. However, many times these programmes are tailored to founders who have already tested and prove that their idea works.
So here at EDGE, we want to help youths who have great ideas but have no clue how to start.
This new series titled, Lighthouse, will illuminate the path for entrepreneurs to take to pursue their dream of starting their own business. The series will try to cover all the stages of a start-up, starting from idea generation. We will do our best in providing you with insights into the journey of an entrepreneur.
The steps that we will be covering are:
- Ideation and Conception (Step 0)
- Validation (Step 1)
- Committing (Step 2)
- Scaling (Step 3)
- Establishing (Step 4)
There will be other articles that substantiate these steps, so to provide a holistic approach to entrepreneurship. The more knowledge gathered, the better prepared an entrepreneur will be to start the journey.
Ideation and Conception
In this article, we will be exploring how an entrepreneur should, develop the idea, do market research and to figure out the value of the idea. A simple model to use when designing the business and assessing the market is the business model canvas. This approach will consolidate everything that the business has into a single page for an overarching view. Therefore, it forces the entrepreneur to think hard about the different aspects that the business will be diving into.
This step is only step 1, because this is where things are more tangible and well underway towards creating a Minimum Viable Product (MVP). Entrepreneurs continuously improve and update the offerings based on the market response. Often, entrepreneurs have little to no clue on how to begin a MVP and how to validate it Many incubators out there take in start-ups at this stage and help them to validate their idea and beyond. We will aim to cover the common pitfalls and the mindset needed to power through this stage.
Commitment, men fear it, entrepreneurs too. After validating the offering, this is where founders need to make an important decision, to stick with it or give it up? Often, the MVP may not receive as much attention and interests as founders hoped. Many founders take it as their offering is not what the market wants and they dropped the idea completely. However, it may not be the case, sometimes it may be other forces at play. We will cover the considerations that founders need to think about to determine the feasibility of the offering based on the MVP before making the call to forgo their plans.
In this stage, most founders start to worry about funding to grow and to bring their product further into the market. Scaling a company is resource heavy, requiring careful considerations on Venture Capitals (VCs) or Accelerator programmes that will be best for the company. We will look into the available programmes and the benefits and restrictions of each.
At this stage, most likely the start-up is successful. Founders and the pioneer teams may start to leave or there will be a buy over from another business. A lot of things goes on in this stage and common questions include: legacy, expansion and how to keep the “start-up mindset” as the team and company grows.
To sum it up, an entrepreneur requires grit (read about it here) and the never say die attitude. Start-ups will always be uncertain and there will be constant changes needed to suit the situation. However, with a guiding light and the knowledge of the situation, it puts founders at a better position than those who are going into the scene blind. Hopefully, the Lighthouse series will help entrepreneurs navigate into safer waters and to areas where there are more manageable obstacles.
Feeling intimidated? Don’t be! The team at EDGE will strive to help founders and would be entrepreneurs to understand the life of a start-up. We help nurture the youth entrepreneurship in Singapore. Check out our blogs for other exciting contents and sign up for our newsletter today!
Big guy with big dreams
Hoping to help aspiring entrepreneurs kickstart their journey in the exciting world of start-ups. Not willing to be just a content manager, I hope to develop my skills as a marketer to make waves in the ocean of consumerism.