Many people write to us continually asking us: What can be studied to be an entrepreneur? How to be an entrepreneur? What should an entrepreneur learn?
To answer these questions, we must approach the issue from a broad perspective because undertaking is a decision that influences different dimensions of a person’s life, not only in the professional aspect, as some think.
Next, we will see some reflections and advice so that you start from today to develop all your entrepreneurial capacity.
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What should I study to be an entrepreneur?
While it is true that there are careers closely related to the business issue, the truth is that in no one will you learn how to be an entrepreneur. That is, you can be taught how to create a company and how to manage it, but being an entrepreneur involves the development of skills and attitudes that can only be acquired through experience.
No matter how many courses you take or how many books you read, in the end, the only thing that will guarantee you the full development of the knowledge, skills, and competencies that you need to succeed in business, is that you are encouraged to put your ideas into practice and Projects. That is the best entrepreneurship course you can do.
Now the question is: What are the knowledge and skills that every entrepreneur needs?
These can vary depending on the stage of your project, the type of company you are creating and the industry in which you are undertaking; however, we can group such knowledge and skills into three broad categories:
- Technical Skills: Are that knowledge and skills to perform activities that include methods, processes, and procedures. Therefore, they represent working with specific tools, models and techniques.
- Human Skills: They refer to the ability to interact effectively with collaborators, customers, and suppliers, among others. That is, connect with human quality and social values. Be empathetic, motivators, guides and coach of people and work teams to develop their talents, abilities, skills, and knowledge to achieve their goals — leadership, emotional intelligence, stress management, conflict management, and effective communication.
- Conceptual Skills: Are those related to the generation of ideas, understand abstract relationships, develop new concepts, solve problems in a creative way, process analysis, innovation and creativity, planning and management of the environment.
Within these three categories are framed all those skills and knowledge that we usually associate with business success: leadership, know how to sell, efficiently manage financial resources, teamwork, decision making, resilience, emotional intelligence, know how to identify business opportunities, innovate, etc.
All these skills are fundamental. However, you should not be obsessed with believing that you must know everything from the first day. Let’s see what are the essential skills in the different stages of the development of your project.
What should an entrepreneur learn at each stage of his business development?
Each entrepreneurial process is different, but the vast majority coincide in a series of stages that are crucial for its development. In each of these stages, the entrepreneur must adopt a key role and make decisions using their knowledge, experiences, skills, and intuition.
Stage 1: Development of the entrepreneurial mentality
You can not build a successful company thinking like an employee. If you want to be a successful entrepreneur, the first thing you should do is work on your mentality.
In this stage, the entrepreneur must be willing to leave their comfort zone and redefine those paradigms that for years have been implanted in their heads concerning their way of thinking and working. It is not an easy task, especially for those people who are too used to working for other people.
Some people have an innate entrepreneurial mentality, and others have been forced to develop it due to various circumstances they have faced throughout their lives; However, at any time, any person can decide to stop thinking like an employee and start thinking like an entrepreneur.
This is a stage in which the entrepreneur will have to develop skills such as self-motivation and self-discipline, as well as work on enhancing his intuition and forging an unbreakable character that allows him to face with determination the challenges he will encounter along the way.
5 Tips for developing an entrepreneurial mindset:
- Surround yourself with enterprising people. Your personal and professional relationships drastically influence your mentality. Make sure people who inspire and challenge you to surround you.
- Read. In the market, there is a wide variety of books on business and personal development that will fill you with motivation to start.
- Attend inspirational events. Listening to stories from other entrepreneurs is a potent source of motivation and learning, and in these events, you can meet other entrepreneurs like you.
- Sell. An excellent way to make the transition between employee and entrepreneur is getting a job as a salesperson. Sales will help you develop essential skills and abilities for business.
- Take action As if you were learning to swim, put a foot in the pool to take confidence and encourage you to make your first steps. Find a way to bring your ideas to action, even on a small scale; the important thing is that you take action and begin to think and work as an entrepreneur.
5 Books to develop an entrepreneurial mentality:
- Entrepreneurship is a way of life – Carlos Nava. It is a book full of valuable lessons and reflections to face life and business with an entrepreneurial mindset.
- Think and get rich – Napoleon Hill. This book is the result of more than 500 interviews that the author made to successful millionaires of his time, among whom were Andrew Carnegie, Henry Ford, and Charles M. Schwab.
- Passion for undertaking – Andy Freire. It is a complete guide on how to develop an enterprise. Its author captures in the book each of the steps he took to create his company.
- Rich Dad, Poor Dad – Robert Kiyosaki. The purpose of this book is to help you break down myths and paradigms about money. In “Rich Dad, Poor Dad” you will know the differences in how rich and poor think and work.
- Biographies of entrepreneurs. The memoirs of Steve Jobs, Elon Musk, Richard Branson, Da Vinci, Nikola Tesla and other great entrepreneurs of history, will fill you with inspiration and lessons to develop your projects.
5 Courses to develop an entrepreneurial mentality:
- How to move from idea to action A direction in which you will learn the necessary knowledge to be able to generate ideas and design an action plan.
- The Art of Entrepreneurship In this course, more than 20 business leaders share the secrets, tips, and clues they would have liked to hear when they started to undertake.
- Development and Personal Overcoming A course oriented to the development of the being that will help you to adopt new ideas or ways of thinking.
- How to undertake and reduce the risk of failure. The objective of the course is to help you develop the mentality and attitude to face the development of your endeavors successfully.
- The seven habits of highly effective people. A course based on Stephen Covey’s bestseller. Here you will learn to develop practices that boost your personal and professional growth.
Everything you do to change your way of thinking and working will be of great help to build an entrepreneurial mindset. Remember that you are the result of your thoughts and actions, so make sure there is congruence between what you are, what you do and what you want to be.
Stage 2: Identification of business opportunities
After working on your mentality, you should focus on developing your ability to identify business opportunities.
Great opportunities usually take time before they become evident to the entrepreneur; however, he or she must have the sensitivity and vision to detect opportunities that come their way. Remember that an entrepreneur can see a tree, even if he only has one seed in his hand.
In this stage, the entrepreneur must enhance his creative capacity so that he begins to see the world with different eyes. Thanks to this original capacity, entrepreneurs convert every problem or need in the environment, into an opportunity to build a business.
Another fundamental characteristic of the most skilled entrepreneurs to detect opportunities is empathy. The most successful entrepreneurs know how to understand people and their needs. Thanks to this empathy, entrepreneurs are always one step ahead, generating innovations that even exceed market expectations.
5 Tips to be more proficient by identifying business opportunities:
- Help your brain change its way of seeing the world. If you are immersed in a routine in which you are exposed to the same stimuli every day, it will be challenging for you to generate different ideas. If you want to think differently, do different things every day: use your non-dominant hand to brush, change the route to get to your house, talk to people from different cultures, travel, put your watch on the other arm, try exotic foods, learn a new language, practice a modern dance, change the order of things in your office, etc. Everything you do to get out of the routine and to see and feel differently will allow your brain to create new neural connections that will help you creatively solve your problems.
- Learn from successful businesses. The entrepreneur should ask himself three questions about each company that he finds attractive: What problem does he solve? What product or service do you offer? Who is paying for that product or service? Seeing business as the link between Problem – Solution – Client will help the entrepreneur to understand the business world better.
- Ask yourself about everything. Never take something for granted. Ask yourself constantly “What would happen if …?”, “How could this be done differently?”, “And why not …?”. Your curiosity is your most significant source of creative ideas.
- Stay updated. Being aware of the trends in the environment will allow you to discover great opportunities to create businesses with a future and to be a pioneer in the industries that are being developed.
- Build a wall of ideas, problems, and opportunities. Put a canvas or sheet of paper on a wall to capture, graphically, the views, issues and opportunities that your mind is identifying. Thanks to this exercise in visual thinking, you will have a constant source of creative ideas for your projects.
5 Books to be more proficient identifying business opportunities:
- The blue ocean strategy – W. Chan Kim. The paper proposes entrepreneurs to generate market value through innovation, moving away from saturated markets and exploring the so-called “blue oceans,” which are customer segments that seek differentiated value propositions.
- From zero to one – Peter Thiel. This book is about how to create companies and products that generate vertical progress, that is, do something that nobody has done before. This is what the author calls going from zero to one.
- Create or die – Andrés Oppenheimer. The author offers the reader a remarkable catalog of successful innovative experiences in areas such as education, sports, health, and technology. It is a convenient book in which you can learn the keys and strategies to be innovative.
- The ten faces of innovation – Tom Kelley. This is a book about change with a human look. It deals with individuals and teams that promote innovation in large organizations.
- Business success cases. Read about how they started those companies that you admire. Find out how its founders found the market opportunity and how was that process of development from the idea to the company. This exercise will help you learn more about business thinking and enhance your intuition.
5 Courses to be more proficient identifying business opportunities:
- Generation of Business Ideas. Learn what the necessary tools for the development of a business idea are.
- Development of innovative ideas for new companies. Learn to identify and analyze opportunities to start new businesses.
- Creativity and Business Models. Learn the methodologies and innovative techniques for entrepreneurs.
- Who is your client? Learn to identify the best entrepreneurship opportunity with the help of MIT experts and professors.
- Creativity, design, and innovation. A complete specialized program in which you will learn the techniques and tools to be innovative.
With a brain exercised, your business vision and intuition for business will be enhanced, allowing you to walk the world detecting opportunities everywhere.
Stage 3: Team building
Great innovations do not arise from good ideas, but great teams.
At this stage of the process, the entrepreneur must be very skilled at identifying talented people, uniting them with their team, inspiring them and leading them towards the development of their enterprise.
The so-called “Human Skills” are your most powerful tool to build a great team. The more you develop your leadership skills and emotional intelligence, the more successful you will be in getting talented people to join your dream.
5 Tips to create a great team:
- Find people with multidisciplinary profiles. On your side, you will need a person with a financial profile. Who is very proficient for sales; a person with an economic background pattern. Who is very skilled in the management and administration of money; a person with a technical profile, who understands in depth the problem they are going to solve; and a person with a leader profile, who is visionary and manages to harmonize the work of the entire team. Depending on your business model, you may need other specific patterns.
- Find people with motivations stronger than money. Join people to your team about why and why you do it. The people you attract with the illusion of making money will abandon you at the first hurdle. You need people with a purpose.
- Do not look only at the talents. Find people with values and principles, who are willing to give that extra effort that makes a difference in the business world.
- A team is built step by step. A great team is not about quantity, but about quality. Be patient, the right people will find them on the road. It does not matter that you start alone, or that at the beginning it’s just you and someone else; the important thing is that each person who joins your team is committed and contributes value to the development of the enterprise.
- Empower your team Nothing frustrates a talented person more than the lack of autonomy to do what he knows. If you choose well, trust the people on your side and allow them to give their best.
5 Books to learn how to create a great team:
- How to win friends and influence people – Dale Carnegie. In this book, you will find techniques, tools, and lessons in persuasion and leadership. It is an essential work for every entrepreneur.
- Start with the Why – Simon Sinek. A book that will help you develop your business around a purpose, allowing you to attract people committed to what you do.
- The 21 irrefutable laws of leadership – John Maxwell. This book will help you develop your full potential as a leader, through principles and practical reflections that will accompany you on your journey as an entrepreneur.
- Emotional Intelligence – Daniel Goleman. Emotional intelligence is one of the most determining factors for personal and business success. In this book, you will be able to know in detail what emotional intelligence is and how you can develop it.
- The ABC to create a successful business team – Blair Singer. A complete guide in which you will find the keys to form a committed business team.
5 Courses to learn how to create a great team:
- How to Create a StartUp. A course launched by Google in which you will learn how to create your startup step by step. In module 3 you find everything related to the creation of teams to start a business.
- The management of people and equipment. Through this course, the entrepreneur will learn the main concepts related to the management of people in organizations.
- How to create the best team for your Startup, this course covers aspects related to the positions that a startup should have (CEO, COO, CMO, CTO, CHRO, etc.), what are the main tasks of each of them, what kind of skills should the people who occupy them have and, also, how to foresee possible conflicts that can throw our dreams overboard and learn to manage them.
- Learn to lead your team. With this course, you will learn how to make your team work by passion, and not only by obligation.
- Leadership and team management. This course is a complete guide that details those competencies that you must develop to lead your enterprise successfully.
With a team full of talent, commitment and passion, your chances of success increase significantly. Make sure you are a great leader to guide your team.
Stage 4: Design of products and services
It is useless to find an excellent business opportunity if we are not able to materialize it. The entrepreneur is a great visionary, but he is also a doer.
Many good ideas die in the minds of people who let their fears and doubts overcome themselves. You must learn to convert your thoughts into products and services with potential in the market.
In this part of the process, the entrepreneur must focus on acquiring technical skills for design, prototyping and product development. Also, it is vital that you know the different methodologies, models, and tools that have been created precisely to facilitate business innovation processes.
Another great skill of action entrepreneurs is their ability to take advantage of every resource they have at hand. Most people stagnate thinking about everything they need: “If I were …”, “If I had …”, “If I could …”, Etc. This way of thinking leads people to indefinitely postpone their ideas because they focus on resources, not opportunity.
5 Tips for creating products and services with potential:
- Interact with your potential customers. Build products and services in the hands of your customers. By interacting with the people for whom you want to create value, you can better understand their fears, frustrations, needs, desires, and expectations. The better you know your customers, the better products, services and experiences you can create for them. Here you have five tools to identify and better understand your customers.
- Cling to the problem, not the ideas. If you focus on the concept, you can fall into the error of launching products and services to the market that customers do not want or need. Obsess with the problem, but be flexible with ideas. Create solutions that make your clients’ lives more comfortable and better.
- Investigate Find data, insights, habits and behaviors that validate the potential of your idea. Also, investigate alternative solutions that already exist for the problem you want to solve. If your product or service is not cheaper, more comfortable, more efficient or better than the possible competition, it does not make sense to launch it. You must design different and attractive value propositions. If you research your potential competitors thoroughly, you can learn from their mistakes and build a sustainable competitive advantage.
- Prioritize and Focus. Generally, when entrepreneurs are developing new products, they begin to add all kinds of features and features that they come up with in the process; what complicates, makes expensive and delays the exit of the product to the market. When you are starting, you have to do only one thing and do it well; better than nobody. And, make your customers love you for it. Find a small part of the problem in which you can focus and provide value, so you can build a Viable Minimum Product to start interacting with potential customers and receive feedback to help you continue the process of product development.
- Learn quickly from your mistakes. When you innovate, you can make many mistakes in the process, which means you must be prepared to learn from each error and continue experimenting and validating until you get products that have a real and significant impact on the lives of your customers.
5 Books to learn how to create products and services with potential:
- Designing the value proposal – Alexander Osterwalder. A practical book with keys, examples, and tools to learn to create the products and services that your customers are waiting.
- Design Thinking – Business Innovation. In this book, you will find the phases, techniques, and tools to apply Design Thinking to your business.
- The solution of the innovators – Clayton Christensen. Within this book, you will find the concept of knowing the task or work to be done (jobs to be done), one of the most powerful elements for the search for innovation.
- Agile Methods. Scrum, Kanban, Lean. Learn how to implement agile methodologies in the development of your projects.
- Inspired – Marty Cagan. The goal of this book is to help you create products that customers love. You will know, in a complete way, the process of product development, from the primary market study to how to successfully exit to production.
5 Courses to learn how to create products and services with potential:
- Innovation with Design Thinking. With this course, you will learn how to use Design Thinking in the process of designing and developing innovative solutions.
- What can you do for your client? Learn the fundamentals of entrepreneurship that will help you create a sustainable solution to solve your client’s problems, as well as quantify your value proposition and differentiate yourself from your competition.
- Project Management with Agile Methodologies and Lean Approaches. Learn about agile methodologies, the context in which they arise and their application to business projects.
- The rapid development of innovative products for emerging markets. Learn the process for the rapid growth of innovative products for emerging markets through the application of 3 phases.
- UX Design of Digital Products. Research, design and create your prototype taking into account the user experience.
Everything you learn about the processes of innovation, prototyping, user experience (UX), usability, design, and development of projects, will be beneficial to create products and services with potential in the market.
Stage 5: Construction of business models
There is a big difference between having a good idea or a great product and having a good business. Nowadays, companies do not compete with products, but with Business Models.
In this stage the entrepreneur must adopt a strategic role, analyzing the different elements that make up the business model he is building and making decisions about the approach with which he will enter to compete in the market. It is not just about having a good idea, but about building an entire organizational structure with which you can create value in a profitable, sustainable and scalable way.
Here you should focus on developing a systematic and structural type of thinking that allows you to see your business from a broader and more integrated perspective.
A tool that will be very useful is the Business Model Generation Canvas, created by Alexander Osterwalder to help entrepreneurs design their business models.
5 Tips to turn your idea into a Business Model:
- Analyze the business models of your competition. A good exercise you can do is take the Business Model Generation Canvas and try to identify each of the elements of the business models of the competition or companies that you admire, so you can better understand their approach and learn from them.
- Be flexible in the process. Explore all the possible options in your business model. Ask yourself things like: What happens if we take this value proposition to a new customer segment? How else could we generate revenue with this same product? What other value propositions can we offer to our customer segment? Etc. Remember that in this phase of the process you are looking for an approach that allows you to compete in the market, so you must be open to analyzing all the possibilities to create value. Also, every business must be in constant reinvention, so make sure that flexibility is one of the pillars on which you build your company.
- Focus on creating value. All the strategic decisions of your business model must be oriented towards the creation of value for the client. Differentiation by itself is not a competitive advantage, make sure that your differentials add value to the life of the client.
- Get away from the business models “Good, Pretty and Cheap.” Unless you have developed a revolutionary technology or process that allows you to significantly reduce the costs of a product or service in an industry (which is perfectly possible), wanting to offer “more for less” represents a tremendous waste at the time of creating new companies, in addition to being unsustainable models over time.
- Build scalable business models Many businesses “die of success” because they were not prepared for the process of consolidation and expansion. From the beginning, you must design models that are capable of sustainable growth, allowing you to offer products and services that guarantee a pleasant experience for each of the customers.
5 Books to learn how to build Business Models:
- Generation of Business Models – Alexander Osterwalder. A book that will help you develop innovative business models through the nine key elements of the operation of any company.
- Your Business Model in 7 Days – Alex Cormani. A practical book that will help you, step by step and in a graphic way, to build the business model for your enterprise.
- The Lean Startup method – Erick Ries. The business creation approach presented in this book will help you develop your business model through experimentation and interaction with the market.
- The Long Tail economy – Chris Anderson. Through this book, you will be able to understand business models that have arisen hand in hand with the Internet, such as Amazon’s, based on selling a great variety of so-called “niche products”.
- Free: The future of an original price – Chris Anderson. Have you ever wondered how all those services and apps that are offered free to the user earn money? This book deals with business models based on providing free services, such as Google and Facebook.
5 Courses to learn how to build Business Models:
- How to grow my business model? Learn how to create a structured business model, based on the Business Model Generation Canvas methodology, to create a value proposition oriented to the different segments identified as the target market of your company.
- Lean Startup: develop your business model. In this course, you can learn, along with Steve Blank himself, how to build your business model step by step.
- Business Models for Social Entrepreneurship. With this course, you will learn the keys and tools to build sustainable business models around social initiatives.
- Learn to innovate and design your business model. This course aims to help you understand the keys to building innovative business models.
- Create a profitable business model. In this course, you will learn the strategies to design cost-effective, sustainable and scalable business models.
Once you learn to see the companies from a structured and systematic perspective, understanding the elements of value that compose it, you will have taken a big step in the development of your business thinking.
Stage 6: Customer validation
The only way to determine the real potential of a product is by launching it into the market.
Although from Stage 2 we must be in constant interaction with potential customers, this part of the process is what will help us determine the technical and commercial viability of the business model we are building.
All the previous interaction serves as a source of information to determine the elements on which we will build our value proposal, so we have already advanced enough to present a complete concept to those who will be our first clients or “Early Adopters”; The first people who will pay for our product.
In this stage, the entrepreneur must develop his skills for sales and be very analytical to interpret the data generated by his first clients, because these will be the basis on which he will build the strategies to enter and compete in the market.
At the end of this stage, you should already have people paying for your product and generating positive feedback for the benefits it offers.
5 Tips to validate your customers:
- Make a list of the items you need to verify. Start by being clear about the technical and commercial elements of your product or service that you need to validate. Also, define metrics that help you track the validation process.
- Valid with real customers. Validation must be done in real market scenarios. Many entrepreneurs make the mistake of validating only with family and friends, so the feedback they receive is often biased. Define the ideal customer profile for the value proposition you are building and look for ways to reach people who fit that profile. See here how to validate your business using social networks.
- It offers a complete concept. From your prototype to here, you must have a more precise notion of what your customers want, need and want; Use that information to design a complete concept that is attractive to your segment. Here it is essential to take into account details such as size, weight, color, price, etc.
- Do not get obsessed with having many clients. Obsess with having perfect clients, people who love what you are creating.
- The measure, Learn and Improve The key to this stage of the process is the data. All the information you collect should help you refine the focus and strategies of your business.
5 Books to learn about customer validation:
- The entrepreneur’s manual – Steve Blank and Bob Dorf. This book is developed around the methodology of Customer Development or Customer Development, which is a process that will guide the entrepreneur to create his company focusing on the client.
- Customer Development LEAN – Cindy Alvarez. In this book you will find fast and flexible research techniques, as well as open interviews, you will learn how your potential clients behave, the problems they need to solve and what things they want to get or reject.
- Agile validation guide. A practical guide to performing a validation of clients through agile methodologies.
- Sales Psychology – Brian Tracy. Thanks to this book you can better understand the world of sales and face those fears that prevent you from selling.
- The STRATEGOS and the Sales Strategy: Carlos Nava Learn how to plan and execute the strategy for the fight in the Market. Work is full of lessons to compete and excel in the business world.
5 Courses to learn about customer validation:
- Brand and product management. Learn how to launch new products to the market successfully and how to build a brand to win over your customers.
- The Garage: setting up companies like in Silicon Valley. In this course, you will learn the keys to developing your business, from the opportunity to the search for financing, as entrepreneurs in Silicon Valley do.
- How to convert my idea into a company? In general, the course addresses several issues of the process of creating a company, including the phases of prototyping and validation.
- Create your Sales Funnel Step by Step. In this course, you will learn the steps and tools to build an online sales system that allows you to attract and retain customers in your new business.
- Professional Sales for Entrepreneurs. A course that will help you develop your sales skills, through practical exercises to guarantee your learning.
With a strategic mind and focused on sales, you will be ready to enter to compete in the market and conquer investors, customers, and allies.
Stage 7: Search for financing
So far, you already have a business as such; with your first happy and satisfied customers. Now, you need money to grow and reach more customers.
In this stage the entrepreneur must learn to deal with financial issues, assuming the role of strategic leader in the management of business resources. Also, you must develop your networking skills and build relationships with allies that allow you to grow faster.
For most people, debts and risk are something they should avoid at all costs; However, the entrepreneur must learn to deal with obligations and risk as factors associated with the development of their enterprise. Who is not willing to risk, is not prepared to win.
5 Tips to find financing for your business:
- Before looking for funding of, look for clients. If you have not validated your business model, you will end up making inefficient use of the resources you get.
- Create a financial plan Before choosing the way you are going to finance your new business; it is advisable to prepare a financial plan that responds to questions such as How much money do you need? How will you invest that money? What does your customer acquisition cost? What is the customer’s life cycle? What is the profitability of the business? The more clear you have the financial and economic aspects of your business, the more effective your search for financing will be.
- Evaluate the different financing alternatives. It is essential that you know the various sources of business financing and analyzes which one is best for you according to the amount of money you need, the stage your venture is in, the cost of capital and the business model you are running.
- Avoid searching 100% of resources through external sources. It is always advisable for the entrepreneur to invest his funds in his business, so his commitment will be more significant. Also, investors do not see with good eyes that someone does not consider investing in their project.
- Do not dedicate yourself to live by calls. Calls are a great support in the early stages of your company’s development, but if you only prepare to win contests and calls, you will end up moving away from the possibility of building a sustainable and scalable company that brings real value to the market.
5 Books to learn about finance and investments:
- The smart investor – Benjamin Graham. One of the bestsellers on financial issues. If you want to conquer investors, start by learning how they think and make decisions when managing your money.
- Smart Money – Javier Martin. Tips to get financing intelligently for your company.
- The 20 golden rules of crowdfunding – Valentí Acconcia. Do you know what crowdfunding is? In this book, you will find the keys to obtain corporate financing through the Internet.
- Do you have a startup? All the keys to getting financing – Luis Martín Cabiedes. Everything you need to know to finance your startup successfully.
- How to close successful financing rounds. A practical guide for venture capital operations.
5 Courses to learn about finance and investments:
- How to finance my company? The objective of this course is to help you develop the ability to understand the financing process of your venture, that is, the financing of your company for its creation, start-up and subsequent growth.
- Introduction to Finance Course: Principles of Valuation. With this course, you will be able to learn the fundamental concepts and money value tools in time that will help you to understand the different interest rates and to evaluate, compare and choose investment and financing projects in the financial markets.
- Fundamentals of Business Finance. Learn the concepts and tools to understand the financial environment you face in the corporate world.
- Finance for non-financial professionals. In this course, you will obtain the necessary information on accounting and financial concepts that will allow you to boost the growth of your business.
- Finance for entrepreneurs Learns how to create a financial plan from scratch.
Understanding numbers are understanding life and business. Thanks to your financial skills, you can make informed decisions so that your business grows sustainably.
Stage 8: Start-up of the company
Entrepreneurship has its advantages, but also many responsibilities… Are you ready to go from entrepreneur to entrepreneur?
In this stage, the entrepreneur will begin to deal with administrative and legal issues that pose a considerable challenge: formalization, taxes, accounting, billing, contracts, etc. You no longer have to worry about making your customers happy; Now you must also worry about responding to the different organizations that are responsible for regulating business activity in your country.
The first years of the life of a company are usually chaotic, so the entrepreneur can be forced to assume multiple simultaneous roles to make your business work.
5 Tips for starting up your company:
- Seek advice. Generally, the entities in charge of regulating business activity offer free information and training to entrepreneurs to help them about issues related to the establishment and formalization of their business, then take advantage of those spaces. Also, you can look for advice on entrepreneurs who have already gone through the whole process of starting a business.
- Do not lose sight of legal issues. Ignorance of the laws does not exempt you from compliance, so it is essential that you know, from a strategic point of view, the commercial, labor, tax and criminal laws that influence the type of company you are creating. Failure to comply with the law leads to financial and criminal penalties that could end completely with your company, and against the law is not worth the excuse “is that I did not know …” Although you have the support of specialized professionals who are responsible for handle the accounting and legal part of your business, remember that your signature appears in the documents and you answer legally for the decisions that are made. Also, by knowing the laws, you can take advantage of the benefits that are included in them.
- Take advantage of technology. Fortunately for us, we currently have at our disposal all kinds of tools and applications, such as Alegra, to manage our business more efficiently. Here we share 21 programs to manage your business.
- Take on the role of CEO of your company. Although at the beginning you have to do everything. Little by little you should focus on the tasks that as CEO of your company correspond to you. Which are 4 according to Javier Megias : Define and communicate the vision and strategy of the business; recruit, hire and retain the best talent; ensure that there is enough money in the box; and say “NO” and sell all the time.
- Work smartly You must organize your time and manage your energy. Otherwise, you will wear out without seeing progress in your business.
5 Books on how to start a business:
- The art of starting – Guy Kawasaki. A complete manual to create companies that make this world a better place. All the content is 100% practical.
- The black book of the entrepreneur – Fernando Trias de Bes. In this book, we analyze the critical factors of failure and define the features that a true entrepreneur must meet to face the challenge of creating a company.
- The myth of the entrepreneur – Michael Gerber. The objective of this book is to tear down existing myths about the creation of a business. Throughout the book, you will find valuable tips to overcome the different problems you will face in the development of your company.
- The 4-hour work week – Timothy Ferris. Thanks to this book you will be able to break down several paradigms about the way you work, allowing you to take your productivity to a new level.
- The executive to the minute – Ken Blanchard. In this book, you will find a method to learn practical business management techniques. Also, the book proposes exercises to achieve different tasks, such as reaching a goal in one minute, recognition of one minute, and even scolding a minute.
5 Courses on how to start a business:
- My new company: the following steps. At the end of this course, you will have developed your capacity to lead your enterprise with an actual hand and to communicate it from an integral perspective. You will have a wide range of resources to generate new growth strategies.
- Management skills for a small businessperson. In this course, you will learn what every small entrepreneur must know to manage their business efficiently and with strategic vision.
- Keys to Business Management A course with practical management lessons for freelancers, entrepreneurs, and entrepreneurs.
- Work smartly, not harder. The objective of this course is to provide tools and keys to time management for personal and professional productivity.
- Lean production, the road to productivity. With this course, you will learn philosophy and the necessary tools to understand the culture of continuous improvement and boost the productivity of your company doing things differently.
Patience, determination, strategy, and focus will be your biggest allies to face the challenges of starting your business.
Stage 9: Business consolidation and expansion
Starting a business is just the first step. Large companies have not been built overnight; Each of them has faced all kinds of challenges that allowed them to strengthen and become the powerful companies they are today.
In this stage, the entrepreneur must assume a purely strategic role, delegating the entire operative part and focusing on growing his company by creating alliances, expanding the scope of the market and scaling up the business model. Making decisions will be the primary function of the entrepreneur to guide the consolidation and expansion of the company.
Among other decisions, you will have to define the growth strategy that your company will follow, hire personnel, choose new markets to compete and guide the development of the business through your vision.
5 Tips to manage and grow your business:
- Make decisions with determination. Successful entrepreneurs make decisions quickly and with confidence. You must trust your intuition, which has already been enhanced thanks to the path you have traveled so far; and learn to interpret the data that your collaborators and advisors present to you. It is your decisions, based on your vision, that will guide the entire business structure that you have built.
- Hire slowly and fire fast. The biggest challenge you will face as an entrepreneur is everything related to the human factor. Hire the best, pay them well and give them the tools so that they can develop their full potential. If a collaborator is not articulated with the vision and principles of your company, you must be radical in your decisions.
- Re-invest If you spend the profits of your business as you get them, your business will stagnate. Be moderate in the management of financial resources and put the needs of your business above personal luxuries. If you want to see your company grow, you must invest in it.
- Delegate If you do not know how to delegate, you will become an obstacle to the growth of your own business. Even the entrepreneur is not necessarily a good manager, so hiring an administrator is an excellent decision for the development of your business. A successful entrepreneur is one who knows how to work with money, time and other people’s talent.
- Create alliances Identify organizations with which you can establish mutually beneficial relationships. Through partnerships, companies manage to be more efficient and grow faster.
5 Books on business strategy and growth:
- The STRATEGOS and 23 Strategic Principles for the Fight in the Market. A book about policy, business, and competition in which you will learn the principles to lead your company.
- Rework – Jason Fried and David Heinemeier. In this book, you will find great reflections and lessons on personal and business productivity.
- The company E-myth – Michael Gerber. A book with a corporate and strategic focus, in which you will learn how to build a successful company.
- 100 Tips to improve your business in 100 days. The objective of the book is to offer you a series of tips and concrete actions that you can implement to grow your business through five key areas.
- Growth Strategies – Harvard Business Review. A selection of articles that presents the most innovative initiatives to take advantage of business growth opportunities.
- The Art of War – Sun Tzu. This book is an old treatise on strategy full of wisdom to apply in the business world.
5 Courses in policy and business growth:
- Introduction to Strategic Planning. Learn the basics of strategic planning to ensure that your company can grow sustainably.
- Negotiation Strategies A specialized program in which you will learn everything you need to negotiate effectively in the business world.
- Design of Successful Strategies and Uncontainable Actions. The objective of this course is to provide the entrepreneur with the advice and tools to design and execute strategies that boost the growth of your business.
- Corporate finance A complete specialized program in which you will review the economic environment of finance, use mathematical financial techniques and measure macroeconomic variables that affect financial management to analyze the competitive environment.
- Managerial Skills Through this specialized program, the entrepreneur will be able to develop all his potential to lead his business successfully.
With discipline, perseverance, strategy, re-investment, and vision, you will achieve that your company consolidates, grows and transcends in the market.
What is the best way to learn to be an entrepreneur?
As you can see, the profile of the entrepreneur is quite complete and evolves along with the development of the business. The only way you will learn everything you need to be an entrepreneur is by an undertaking. Some conceptual bases can be determined by reading or in specialized courses, but the development of the necessary attitudes and skills will only be achieved through experience. If you want to be an entrepreneur, your teacher should be life and your classroom the world.
Conclusions and reflections
- Design your learning plan: As I mentioned before, each entrepreneurial process is different, so you should use the information in this publication only as a reference to design your learning plan. Take a page and define the knowledge and skills you need to learn, and then choose the books you will read and the courses you will take according to your particular case.
- Learning + Action: Agree to learn, take action; only then will you guarantee the assimilation of knowledge. Also, once you start developing your business, it will be your business that tells you what you must learn to keep moving forward.
- You do not have to be an expert in everything: The entrepreneur must understand his industry and know different areas from a strategic point of view, but he should not be an expert in each particular field. For example, if you start with technology, you must understand the operation of the industry to make strategic decisions, but the operative part leaves it in the hands of experts in the field. Your job is to guide these experts, just as the conductor of the orchestra guides his team of musicians.
- Some knowledge and skills are transversal: Although I place the different subjects in specific stages, there are skills such as leadership, knowing how to sell and finances, which are transcendent throughout the process, so the sooner you work on them, the better.
- For your business to grow, you must grow: Never agree, there is always one more step to give and one more mountain to climb. Do not stay with a single theme or a single author; give yourself the opportunity to compare opinions, experiences, and strategies. Grow so you can add more value to your business.
Entrepreneurship is a path of constant learning in which each day is an opportunity to grow personally and professionally. I congratulate you on choosing this exciting and challenging road.
If you know any other book, course or advice that you want to add, it will be a pleasure to meet you. Leave me your comments and contributions to the subject.
This article was translated from https://www.negociosyemprendimiento.org/2018/09/aprender-emprendedor-negocios.html
An excellent article in Spanish that I know will help many people!