- Choose the industry that your business idea is going to be applied. The idea is to pick a big industry, full of opportunities that is growing fast with the perspective to remain big and promising. . After choosing your industry, cultivate your idea by keeping in mind the gap in the market and the needs that you are going to cove or better create!
- Make a decision on how you are going to win the market. One way is by giving your customers more than they pay for and the other way is to charge them with the lower price in the market.
- Pick the right goals. If your are looking for investors, choose goals that will persuade them that will become richer by investing in your startup. If you cannot identify your goals, take some time and think about your values and your purposes in life https://www.pickthebrain.com/blog/how-to-choose-the-right-goals-for-you/.
- Choose your market. As an entrepreneur you should choose your target group in the market. Even though, you can sell your products to anyone in the market, you have to decide for whom is this product and whose needs are met. We have to point out there that the market that you are going to choose must be big enough in order to help you become a million dollar company.
- Select your team. You can’t do everything, so you need to hire talented people. Motivate and make them share the same passion for your idea.
- Raise funds. A startup needs money to pay employees, suppliers, utilities, etc. A good solution to keep control of your venture is crowdfunding (http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy/#604ff2b84ed4) until your incomes of your customers are secured.
- Obtain market share. Potential customers are not eager to buy products or services from a company that probably is going to fail in the next 6 months. A good solution is to detect those customers and cover their needs for the product or service in a very completive price.
- Be ready to respond to changes in the market or to foresee the upcoming needs of the market. The customers’ needs are constantly changing. New technologies and competitive startups are bringing about new products.
Without a strategy your business will not survive. Strategy is the map that you need to follow in order to reach a successful destination. Take some time and build your strategy carefully, is the only way to organise your mind and make things work for you.