The 7 tasks to perform when starting a new business venture or launching a startup:
• Give yourself time to set up a clear business plan - clearly define the problem you are addressing, in addition to the need you intend to satisfy and the gap you will fill.
• Research your business's industry - don't underestimate the importance of knowing your market well, including the opportunities, enablers, and support initiatives it offers, along with the competitors active in that landscape.
• Study your competitors - yes, I am saying it again; commit time to study and assess who your competitors are, their unique selling points, market share, the differentiation in their business model, what made investors believe in them, and what how you can outdo them in the market.
• Surround yourself with supportive people - find yourself a community of like-minded people you can belong to, learn from, and grow with.
• Build your offering - act on your research and turn it into a minimum viable product (MVP) or service.
• Go to market - once tested and ready, launch!
• Test & iterate - always remember that this is a learning process! Pivoting is almost always part of the journey. Don't worry if market opportunities direct you somewhere else, other than where you had wanted to go. Trust in this pivot. Consult market experts and follow the common advice.
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