Welcome to our first Facebook Live video. We will be sharing knowledge with you every Monday. Business lessons devoid of the business school jargons will be discussed. These lessons will be taught in simple terms, in a way that the layman who has not been to a business school will understand and apply the lesson to his/her business. The series is for entrepreneurs, start-ups and people who have a business idea but lack the courage to do something about it. We will be sharing our knowledge, expertise, and experiences. So always tune in. I am sure you will learn one or two things.
Today I will be talking about new business venturing. During my time at Hult Business School, I enrolled in this course called New Business Venturing. We were tasked with coming up with original business ideas that will work in our respective countries then pitch it to a team of investors. One thing that I learnt from that experience is that you do not need to sit behind your computer or in front of the white board researching and over analyzing any idea. You need to step out of the building and validate your idea.
Often people talk about passion! Passion!! Passion!!! Of course you do not underestimate the power of having passion for your business as it is fundamental to your business success. However, beyond passion, you need to ask yourself the following questions:
- Is your business idea viable?
- Will your business idea create value?
- Are customers willing to pay for your product or service?
- Will money exchange hands?
If the answers to the above questions are in the affirmative, then you have crossed the first hurdle. The next step will be to validate your business idea. People make the mistake of sitting behind their computers or in front of a white board to do “extensive research” or in-depth analysis. That is not the way to go. Lean start-up says – Get out of the building!
Outside the building is where consumers and customers are. It is with them that you validate your leap of faith. Outside the building is where you find suppliers, the market and channels of sale for your product and services.
Customers are breathing, thinking and buying individuals. You need to know what they think of your product and if they are willing to pay for your offering.
As a start-up, you will not succeed behind the walls of your business. That is why you need to step out! Stepping out of the building also means knowing and understanding your competition and coming up with a game plan to beat them.
You have to stand up and do something. If I didn’t do anything about starting ReDahlia, it would still be an idea in paper. The entrepreneurs’ journey is not a bed of roses, but it is always worth it in the end. When you see that people’s lives are being impacted by what you do. It gives a different kind of joy. A joy that makes you wake up every morning and PUSH!
Sometimes, we hide under the umbrella that we do not have capital. Capital is not only about money. It is more than money. Capital is relationships you have built; Your network is capital.
Recap, once you have your business idea, make sure it is valid. How do you know, it is valid? It must be creating value and people must be willing to pay for it, Get out of the building and get in contact with your customers, suppliers, your sales channel and all.
We will be speaking about Business Model Canvas next – a lean start-up template.
Remember we are coming live to you from ReDahlia Workspaces. You can also do your Facebook live videos and audios at ReDahlia Workspaces. If you need help with structuring your business, you can always pop into our office at 43B Emina Crescent, off Toyin Street. Do book a FREE tour of our facility.