A single idea forms the heart of any start-up. After in-depth brainstorming, your business idea should be clarified and withstand a detailed plausibility test. You are still motivated? Then nothing stands in the way of starting up your own business.
Inspiration
Even if your business idea or the desire to become an entrepreneur is the only existent fact at the moment, eventual success will depend on other factors. Are you still missing the "divine spark"?
1) Create an innovation through the new combination of goods, procedures, markets, sources of supply or organizations.
2) Use an individual information advantage you possess in comparison to others, e.g. knowledge of market opportunities due to industry experience, your hobbies or through a stay abroad.
3) Self-reflection, learning and personal development will reveal new ideas, which might either be innovative or imitate similar founding ideas.
4) Network with other potential entrepreneurs and combine your strengths. Thinking of business ideas as a team is more fun!
Plausibility
You have developed your business idea? Then it is necessary to take the next step and tell a selected group of people.
1) Discuss your idea with friends, colleagues, experts and especially include potential customers.
2) Check your idea with the following criteria in these conversations:
- Feasibility: Can your thoughts actually be transferred into practice?
- Customer Benefits: How does your idea “help” potential customers?
- Differentiation: How does your idea differ from existing services or products? Are you for example sufficiently innovative?
- Profitability: Will it be possible to implement your project profitably?
Personality
The motives that encourage people to start their own business vary widely and seem to be as heterogeneous as the founders themselves. As a matter of fact, there is no such thing as ‚the’ type of person who becomes a founder. However, certain characteristics favour the success of entrepreneurial activities.
In addition to the identification of market opportunities, entrepreneurship especially results in having to enforce one’s own ideas. Some people are better equipped than others to carry out this continuos task. A high internal locus of control ("I can control my own destiny."), the need for achievement and risk-taking propensity are part of being independent. An especially important trait of entrepreneurs is to be action-oriented: "Acting and the power to act" (Schumpeter). Creativity and emotional intelligence will help you establish your idea in the market.
Assess yourself realistically in order to seek business partners who complement your own skills and expertise.
Support from the MCEI
Founder consulting, Founder talks, Provision of rooms and services to student entrepreneurs
