One question that often gets posed by entrepreneurs is “where do I begin?” This makes perfect sense as there are literally hundreds of things to do when starting a business – market research, buy inventory, rent office / store space, contact potential customers, draft legal documents, raise capital, craft a marketing plan, and on and on and on. With so much to do, which activity should an entrepreneur focus on first to build their business?
I think this is a very subjective question and will vary depending on the type of business; however, I would love to hear general thoughts from the group on this topic.
My take is that the first step of starting any business is thorough and thoughtful market research, coupled with relationship building in that industry, which culminates in a strategic plan (could be considered several steps but is one step in my book). An entrepreneur needs to make sure he/she has a very good grasp of the current and projected market the business will be competing in as well as the relationships to be able to capitalize on identified opportunities. This research and the identified contacts will lead to the formulation of very thoughtful strategy for the business which will best position the entrepreneur for success.