Three Critical Factors To Consider Before Going Solo

Askhan Fattahi advises young entrepreneurs to take these factors into consideration so that they could navigate the initial turbulence that they may encounter before starting a business

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Going solo means establishing your own business. This is a fascinating experience in which you can set your own rules and use your entire potential to pursue your vision. Many people are attracted to the concept of establishing a business, but there are several dangers to avoid.

Company handout

Among other things, starting a new business necessitates rigorous realism and preparation. You may have a unique business idea in your head, but getting from concept to implementation requires business creativity, perseverance and acumen. Ashkan Fattahi, a young entrepreneur with a bachelor's degree in civil engineering, put us through three critical factors that we should consider before going solo. Let's go through these factors:

Recognize your abilities

Fattahi explained that what makes someone a great business owner has a lot to do with their knowledge of the sector and their willingness to take risks. Figuring out your shortcomings and strength can help you run your company more efficiently.

He further explained that an entrepreneur must know how to promote his or her firm to the target audience in addition to having business experience. Fatthai also mentioned a couple of websites saying, "Influencer marketing can be aided through social media platforms and third-party websites such as Trust Pilot, Yelp, Epinions.com, and Review Centre."

Examine the market demand for your concept

In his words, he mentioned that aspiring entrepreneurs should learn about their competition, client and the industry they are in before working on their company idea. Fattahi also mentioned the fact that market research may help you in finding out which services and items are in high demand, as well as how to increase your market share.

Check for resource availability

Regarding the issue of resources, Fattahi admitted that it takes a lot of money and time to transform your idea into a business. To fix this he employed that young entrepreneurs should create a list of all the resources and prices that are needed to run the organization, from the cost of production and office equipment. He also made emphasis on them keeping track of the assets they're using and the home equipment and amenities they'll need to buy separately. He said, "This will assist you in calculating comparative feasibility and estimating investment costs".

To round off the discussion, Fattahi educated young entrepreneurs saying, "The level of preparation maintained during the company's establishment determines the company's success." He advises them to take all the factors aforementioned into consideration so that they could navigate the initial turbulence that they may encounter before starting a business.