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Entrepreneurship and it’s key success

Tuesday, 17 July 2007


Entrepreneurial is a continuity effort of achieving success. Not an easy process and not everyone can undergo that kind of process. It involve a mindset and a process of gathering some evidence to convince individual and potential buyer to act and react,exploiting a breakthrough and overcoming setbacks. Entrepreneur is a person who have futuristic perspective of who are their ideal customers and what kind of product they need to deliver. And then,they will work back from that point in the future to the present,picking the customers who will buy and the subset of that ultimate product that they can actually build.

Mostly, the problem lies in the beginning, get started to enter the market. So many entrepreneur find difficulties in this level. So, how to overcome it?

As stated before that entrepreneurial is a process. It is an art of understanding how you get from ‘Today’ to the mainstream market of “Tomorrow” because there are no product perfectly at the start. Process will make them to become experience. And experience will give deeper knowledge of the world they are going after,including good picking potential consumers and which market can be successfully entered.

Experience will make someone gets a sense that the “future” is going to be moving in particular way, understanding how technology,customers,money, and marketplace dynamics will come together. Basically, there are only two factors to be considered,that are product and customers.

Product usually includes some kinds of attributes such as feature/advantage/benefits; while customers usually refers to their necessity. So,they key success will lies on how to accelerate those two factors. To summarize, successfullness of entrepreneurial is about elegant combination of “know what” , “know-how” and “know-who”.

A perfect example is entrepreneur in New Zealand named Jeremy Moon who build a company called Icebreaker. He tried to produce underwear from a wool while everyone knows that wool underwear is terrible,itchy,smell bads,and gets oily. Of his starts up capital $200.000,half is used for planning or create “blue prints” for what the brands needs to look alike someday in order to exploit this advantage in natural filter. He thinks “backwards” to identify what he can do to get started building a global brands.

He understands what outdoor athletic people or design- concious people might want. He understands that merino sheep has long and fine wool where usually used to make tie and suits. And again, he knows that technology can help him to create a fine and comfort wool underwear.

So, the key lesson for entrepreneurial is have enough awareness of alternative products as a result of technology,and of customers needs that come from pressures in the market place,to see where opportunity will emerge.

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