Tedi Ticic is a Croatian entrepreneur, author, and crypto trader with over five years of expertise in the cryptocurrency industry. He has always been interested in entrepreneurship ever since he was young, and it has long been his ambition to become a successful businessman.
Tedi Ticic has today secured a spot as a top player in the crypto arena through sheer hard work and persistence. Tedi himself credits his success in crypto trading to his uncanny ability to investigate and appraise situations.
In this article, Tedi shares three critical factors any aspiring entrepreneur must consider before establishing their venture. They are:
Transform Your Idea into a Comprehensive Plan
Every business venture begins with a concept. But how can you make your concept a reality? By spending some time drafting a preliminary business strategy and anticipating the difficulties you'll face. For example, if you want to establish a marketing agency, map out your means of acquiring and maintaining a clientele, organizing your teams, designating tasks, etc.
There's a lot to consider, and you don't have to have all the answers just yet. Make a mental map describing the steps involved in turning your concept into a reality. This process will assist you in developing your official business plan and prepare you for the challenges you may encounter along the way.
This might be among the most crucial characteristics for a budding entrepreneur to possess. Because you are the driving force behind your company, you will need to hold yourself accountable. As a business owner, you'll need to adhere to your business strategy, set a budget you have to follow, devote time to growing your company, and achieve the objectives you've set for yourself.
If self-discipline is an issue for you, make improvements before pursuing your entrepreneurial dreams. Don't start this journey if you are unwilling to give it the time and effort necessary to reach your targets.
Study Your Target Market
Once you've decided to establish a business, the next step is to research the market or demand for your product or service.
Begin by addressing the question as to who your consumers are. You may have to analyze the demand for your product or service if you are selling it locally. If you want to conduct your business on a global scale, you'll need to know the rules and regulations that apply to foreign transactions.
A market survey should provide you with all of the information you need about the demand for your product or service. You can thus identify:
- The market's present size
- Its potential for expansion
- The amount of market share you may anticipate to gain
- Your target's purchasing habits
- The market's different segments
- Margins you can expect in the market
With social media, it is now easy to reach out to a target from anywhere around the globe without excessive efforts.