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1. What is IDEAL ENTREPRENEUR

2. An ideal entrepreneur desires to establish business that will be able to produce simple products. Starting your own business entails serious hard work. It involves, among others, such as activities as research, planning, testing, developing, marketing, and the like. IDEAL ENTREPRENEUR

3. Start with a hobby or interest. Hints to help one decide what type of business to get into: Passion and genuine interest in a field can significantly increase motivation and resilience during the challenges of building a business. Leveraging existing skills and knowledge related to a hobby or interest can provide a strong foundation and head start. Ex: If you love baking, consider starting a custom cake business or a local bakery.

4. Produce something that you can offer or sell to your friends and school mates: Hints to help one decide what type of business to get into: Starting with a small, manageable customer base among known individuals allows for testing products or services, gathering feedback, and refining the business model before scaling up. This approach helps validate the idea and build confidence. Example: Offer tutoring services to classmates or sell handmade crafts to friends and family to gauge interest and improve your offerings.

5. Products that are always in demand are food items. Hints to help one decide what type of business to get into: Food is a fundamental human need, ensuring a constant market demand for food-related businesses. While competition can be high, innovation in offerings, quality, or service can carve out a successful niche. Example: Consider starting a small catering service, selling homemade preserves, or a unique food truck concept.

6. Start small before you think of producing bigger quantities. Hints to help one decide what type of business to get into: A lean startup approach minimizes initial investment and risk, allowing for iterative development and adaptation based on market feedback. This phased growth prevents overextension and allows for learning and adjustment. Example: Instead of opening a large restaurant immediately, start with a small pop-up stall or online delivery service to test menu items and demand.

7. Do some research and investigation. Hints to help one decide what type of business to get into: Thorough market research and competitive analysis are crucial to understand customer needs, identify gaps in the market, assess competition, and validate the business idea's viability. This informs strategic decision-making and reduces risk. Example: Research local food preferences before opening a restaurant, or analyze existing online stores before launching an e-commerce site.

8. Observe people and their food preferences Hints to help one decide what type of business to get into: Understanding consumer behavior and preferences through observation provides valuable insights into potential product or service development, marketing strategies, and target audience identification. This direct insight can lead to more effective and desirable offerings. Example: Notice popular dietary trends or local favorites to inform your menu development if starting a food business.

9. Check existing products in the local market. Hints to help one decide what type of business to get into: Analyzing local competition helps identify what already exists, how competitors are performing, and where opportunities lie for differentiation and improvement. This helps in crafting a unique value proposition and a competitive edge. Example: Examine what kinds of food products are available in local stores and consider how your offering can stand out in terms of quality, uniqueness, or price.

10. Know yourself 10 Steps to Creating your First Product The life of an entrepreneur isn’t for everybody. It’s filled with failure, uncertainty, and sleepless nights. But occasionally, there are those tiny thrills only an entrepreneur can know– a new insight, an “aha moment,” a baby step toward your goal. If you think you’re ready to commit your life to your product and handle the ups and downs—then read on…

11. 2. Fill the gap 10 Steps to Creating your First Product Maybe you have an idea in mind already, maybe you don’t. Either way, identify the gap you’re filling. It could be a physical or emotional gap that the market needs. For example, a better designed walking cane fills a physical gap by improving a person’s immobility. Fun, toy-shaped speakers filled an emotional gap, creating satisfaction of happiness. In order to understand what product to make you have to understand consumer behavior and where the gaps lie.

12. 3. Research 10 Steps to Creating your First Product What’s already out there? This is a very important step in order to determine if and how you should develop your product. Identify your competition by reviewing features, price, competitor size, distribution and design. If you find a product that is similar, maybe there is a gap in the market that could position it in a new way. Some people decide to take more risk by creating something brand new, while others prefer the safer route of following another inventor’s footsteps. Revisit step one—know yourself. Decide what level of risk you’re willing to take.

13. 4. Define the requirements 10 Steps to Creating your First Product What are the minimum requirements to fill your gap? When you are first starting out, don’t add a bunch of “features” to your product that you think will dazzle your customers. By creating the minimum requirements, you will learn what your customer truly wants.

14. 5. Design multiple versions 10 Steps to Creating your First Product Sketch up as many design versions of your initial concept as you can imagine. Here’s where you put your creative cap on. Think wild and big and impossible, and you will come up with solutions that are unique and innovative. Your sketches can be rough, unfinished, or ugly –anything but perfect.

15. 6. Pick your top contenders 10 Steps to Creating your First Product Pick 1-3 of the concepts you like the best and decide which features you like about each. Compile those ideas together, creating different mockups and versions. Continue refining until you’re ready for the next step.

16. 7. Prototype: 10 Steps to Creating your First Product Create your first 3d printed prototype or even hand-made prototype. If you are creating a website or app, use a wire framing tool. There are plenty of inexpensive ways to make prototypes these days including buying a cheap 3D printer, carving foam and wood, as well as web tools such as Mockflow or Adobe Illustrator.

17. 8. User testing 10 Steps to Creating your First Product Get your potential customers to test and give you feedback on your prototype. You don’t have to have a fancy working prototype. The most important is to see how they interact with and understand your product.

18. 9. Refine your design 10 Steps to Creating your First Product Once you understand what products and features are working and not, begin improving the function and aesthetic. Here’s where you bring in the beauty.

19. 10. Bring it to life 10 Steps to Creating your First Product Once you have validated your product fills the gap and finalized the product it’s time to build! Start small, start simple. Order the minimum units you can get, or build the simple version. This is your first exposure to real market insights and there are still many lessons to learn.

20. Why You Should Build Simple Products People have an easier time knowing if they’re in your target market or not. You can grow the products by listening to customers, rather than prospects. You can get your product out the door faster – which often means cheaper. You can start collecting feedback faster – which helps you adjust your product.

21. Characteristics of a Successful Entrepreneur Passion for the business: This signifies a deep enthusiasm and commitment towards their venture, driving them to overcome challenges and dedicate necessary effort and time.

22. Characteristics of a Successful Entrepreneur Product/customer focus: Successful entrepreneurs understand that their products or services must address customer needs and provide value. This involves tailoring offerings and continuously learning about the target market.

23. Characteristics of a Successful Entrepreneur Tenacity despite failure: Entrepreneurship often involves setbacks and challenges. Tenacity means persisting through difficulties, learning from failures, and maintaining a strong resolve to achieve goals, rather than giving up.

24. Characteristics of a Successful Entrepreneur Execution intelligence: This refers to the ability to effectively translate ideas into actionable plans and strategies, manage resources efficiently, make informed decisions, and implement them to achieve business objectives.

25. the end Thanks for listening!