Last week we talked about what every entrepreneur ask himself before getting into a business.

The Keywords

1. Value:

You need to deliver products and services which provide value to the audience/customer. Value of a product make or break a product.

2. Learn:

Constant learning is something that comes with being an entrepreneur. You have to know the latest in your industry and possibly incorporate your values into the business. But do keep in mind that you have to start doing things than just learn them!

3. Simple:

Simplicity is key. User friendly solutions which encapsulate the complex parts from the customer is very important. Creating a web service? A “Not Found” error is much better than a “There was a error in 4th mem location due to a buffer overflow in the 9 quad, 3rd sector….” and even more! Customer has little interest in the technical jargon. He only needs a simple solution.

4. Target:

A target audience is something every entrepreneur should try to focus. This not only helps you in the long run since you are not a jack of all trades, but a master of one. You might be able to scale up your solutions to a wider net in the long term, but start targeted, stay focussed. 

5. Monetize:

A monetization plan is something you should have researched a bit about while getting into a business. What are your income goals, when do you expect profits. For me as a webpreneur, I expect profit or even partial results from sites after 6 months minimum. But I have an idea about how to monetize sites once the cooling period is over.

6. Marketing:

A word most individuals hate, yet know its importance in getting your products sold. If you are anything like me, you cannot even sell an underwear for free to an naked man! What you need to work on is get rid of your fear of rejection and build your confidence of talking to people.

There you go, some keywords for the budding entrepreneur in you. What else do you think we entrepreneurs should concentrate on?

Initially I wanted to write about what an Entrepreneur should ask himself before getting into any kind of business, regardless of the nature of it. But then as I typed the post on, the post gradually evolved into a keywords list.

The Questions:

What?

What are the product you are going to create? Will it help curing AIDS? Or maybe it will help crude prices come down? Or will it simply help friends keep in touch? To know What, you need a problem that can be solved, something that you came across was broken, or can be improved, or can simply be recreated?

How?

How can you create a solution to the problem domain? Will you use sophisticated rented equipment from NASA? Or maybe it simply requires a homely hack of your juicer?

Why?

Why would anyone want to use your solution? Will it make their life any easier or more crazy? Is it worth the trouble for you and for your users to use your solution? I now remember a emergency light which works on electricity only!!

There you go budding entrepreneurs, the three questions you need ask yourself before getting into any business.