Start-up, process of entrepreneurship

 

Since 2019, there has been a 27% increase in people who are dissatisfied with corporate America and wish to start their businesses. In particular, the pandemic has sparked a desire (or need) in individuals to write their future. There is no surefire formula for instant success, including having a well-planned out structure for a business. Having a plan in place is an effective way to determine a business's feasibility or product launch. 

 

Entrepreneurship requires a strong love for the work being carried out and demands honest self-talk when prioritizing tasks and overcoming hurdles. Entrepreneurs understand that regardless of how detailed or well-structured their business model is, it will always need to be revisited to adapt to the changing competitive landscape. Nevertheless, going through establishing a business plan helps anticipate all possible scenarios and is the best way to stay grounded and secure. 

The entrepreneurial process has always been somewhat ambiguous and obscure. Much like new product development, establishing a business can be chaotic, uncertain, and non-linear. To effectively set the stage for success, entrepreneurs must go through a series of "checkpoints" to ensure their ideas can be monetized and effectively face challenges head-on. 

 

Topic: Please share your thoughts

 

Imagine you have successfully run your business in the U.S. for about two years now. Your friend, Lenny, who lives in Germany, believes that your company's model could be valuable to the German population as well. If you were to consider expanding internationally, consider the following questions:

 

 

How would you go about planning for an international expansion? How is the global growth of a startup or small business different from an established, larger corporation?

 

What would be the essential steps to find success abroad? 

 

What challenges could you potentially face? What tools are needed to ensure the smoothest entry into a new market?