So, you want to be an entrepreneur

I am going to focus on Information technology because I have experience in this area. But you might be able to apply this to other industries if you think hard enough about it.

With any reasonable size company, you’re going to need co-founders. The number of co-founders can be from 2-4. I’ve seen one startup having up to 16 co-founders so its really up to you.

To start of you will need to find a niche in the market and develop a protype or proof of concept. Please note when developing your business be aware of the toyota vs rolls Royce. I recommend the Toyota first because when you develop you will go through several changes and rolls Royce does not allow this and could be more expensive to implement plus the amount of time wasted to make something perfect. So don’t try to make everything perfect to start off with.

Once complete you will probably need to run your business for 1 to 2 years before you can look for an investor to help to expand your business.

If your business is large enough you might be able to create eco-systems.

What Is a Business Ecosystem?

“A business ecosystem is the network of organizations—including suppliers, distributors, customers, competitors, government agencies, and so on—involved in the delivery of a specific product or service through both competition and cooperation. The idea is that each entity in the ecosystem affects and is affected by the others, creating a constantly evolving relationship in which each entity must be flexible and adaptable in order to survive as in a biological ecosystem.”

https://www.investopedia.com/terms/b/business-ecosystem.asp

An example is the Google ecosystem they have gmail, youtube, search, google play, android, chrome browser, maps and others that interrelate or not interrelate with each other creating an ecosystem. They also collaborate with other strategic partners.

The price wars

As you would know you will have competitors and their fees could be more or less than your fees. So if you want to be competitive your fees will have to be even or less then your competitors. Enter the price wars to be competitive you’ll need to work out your total operating costs and then work out your pricing structure from there. If you want to be cheaper you will need to optimize your operating cost or cut corners to be competitive. If you are a retailer than your pricing structure will be different because you are dealing with items. There are many other ways to be cheaper but I hope you get the point. If you can’t be any cheaper you need a point of difference meaning what makes your product better.