What are some decision support tools for exploring entrepreneurship?

Would you commit to buying a home sight unseen, not knowing the layout and with no knowledge of the surrounding area? Of course not. Even a billionaire investing in a project wants answers to the basic questions of who, where, why, and what. So, too, should you when starting your own business. An analysis of the Strengths, Weaknesses, Opportunities, and Threats (SWOT) answers those four basic questions and identifies the holes in your idea. A great degree of detail in your SWOT analysis will challenge your idea and mitigate your threats. Presenting your SWOT analysis to your support team and evaluating their feedback will broaden your perception of your idea (see comment in 6).

Perhaps an unpopular perspective but I think SWOT analyses are not the best approach to starting your own business. Why? Because they're focused on the negative. A positive psychology approach is the SOAR analysis- Strengths, Opportunities, Aspirations, and Results. Map each of these elements out in a slightly different order from that set forth by the acronym. Start with the results you want to achieve, so you begin with the end in mind. Next, what are your professional aspirations for yourself and your business? What do you want to be known for? Next, what strengths do you possess that help you accelerate toward your aspirations and results? And finally, what are the opportunities to add to your strengths that help you get there?

SWOT analysis is the compass that navigates strategic decision-making. By evaluating Strengths, Weaknesses, Opportunities, and Threats, it unveils a holistic view of your business landscape. It's not just about recognizing internal capabilities and challenges but also scanning the external horizon for potential pathways and pitfalls. SWOT is the tool that transforms uncertainty into strategic clarity, helping you leverage strengths, mitigate weaknesses, seize opportunities, and fortify against threats. In the dynamic business ecosystem, SWOT analysis is your strategic reconnaissance, guiding you toward informed and resilient choices.

Several decision support tools can aid in exploring entrepreneurship: SWOT Analysis: Evaluate the strengths, weaknesses, opportunities, and threats associated with a business idea to make informed strategic decisions. Business Model Canvas: Visualize and analyze the key components of a business model, helping entrepreneurs understand and refine their value proposition, customer segments, and revenue streams. Market Research Tools: Utilize various market research tools and platforms to gather data on industry trends, target demographics, and competitor analysis. Financial Projections Software: Create realistic financial projections and forecasts,

Certainly! The Business Model Canvas is your entrepreneurial blueprint, a dynamic framework that unveils the essence of your business. It's more than a visual aid; it's a strategic compass. By meticulously crafting each element, you're not just designing a plan; you're sculpting a pathway to success. It empowers you to articulate your value, pinpoint your audience, and streamline operations. Think of it as the entrepreneur's canvas – where creativity meets strategy, and innovation finds its roadmap.

Every successful business started with a single idea, whether it was fulfilling a need, taking your expertise to the market, or providing a service. Even an idea scribbled on a napkin or cigarette box is a visual tool that evolves into a business plan through research, consultation, and evaluation to identify value propositions, customer segments, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure. Without a business plan, you have no foundation on which to build your business, attract investors, or apply for financing. Even a property agent from which you want to rent premises requires knowledge of your proposed business.

This point is key. Before you go spending time, money, and resources on an idea, it's important to test it first and gain feedback from your customers. Over time, evolve with data and feedback. Leverage the free resources are already available to you- LinkedIn as your business card and website, Google Forms for data and feedback collection, Canva for brand awareness and marketing visuals, Calendly for appointment scheduling, your existing network for referrals, etc. You don't have to have everything perfectly slated or set in stone to get started. You just have to start somewhere and go from there. Progress over perfection is a motto to adopt.

The lean startup method also allows you to transition from employee to entrepreneur. Working within a business, even if you worked your way up, is very different from having the final decision rest with you, not unlike the difference between riding in a bus to actually driving the bus. Starting slow and learning and adapting as you go allows you the opportunity to minimise impacts and build a solid foundation before expanding fully into the market.

The Lean Startup method is a game-changer for entrepreneurs. Embracing a build-measure-learn approach, it advocates swift iteration and constant adaptation. By minimizing wasted resources and focusing on validated learning, it transforms the entrepreneurial journey into a dynamic, efficient process. It's not just a methodology; it's a mindset that encourages agility, resilience, and a relentless pursuit of delivering value. In the startup realm, being lean isn't just about cost; it's about maximizing learning to fuel sustainable growth.

It's always to be so clear that whatever you're doing is right whether it is or not. At least you'll learn something instead of making just a mistake. Every hustler makes most of the time in their early age. Also start being deaf - don't even try to listen to what people are shitting about or not. Once Salma Hayek said that if someone shouts and abuses you in your language you'll react a lot. But if someone does the same in another language you don't even care what is being said or not because you're the one who puts the meaning into those words.

Every business has a goal, the most basic of which is covering your overheads. Growth comes with a plan, and achieving the plan is measured by setting targets towards your goals. Only goals that are specific, measurable, achievable, relevant, and time-bound objectives (SMART) will keep you focused on your goals.

Podemos aplicar el Análisis PESTEL: Es una herramienta que se utiliza para evaluar el entorno externo de una empresa. Esta herramienta se enfoca en los factores políticos, económicos, sociales, tecnológicos, ambientales y legales. Muchas empresas sin importar su tamaño aplican esta herramienta con el fin de evaluar los factores externo empresas como Samsung, Cola Cola ejemplo Nike es una de las marcas de equipamiento deportivo más poderosa del mundo, aplica el análisis PESTEL para evaluar los factores externos que pueden afectar su negocio. DiDi: Es una empresa china de transporte que utiliza el análisis PESTEL para evaluar los factores políticos, económicos, sociales y tecnológicos que pueden afectar su negocio.

Well you could spend days and weeks working on all of these text book plans, writing your SMART goals, doing your SWOT etc however in my experience most of these are written once and never looked back at. I have never sat down and thought I must now right my SWOT. What I have done however is driven our business using gut feelings and discussions with those I trust. Have I got this right all the time absolutely not! If i got it wrong I learnt from my mistakes and became better. Surround yourself with people who care about you and your business and use them to bounce ideas. You will be amazed at how many you get right!

Consult a business or personal coach to know yourself. Truly know your strengths and weaknesses. Know who to surround yourself with. Know how to build a team that strengthens your weaknesses and helps build a solid foundation on which you build your business. Your team need not be full-time or experts. They may even be family or friends who fill in the gaps in completing steps 1 to 5 here.