In 2007, two roommates, Joe Gebbia and Brian Chesky welcomed a couple of guests into their home in San Francisco. They soon realized that their passion for welcoming guests could be turned into a business. So, what went from a simple invite to three guests is now 1 billion guests across the globe with 4 billion hosts in a company we now know as Airbnb (News Airbnb).
A business doesn’t necessitate an extraordinary idea, just something that you believe in or enjoy doing. Once you have an idea for a marketable product, the next step involves conducting your research. Doing market research mainly involves understanding who your target market is and what the other products in your market look like.
From here, it’s important to build a strong team that you can rely on not just during the highs, but also during the lows. According to Pravin Madhani, the Co-Founder and CEO of K-2 Cybersecurity, this involves two things: finding the right person for the specific job you need and the ability of each individual to work well in a team dynamic.
Now that you know more about your market and have developed a team, it’s time for you to release your product. During this step, it is important to refer back to your market research and figure out the best platforms to reach the largest audience.
During every step of this process, and most importantly during the development of your product, it’s important for you to receive and implement feedback. For example, Tai Ramirez, a teen entrepreneur and founder of a handmade jewelry shop, periodically posted polls on their social media platforms and had people vote on which piece of jewelry they preferred.
While it is possible for anyone to be an entrepreneur, it takes persistence and hard work to build a successful business. Airbnb made only $200 a month before it came to be the multibillion-dollar industry it is today (Inc 42, 2019). As quoted by Pravin Madhani “there is no substitute for hard work, you just have to be at it, you just have to be persistent.” And while you’re doing all of this, always remember to find a balance between doing what you love and catering to what your consumers want.
Sources
Pravin Madhani, Co-Founder and CEO of K2 Cybersecurity, pravin.madhani@gmail.com
Tai Ramirez, Founder of a Handmade Jewelry Shop, txramirez@cps.edu