INTRODUCTION

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Handbook for Entrepreneurs 2022 INTRODUCTION

Every business start-up necessarily begins with an idea. At the same time, not every idea necessarily leads to a business !

A business creation project is built upon the relevance of the original idea. Like any structure, it needs solid foundations. The first phases of validating the business concept are essential. They will ensure the project is firmly rooted in its context and built to last.

BUILDING A BUSINESS FROM YOUR IDEA

VALIDATING THE INITIAL IDEA

Unfortunately, this reflection phase is often neglected by new entrepreneurs, who launch themselves headlong into the operational creation of their business. However, it is essential to spend time validating the idea before committing personally and financially to a business plan. This structured reflection and questioning is provided by business coaching, particularly the type offered by a business incubator such as that of The Ark Foundation in Valais. Its goal is to help you follow the sometimes tortuous path that leads from the idea to the business.

KNOWING YOUR MARKET AN IDEA WITH ADDED VALUE

The inventor or project owner often imagines that their idea can only be good. Unfortunately, their thinking and analysis are usually based on overly personal assumptions and do not take sufficient account of a crucial element: the market.

Often, the project owner has not checked the validity of their initial assumptions and, above all, has not properly analysed the market they want to address. It is essential that they build up a picture of the typical customer for their future product or service.

The project owner must be prepared to dig deep to discover everything they can about their market : its size, potential, buying habits, reference points, choice criteria, etc. To do so, they must leave the office, get out into the field, and see what their typical customers think about their idea. Any business idea presupposes that the potential product or service meets a specific need in the market. This product or service must necessarily bring added value to its users, something that can be promoted and sold to future customers. After having better identified the market’s needs and expectations, many project owners have to redefine their initial idea and adapt their offer. Very often, only the basic concept of the original idea will remain. The final product or service will have evolved. This evolution of the idea is simply the definition of the commercial offer – the translation of the target market’s expectations into a concrete product or service.

If the market’s needs, habits and organisation have been perfectly understood and analysed in the initial phase, it will be easy to define a commercial offer.

This phase of validating the idea in the markets is crucial. It is tedious, time-consuming work, but it is indispensable. The commercial offer can therefore be reduced to three questions, or rather, the answer to these three questions:

The challenge is to be able to answer two essential questions:

• Does your potential product or service meet a real need?

• Is there a market for it, in other words sufficient demand to make a business out of it? • What are you going to sell?

• To whom?

• For how much?

It will include a definition of the product or service offered, highlighting the objective added value, a target customer and a monetary value.

This reflection and validation work must come first in any project launch. The preliminary market research can be enormously facilitated and accelerated with outside help focused on monitoring the market and information networks. It is a pragmatic contribution that usually consists of a preliminary qualitative investigation in the field, based on simply sounding out the market to get an impression, a “feeling”, rather than advanced statistics. Our start-up professionals help you to quickly ask the right questions, test your ideas and validate your business concept based on the needs observed in the target market.

A LONG JOURNEY

It comes down to the fact that there is no point rushing into the technical development of a product or packaging a commercial offer without a detailed understanding of your market, its habits and its real needs. Only a response to a specific need can be monetised and have a business built around it. The journey from idea to business is a sometimes tortuous and difficult path, but you have to go through these phases of reflection and market analysis before embarking on the adventure of entrepreneurship.

As a new entrepreneur, the better you understand your future customers, the better you can respond to their expectations and build a solid, lasting business.

LAUNCH YOUR BUSINESS & ABOVE ALL TALK ABOUT IT !

Interview with Sébastien Mabillard, head of The Ark Incubator

The Ark Foundation has been supporting innovative business start-ups for over 17 years now. The head of its start-up incubator, Sébastien Mabillard, has worked with many budding entrepreneurs and offers some advice for anyone wishing to launch their own business.

WHAT DO YOU THINK ARE THE MAIN QUALITIES OF A GOOD ENTREPRENEUR ?

Becoming an entrepreneur means embarking on a new and exciting adventure that requires perseverance and an appetite for challenges above all. Every entrepreneur must know how to challenge themselves and communicate their enthusiasm to their team, their investors and their partners. The key is to be totally convinced of your idea, so that you can communicate it to all the people who, to a greater or lesser extent, will help you build your business.

Handbook for Entrepreneurs 2022 AND WHAT IS AN ENTREPRENEURIAL MINDSET IN YOUR VIEW ?

It’s wanting to contribute something new, something that’s complementary to what already exists. To stand out from what’s been done so far and to have an innovative vision that challenges established practices. Generally speaking, entrepreneurs are not afraid of their ideas and dare to carry them through. In the end, only those who don’t try don’t succeed.

HOW DO YOU SET OFF ON THE RIGHT FOOT WHEN CREATING A START-UP ?

It is important to surround yourself with the right people and to assemble the skills you need to develop your project. Support organisations such as The Ark Incubator can provide the boost you need to get your business off the ground. With its mission of supporting young entrepreneurs, The Ark Incubator has considerable expertise in coaching and helping start-up projects.

WHAT ADVICE WOULD YOU GIVE TO PEOPLE WHO WANT TO BECOME ENTREPRENEURS ?

Share your project with the people close to you and listen to suggestions and recommendations! It is when you share and exchange ideas that opportunities are created. Don’t hesitate to ask for help if you feel like you’re not getting anywhere: organisations like The Ark Incubator are there to help you turn your business ideas into reality !