How to Start a Business

How to Create a Prototype

“A prototype is not an end in itself but a means to an end – the validation of your idea.” – Professor Karl T. Ulrich, Harvard Business School   Creating Physical Goods According to Professors Karl T. Ulrich and Steven D. Eppinger, in their 2015 book “Product Design and Development” there are two focused and comprehensive prototypes. A focused prototype reflects just one or a few dimensions of the performance of the product being developed. It can be referred to as a test rig or a mock-up. A comprehensive prototypes are fully functioning products, which goes through successive refinement and often goes by the term ‘’proof of concept, alpha, beta, pre-production, etc.’’ They go through cycles that help the team achieve milestones and demonstrate progress. Prototypes of physical goods are useful for the following reasons: A tool for learning Solving problems Answering the question “do you have product-market fit?” Proof that the solution works technically Proof of user acceptance and customer adoption Visual communication of your idea Demonstration of your ability to implement the solution Creating Software Practical steps for building a software prototype include: Gather user requirements: Interact with the user and discover his needs and demands Develop an initial prototype that is static and of low/medium fidelity: An example of this initial prototype could be a hand-drawn sketch or a visual tool such as Microsoft Word, Photoshop, Visio, or PowerPoint Get initial feedback: Share this prototype with users and get feedback Develop an interactive prototype of medium to high fidelity: An example of this interactive prototype could be produced from wireframing tools like Azure, Balsamiq, and OmniGraffle Get feedback and iterate: Continue to get feedback on the product and pivot or change the prototype in line with the user’s requirements Proceed to development Creating Services The approach for creating a prototype for a service business is often called the “Wizard of Oz” approach. This entails providing the front-end of the service digitally and delivering the back-end of the service manually. This is not usually very capital-intensive. There is usually no need to work with third parties to develop the full product, as the delivery of the service can be done in-house. An example could be a landing page, or a blog post describing the product. It could be used to test user responses through sign-ups, expressions of interest, etc. Action Steps Test your idea by creating a prototype in any of the following forms: Physical Goods Software Services

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Why You Need to Invest in Women-Owned Startups

Irrespective of the industry, establishing a new business is not an easy feat as it comes with a lot of challenges ranging from hiring the right team to maintaining the right customer base. Forming the right team is critical in business, especially for start-ups. Over the years, most businesses have been prejudiced in their workforce selection as they fit only men in  management and relegate women to menial and insignificant roles. However, in recent times women have risen to occupy managerial roles and they have been very effective at it. We now have women-owned start-ups rising except for some constraints which affect their growth. Most times, these constraints depend on the region of the start-up, hence, its is advisable to set up women owned businesses in environments favorable to it. In 2020, during the covid-19 outbreak, several firms incurred losses, the female owned businesses were hit hard and consequently there was a significant drop in financing. Though not everyone’s firm suffered equally, the share of “dollar to women founders” fell drastically by 0.5% from 2019 to 2020. Investors generally have more faith in men-owned businesses than women because they believe men have been in the business of managing enterprises and so they are skilled. Also, there’s an unfounded belief that women are prone to exaggerate their estimates when given opportunity to start a business. But we believe that female financing would get better if there is an increase in female investors. Entrepreneurs typically do not start a business until they are in their late 20s, about the same time as women begin their families, and combining both responsibilities can be a challenging feat. Regardless of the possible constraints to supporting women, there are still tangible reasons to invest in women-owned start-ups and they include: Start-ups are delicate, they need vigour fuelled into the business to keep through the growing stage which is usually not an easy one. By nature, the emotional IQ of women is such that it is resilient. Women are meticulous beings and have the ability to multitask. These qualities keep businesses going and productive; investors are usually drawn to progressive start-ups. As the business progresses, operations begin to level up, ideas start to take root, some even take a new turn. This calls for flexibility and women are wired to be adaptable. Apparently, it fits the gender personality and such business would thrive in their Women are good at yielding returns for a business as researches have proved it that female founding businesses turn in more revenue than male founding businesses. According to research, women have better understanding of unmet needs and so know how to channel the products and services to the right target of a business opening up huge business prospects. Other researches back this up that women-owned businesses return twice as much as the dollar invested, companies with female leadership have a nearly 3% greater return on equity. On the argument of balancing work and family life, most women entrepreneurs have found solutions to balancing the responsibilities from these ends. And they tend to give their best to ensure a great return on investment. In conclusion, gender disparity should not be a barrier to harnessing the best a business can while in operation because when a business thrives, it contributes to the development of the economy.  

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Tips and Tricks of Choosing a Business Name

Your Business name will be associated with you for a long time. So, it’s critical to think about it thoroughly before forming a company, developing a website, or making signage and other promotional items. To help you started, here are a few pointers. How important is a name? Apple. Google. Yahoo. History is replete with examples of industry giants who had names that were at best, nondescript, and at worst, irrelevant. So, should you invest time and energy in choosing a ‘good’ name for your company?  And how do you go about achieving this? Choosing a Name The following criteria should be taken into consideration in choosing a good business name: It should be available as a domain name It should evoke the thing it names It should be easy to pronounce It should be inoffensive globally (or at least in your target markets) It should have positive associations It should be easy to say It should have unambiguous spelling It should be memorable It should not be too long You can also create polls, surveys and leverage communities on social media (e.g. Facebook, Instagram and LinkedIn) to get input from the larger world and your target customers when choosing a company name. Registering a Domain Name When choosing a domain name, you are advised to have full dot-com availability. If you can help it, you should ideally endeavor to stay away from the following: Hyphens Special characters Dot-net Dot-org Other top-level domains Country domains Changing Your Name Ideally, the name you choose should reflect: Who you are What you do How you do it It’s not the end of the world if you decide after a year or so that your business name is not quite right. However, you would have largely wasted any earlier marketing effort in building up awareness. Action Steps Brainstorm 5 potential names for your business Use social media to determine the most popular version Check hosting websites such as Godaddy and Bluehost to confirm the availability of your chosen name   Read Also: Converting your Business Name to a Limited Liability Company For more posts from this author, visit: www.gloryenyinnaya.com    

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