4 tips to get your own business started
If you’ve been wanting to start your own business, well, there’s no time like the present! Sure, you’ve got some hard work ahead of you, but with dedication and preparation, you can successfully complete the task!
While there are several different ways to take that initial plunge, we’ve put together a handful of tips you may find useful. Of course, you may eventually have to pursue different avenues depending on the specific type of business you choose to start, but these primary steps are pretty universal.
Originally reported by our sister brand Business Review Canada, the following advice is a great way to begin your new journey!
Do you have an idea?
Before you start building the perfect company, make sure you have all of your ducks in a row (i.e. your business plan). After all, if you don’t have a sound idea in place, do you honestly think you’re going to be successful?
If you build on an idea you’re passionate about, then you’re more likely to thrive. If you have experience with the concept or specific type of business you want to get off the ground, even better. Then, once you have a product or service that you care about and believe can enhance people’s lives, you’re ready to continue with the process and perfect your plan.
Consider the market
If you want to run a successful company (doesn’t everyone?), then you need to know the market, as well as your target audience. Doing your homework to first determine whether or not there is a need for your product or service is very important.
If you can, consider performing a competitive assessment. Discovering whether or not customers are actually going to purchase what you have to offer will save you a lot of time, hassle and money. With this assessment, you may determine that there is a hole in your plan and you need to come up with a different idea. Though aggravating, it’s best to learn about this obstacle sooner rather than later.
What about the costs?
When it comes to business, money is extremely important, right? Not only do you need to do some research to determine the standard costs within your particular industry, but you also need to create a budget and stick with it.
If you can properly manage your budget, as well as identify various costs of the company, you’ll be more inclined to estimate whether or not you stand a change at making a profit—which should be your ultimate goal. As well, if you have a tight plan to control the money that is coming in and out, you may find it much easier to attract investors.
Find the right investor
When you’re first starting out, you’re going to need some sort of funding. If you don’t have a savings account and wish to avoid credit cards and loans, then you should search for an investor. Finding an investor who shares your passion and believes in the product or service you’re representing could be quite beneficial for the company. Don’t you want to have someone on your side?
When pursuing an investor, it’s important to realize that he or she will have a say in your company. And while you don’t have to take orders or do exactly what they tell you to do, you should listen to their ideas and suggestions. After all, they will have a stake in the business, too, meaning they want it and you to succeed.
While these tips may not get you from start to finish, you should now feel more comfortable about beginning the process of building your own business. Good luck!
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Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”