Organizations and businesses start with an idea or a concept in the minds of entrepreneurs. After taking inspiration from current or previous trends, the economic scenario or the changing lifestyle of people, an individual or a group of individuals might come up with an idea to establish their own business. However, the implementation of this idea or business concept is what will eventually decide the future of the business. Ideas that are not followed up with proper implementation are merely empty and baseless words. Keep reading to have an insight on how an organization can be created using a concept.
Steps in Creating an Organization
I have come across The Successful Seekers Center established by Dr. Richard Nahas which is an example of an entire organization created from the idea of developing a data-driven approach to pain management in the modern world.
● Choose a Concept
First, you must make sure that you yourself are clear about the specific concept you have chosen to base your business on. This is particularly important because the confusion in your mind could reflect in the form of poor decisions and communication from your end.
● Write a Business Plan
After that, you should compose a well-written, coherent and realistic business proposal. This document holds immense importance, especially for start-ups, as your business idea would be given life here. The business proposal is your go-to document when you would be pitching your business idea in front of external (banks, investors, general public, possible partners) and internal (employees, managers, directors) stakeholders. Hence, your business proposal should be a clear depiction of the vision and mission of your future organization, complemented with elaborated information about the entire firm.
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Note: Be proactive in carrying out your market research throughout this process in order to be fast in adapting to any changes or responding to the market. Updated and relevant information about the market you are planning to enter is key in developing your idea.
● Improve Networking
Once you have the business proposal, you need to start working on your networking skills and connections. Attend trade shows, industry groups, webinars to build up your network with people and institutions that you think would be beneficial for your business (investors, lenders, employee agencies, promoters, vendors, etcetera).
● Define USPs
Then, you need to define the USP (Unique Selling Proposition) of your product. Don’t shy away in taking help from a mentor or any external third-party here. Pitch your idea along with your USP to gather constructive opinion and advice from experienced individuals.
● Hire Staff
With a clear idea of what your business is going to be about and the product you are going to sell, you are now ready to create your own team of employees. At this point, you should be wary of hiring inexperienced personnel. Conduct the recruitment process for these top level managerial staff members with the mindset that they are your core employees. Make sure that you and your entire team are on the same wavelength, sharing the same ideals and goals for the organization. Communication is the essential component here.
You can take inspiration from Richard Nahas, his center for pain management and his team, if you are looking to startup your own business.
Finally, discuss details of the business, especially the financial costs, risks associated and legal procedures, with members from all departments. With your team on board, a product sell and a market to target, you are now ready to create your organization!
Note: All steps mentioned above need to be addressed in an elaborate manner. Forming an organization is a big task, and you must make sure that you are well-equipped for it.
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