Phase 3: Execution and Challenges
Launch operations, build a scalable team, and execute a targeted marketing strategy.
ENTREPRENEURIAL JOURNEY
12/15/20241 min read
Setup Operations:
Choose an appropriate legal structure (e.g., Sole Proprietorship, LLC, Corporation) based on liability and taxation.
Ensure compliance with labor, safety, and environmental regulations.
Build efficient supply chain and inventory management systems.
Assemble Team:
Recruit co-founders and early hires with complementary skills (e.g., domain, product, and business expertise).
Foster a strong team culture based on trust, shared vision, and adaptability.
Engage advisors to fill skill gaps and provide strategic guidance.
Plan Marketing:
Develop a marketing strategy using the 4Ps (Product, Price, Place, Promotion) and leverage digital tools like social media and SEO.
Balance inbound methods (e.g., content marketing) with outbound campaigns (e.g., targeted ads).
Monitor key metrics like marketing ROI, conversion rates, and customer retention.
You can find additional insights on our Execution and Challenges Phase here!