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Over the past decade, Colombia has become a benchmark for entrepreneurship in global lists such as the Global Entrepreneurship Monitor (GEM) and the Global Startup Ecosystem Report (GSER), so Ivan Francisco Tunjana, professor at the Center for Financial Education and Research at the Polytechnic Institute of Greater Colombia, gave advice to learn how to act, adapt to specific circumstances of each enterprise.
A country’s recognition in these lists is based on strengthening an environment conducive to the emergence of successful companies that promote innovation, employment and investment.
According to Confecámaras, 141,687 MSMEs and 1,327 startups were created in the first half of 2023.reflecting the growing number of Colombians who have decided to start and launch their own businesses.
According to Ivan Francisco Tunhan, a professor at the Center for Financial Education and Research at the Polytechnic Institute of Gran Colombia, “in a difficult economic scenario like the one Colombia is facing, where the prices of essential products and services have risen significantly, entrepreneurship presents itself as an attractive alternative.”
Therefore, the teacher suggests a series of steps to follow if you are going to start a business in 2024.
- Accurate idea identification: Find a market need or opportunity you can capitalize on.
- Market research: To validate a business idea, intuition is not enough, it is necessary to understand the demand and competition in the target market.
- Design a possible business: The ratio of income and expenses is not enough to guarantee a good resultentrepreneurs need to combine investment and profitability analysis with cost and revenue analysis to be able to develop a business model that has sustainability.
- Development of a business plan: Describe in detail the objectives, strategies, action plans with different options, cost structure and financial projections.
- Legal registration and regulatory compliance: Learning the process of registering a new business involves not only understanding how to register a company, but also choosing the appropriate taxation regime. Legalities and regulations are just as important as a business plan as they provide legal protection for the idea. Studying the legal requirements and complying with them is the first step to ensure the proper development of the enterprise.
For the teacher, it is clear that the search for independence and autonomy also plays a crucial role in this trend. In addition, factors such as government support and the need to materialize innovative ideascontribute to the growth of the wave of entrepreneurship in the country.
- Detailed financial assessment: It is very important to conduct a thorough assessment of your financial viability. This involves understanding and applying various valuation techniques such as net present value (NPV), benefit-cost ratio, investment payback period and internal rate of return (IRR), among others. This is how the profitability and financial efficiency of your project is analyzed in different scenarios.
- Funding: Once you have clearly defined your financial needs for the project, it becomes very important to start looking for suitable sources of financing. This process involves exploring the various options available in the financial and solidarity sectors.. It is very important to carefully research the alternatives provided by different financial institutions, as each may offer unique terms and benefits.
- Developing a brand identity: When starting a company, it is very important to create a distinctive brand identity that reflects the essence and values of the business. This involves developing a name and logo that will be representative and memorable for your audience. A brand is not only the face of your company, but also a powerful tool to distinguish yourself in the market and create loyalty among customers.
- Power rating: Identify your current skills, knowledge and abilities, and identify areas to develop or acquire new skills. This includes technical skills, market knowledge, management and key business competencies. By being clear about your strengths and areas for improvement, you can prepare to face challenges and take advantage of opportunities in your business sector.
- Launch and evaluation: The process of launching your business is an important moment that marks the official start of the business adventure. When all the preparatory actions are done and the company is ready to take a step, It is important not only to start a business, but also to be ready for a careful evaluation of the obtained results. This includes carefully monitoring the company’s performance and comparing it with the goals set in the business plan.
Other recommendations include networking to connect with other entrepreneurs and professionals in your field.
Be flexible and able to adapt to changes in the market and economic conditions.
In addition, engage in continuous learning, constantly updating business and technical skills related to your industry.
Tunkhana also emphasizes having a positive mentality in the face of challenges, which is an integral part of the entrepreneurial process and conducting business with integrity and ethics, as it guarantees maturity and good relations with clients and partners.
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