Main activities of the entrepreneurial project – 3 stages with a detailed explanation of each stage

Most entrepreneurs, when they have an idea for a new project or product, have imaginary expectations and great optimism about the good results that the entrepreneurial project will achieve, but in fact, the success of the project depends on identifying the main activities of the project and on proper planning. In this article, we provide you with a detailed explanation of the activities before launching the product, the production stages, the post-launch stage of the project, and after-sales services.

Key Project Activities Before Product Launch

The main activities of the entrepreneurial project before launching the product are all the tasks and works that must be done for the product launch to be successful. This is related to understanding the target customers and their needs, marketing the product correctly, and ensuring that it reaches all consumer audiences. You can read the article What is the difference between an entrepreneurial project and a small business? 4 basic differences in the success and failure rate for both?

First, understand the problem you are solving.

Every successful project must provide a solution to a problem. A good and deep understanding of the problem you are solving is essential for any project, and most business owners ignore this part when it is very important. You should always focus on asking the following questions: Why am I doing this project? Why am I about to launch this product? What problem does it solve? Or what deficiency will it compensate for? This way, your destination will remain clear, and this is the most important thing, especially when the problems and difficulties that will undoubtedly be present begin. Find out the costs of establishing and operating a pioneering project and sales expectations at a rate close to 100%.

Secondly, identify the target customers and how to reach them.

Understanding and knowing your target customers is crucial and essential in the core activities of the entrepreneurial project. The marketing channels and methods that you use to reach one category of customers may not be sufficient for another category. Obviously, defining your target customer category plays a role in directing you and putting you in the right direction regarding marketing and allowing you to communicate with your customers better, faster, and more effectively.

You must be aware of the target customers of your project and how to reach them. While marketing your product, you must put yourself in your customers’ shoes so that you can predict how they think find the best way to reach them, and know what to offer them in your advertisement or marketing campaign. So you must determine the way to reach your customers and the content that will reach them. Based on this, you will build your marketing plan perfectly. Learn more in the article Customer Segments – The Foundation of Any 100% Successful Business Project and a Strong Competitive Plan.

Thirdly, identify competitors and provide what is better than them.

To identify direct competitors, you will need to start with your product. Your competitors sell or market the same goods or services that your startup sells. Therefore, you must understand each component of your product and know its value. By finding direct competitors, you will help yourself research your product and estimate its market value. After identifying your competitors, you must outperform them. You must learn the best marketing strategies that your competitors use to improve and use them yourself. You will also determine the best prices to sell your products compared to competitors’ prices. For more details, see the article Competitor Analysis for Your Startup Project and Study the Project’s Outperforming Top 4 Competitors.

Main activities of the project during the production phase

During the launch and introduction phase of the product to the market, we formulate the business model, which is the basic pillar of the project. It is a comprehensive description of the company from all aspects.

Create a business model

The best contemporary way to define the main activities of the entrepreneurial project is the business model. The business model represents a description of the company and how it will make profits by providing products and services to its customers and clients. In traditional companies, entrepreneurs focused on dividing the company according to functional departments. For example, we find the sales department and the engineering department. However, the business model for emerging entrepreneurial projects is something different. The business model is a plan that includes all the basic activities of the entrepreneurial project from all aspects and consists of 9 departments, 9 departments are suitable for creating a model for large global companies or small companies consisting of two or three people. Below we provide a detailed explanation of the business model and the role and meaning of each part of it.

1- Proposed value

This part includes the idea, product, or service offered and the problem you are addressing or the need your project is fulfilling. In this part, we do not focus on the features of the product offered or the new technology you are offering in your services, but rather focus more on the problem we will address because your customers do not care about the shape and development of your product, but rather focus on the benefit it provides them.

2- Customers

They are the most important part, of course, so you must conduct a careful study to determine the category of customers you are dealing with and learn about their characteristics so that you can reach them. Your project may target more than one category of customers.

3- Channels

Here it is all about how to transport and deliver your product and idea to your target customers. In the 90s, these channels were tangible, where the product was transported to points of sale, for example, but now most of the channels are virtual, such as websites, applications, etc.

4- Relationship with the customer

This particular part is related to the previous three parts as the relationship with customers is limited to three questions: How do I get customers? How do I keep them? And How do I reach more customers?

5- Income

This part of the business model is about tracking and analyzing the income generated by each of the target customer segments across the business. The income generated is calculated, not the profit. This can be calculated by subtracting the costs from the revenue generated by the customer segments of the business. In an entrepreneurial venture, income and revenue are essential. So to increase your business income, it is important to have a customer-centric approach – always keep in mind the value your customers are willing to pay for – this way your products or services will be priced fairly based on their estimated value.

6- Required resources

What are the resources needed to launch your project? The necessary capital, the necessary tangible things such as a plot of land, for example, or a building for your project or special machines, also building a website for the company is considered among the resources, in addition to the human resources, the workers you need in various specialties.

7- Partners

This part is one of the most important parts of the main activities of the entrepreneurial project. The focus should be on concluding deals with partners and suppliers. Before concluding deals, you should identify the best partners according to your company’s field based on what they offer. These are the seven basic parts of the business model for a successful entrepreneurial project in addition to the last two parts, which are the company’s activities and expenses.

Some of the main activities of the project after the product launch

After launching the product, you should focus on marketing it, and communicating your ideas to your customers is very important in our time. The largest part of marketing is online, it is one of the most popular marketing methods.

First, email marketing

Email marketing is an essential strategy to attract customers to your startup at a low cost. Once you have the email address of a customer or potential customer, you can send them emails to promote your startup.

Secondly, create a blog

Blogging is a powerful strategy that can help your startup gain the exposure and reach it needs. According to one report, companies with blogs generate 126% more leads than their competitors who don’t. By using a blog, you can position your startup as a leading source, drive search traffic to your site by linking to your blog, which over time will have a large following, and promote your product on the blog as well. Learn how to create a blog on WordPress or create a blog on Blogger.

Thirdly, social networking sites

Statistics show that over 6.7 billion people use social media every month. So it’s important to include it in your startup’s marketing strategy. As your business’s social media presence grows, more people will see and learn about it. Moreover, most social networks including Facebook, Twitter, and Pinterest allow businesses to pay to have their ads reach a niche group of people who represent your target customers. For more, read the article Is social media marketing an effective way or not to market different services? .

Finally, after understanding the basic ideas of this article, which revolve around the main activities for building a successful entrepreneurial project in all stages of the project (before, during, and after the product launch), you must focus on these steps and conduct a comprehensive study of all aspects of the project to achieve the desired results. If you want to implement your work with more professionalism and accuracy, hurry up now to book an appointment with Khutana, to benefit from our experience in this field.

Discover more articles:
Establishment and operating expenses for a pioneering project and sales expectations of close to 100%
Economic feasibility study, its importance, standards, and characteristics – 5 steps to implement it
The success of pioneering projects and 7 steps towards making glory and reaching the top

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