In the first quarter of 2019, 15,595 new companies were created in Portugal, according to Informa D&B. The number corresponds to an increase of 15.7% over the same period of the previous year. The data demonstrates the growing entrepreneurial drive in Portugal. Sometimes the greatest difficulty for entrepreneurs lies in their ability to develop a business idea and turn it into a business, launching the idea into the market. Answer the questions below and find out if you have the features you need to develop your business project and make it a successful business.
Is your idea viable?
To see if your business idea has what it takes and if it is feasible, it must respond to a market need that is not yet satisfied. It is also important that the entrepreneur defines what the target audience will be and the means they will need to realise their idea.
Do you know the market you want to explore?
It is not enough to have a good idea. It is also necessary to know the market you want to explore in depth. This means understanding which companies are competitors, the main risks associated with the investment, the legislation that regulates the market where you want to operate, among other things.
Do you know if you have the profile of an entrepreneur?
There are some personal traits that can help you in the process of developing a business idea. Having specialist knowledge, good work capacity, ambition and good stress management are factors that are, as a rule, associated with successful entrepreneurs. Find out if you have the personal characteristics you need to own your own business.
Do you have a business plan set out?
Having a business plan is crucial to ensure that your idea gets off the ground and is launched into the market. This document includes the main data related to the commercial and marketing strategy as well as the financial and investment projections needed to create a business. The more detailed your business plan, the more prepared you are to be able to raise funds to execute your idea.
Do you know the support that exists for the creation and development of your business?e desenvolvimento do seu negócio?
If you are a “first-time” entrepreneur, that is, if it is the first time you have ventured into the business world, it is essential to use the advice and support provided by both national and local authorities. The Oeiras City Council, for example, has the Investment Promotion Office, one of the responsibilities of which is the boosting of local entrepreneurship. In the same way, Oeiras has also had the Business Support Office since the end of last year.