This is the first installment of a series of tips to entrepreneurs in the form of audiovisual pills that he will give Patrick Hunt, managing partner of Intelectium.
Often, professionals feel an urge to undertake. But they doubt which sector is most suitable for this. The solution is simple and complicated at the same time. Our opinion is that the best thing for an entrepreneur and their investors is for them to undertake in an area they know, in which they have experience. And we say this for three reasons: 1. When you know an industry very well, you're more likely to have a deep understanding of the issues most relevant to customers. Therefore, if you are able to attack a relevant problem, the chances of success are significantly increased.2. In addition, If you know this industry in depth, you are also better able to get an idea of how many people have these relevant problems. We all know that for a business to be really good it has to be able to scale, and the first requirement for this is that there are a lot of people who need your solution.3. If you don't know an industry, you'll most likely make a lot of mistakes along the way. And it's not that making mistakes is a bad thing, in fact it's the best source of knowledge, but Learning everything while you're a business is very expensive. Both in time and in money. If you already have knowledge about suppliers, production processes and customers, you can go faster, saving time and money and, above all, avoiding silly mistakes. In addition, you can invest those resources in marketing and sales instead of spending them on finding and testing suppliers or learning how to manage the production chain. And what happens if you're a very young person and you haven't had time to gain experience in any sector? In the United States, there are some very particular incubators, aimed at entrepreneurs with a very high-level technical profile but without knowledge of a particular industry. These incubators are responsible for giving entrepreneurs this knowledge, and they connect them with a large number of experienced entrepreneurs and senior executives. In Spain there is no incubator that meets all these characteristics, but little by little they will appear.
