Entrepreneurship Basics
Starting a new business is always complicated, and even more so for NEETs, given their situation, but that doesn’t mean it’s impossible.
First and foremost, a NEET should have an idea that stems from a desire to turn their passions into a source of income, but also from the desire to create a project that addresses a real market need.
Obviously, before launching a company, a NEET should carefully analyse his/her skills and interests, avoiding venturing into a sector he/she doesn’t know well.
To start a company with a solid foundation, you need to observe current market trends and try to understand how you can offer added value compared to the competition, for example, by:
§ innovating an existing product,
§ improving a service,
§ identifying a market niche that hasn’t yet been satisfied.
Simple business models
Starting a business is always very difficult for a NEET, but we recommend starting with a minimal investment, perhaps with a sole proprietorship or a limited liability company (LLC) with minimal capital to reduce liability.
A NEET should, however, begin this entrepreneurial adventure with something simple, without trying to create a complex business from the start, and while trying to utilize their skills and passions and seek support from all possible organizations.
It’s also important not to be afraid of failure, as failure is part of the learning process.
Some simple business models suitable for a NEET could be, for example, the following:
1. Freelance graphic designer offering writing, editing, graphic design, web design services, etc.;
2. Selling products online, using platforms like Amazon, eBay, Etsy, or creating your own online store with Shopify or WooCommerce;
3. Affiliate marketing, where they could promote other companies’ products or services and earn a commission;
4. Creating content or podcasts for blogs, promoting ads to earn money.
Idea development
To develop a business idea, as mentioned, you first need an intuition. This intuition must be developed through market analysis, solution validation, and strategic planning before it becomes a concrete project.
The key steps to developing a business idea are:
Ø Identify a problem or need, preferably one that aligns with your skills and passions.
Ø Analyze the market and competition.
Ø Test the idea with surveys, interviews, or a basic version of the product/service to gather real-world feedback.
Ø Structure the business model using tools such as the Business Model Canvas.
Ø Create a business plan, outlining objectives, marketing strategies, and financial forecasts to guide the business and attract investors.
Branding
A key element in developing a business is developing a dedicated brand, and this is even more crucial for a business founded by a NEET, who should focus on simple yet effective branding.
The steps a NEET should follow in developing his/her brand should be:
1. Define the target audience for the product or service they want to sell/provide.
2. Choose a simple, yet memorable and representative name and logo.
3. Create a visual identity with vibrant colours, fonts, and images that attract the attention of potential customers.
4. Create an easy-to-navigate website that clearly represents the brand.
5. Use social media to reach the target audience and build a community around own brand
Pitching skills
When seeking potential backers for your idea, it can be helpful to create a pitch for your business idea that can be presented to a potential investor in just a few minutes.
The pitch is simply a quick and compelling presentation of the company, designed to capture the listener’s attention and interest, allowing only a few minutes (typically 2-3 minutes, just the time it takes to ride an elevator up ten floors) to convince them to invest in the project.
A good pitch should have some key characteristics:
§ Short and concise, fitting within the allotted 3 minutes, introducing the company, the problem, and the solution the company intends to provide, as well as the market situation and the team the company will rely on to develop the entire project.
§ Clear, simple, and direct, showcasing the
§ Engaging, with stories, examples, and data to make the idea more interesting and memorable.
§ Convincing, to interest a potential investor.
A variety of programs can be used to create a pitch, such as PowerPoint, Google Slides, Prezi, Canva, etc.: the most important thing is to make the presentation exciting and interesting for the audience.