The successful Chilean companies of the food sector, Living Juice, and Niu Sushi began their ventures with a novel idea: to offer different food alternatives.
However, on the way, they suffered missteps and difficulties, but they also learned from their mistakes. Today, consolidated businesses are successful.
What was the key to its success?
We asked the co-founder of Living Juice, Francisco Leyton, and the partner and Innovation and New Business Manager of Niu Sushi, Paul Kisiliuk, to share their main tips so that an enterprise has more options to achieve success.
We present them below, from the most basic to the most complex.
1. Avoid falling in love with your idea
It is one of the oldest tips for entrepreneurs in the world and is still valid because it is not enough that the idea is good. It will be their execution that determines the success or failure of the business.
Keeping the idea under seven tricks for worry that another person takes it may wind up choking the business. The even more feedback you obtain, the more you comment as well as reveal your first prototypes to vital analyses, the quicker you will comprehend if you are on the ideal track or need to remedy your plan.
3. Save before undertaking
Any type of first investment is complicated, especially if you do not have adequate funding. For that reason, it is important that the business owner has a financial cushion of his own that allows him to have space to maneuver. As Francisco discusses, “after that you start fretting about reducing the threats and also finding a way to produce sources as quickly as possible, with less threat of shedding and making errors cash that you cannot afford to lose”.
4. Plan every detail
In the case of Living Juice, both Francisco and his co-partner and wife, Florencia, were clear that to operate they had to access a technology that allowed preserving the juices for 30 days, instead of three.
However, opting for this solution was far from your pocket at first. To achieve this, they planned the entire business development strategy to have that instrument. “It was the main challenge and for that, we worked on a lateral strategy to scale, by means of which we created a parallel company that provides services on how to occupy this technology”.
5. Think long term
Striving is not nearly enough for entrepreneurship to function. All that effort is going to waste if the business leaders do not have a long-lasting suggestion to lead them on the road.
Imagine in five and ten years allows Francisco and Florence to react in time to unforeseen events, new projects, and difficult decisions. “Noos always asks the question and we always have an answer, although this can change over time. That consistency has allowed us to trust customers in our quality and create our brand. “
6. Avoid saying yes to everything
Many times an enterprise is tempted to say yes too many things to attract more customers generate more sales or grow fast. Especially during their incubation and development cycles.
However, this strategy is unsustainable. Leaders must make decisions that make sense with the business plan and that strengthen both the present and the future of the product or service in question.
7. Test your business
No entrepreneur wants to listen to that his idea is bad. For that reason, asking a third party to evaluate the integrity of this is a difficult choice. Yet needed.
And what better than this evaluator is a recognized entity and in charge of fostering the ecosystem of Chilean entrepreneurship such as Corfo.
According to Francisco de Living Juice, applying for a line of financing from this government agency is an important filter, especially because it requires entrepreneurs to structure their business plan and present it in an efficient manner.
“Postulen, although Corfo says no. If so, it’s for something, because he’s been in this for years. Possibly reject an endeavor because there is a lame leg, and this is useful even if you intend to undertake only with your savings; it can help you avoid losing that money. “
8. Do the math
Total Income is one of the basic indicators that companies occupy in their accounting. It is also the most drastic metric to show if the business works or not.
Total Income = Amount (q) x Price (p)
If the figure is low, it means that the scenario is not the best or the model does not perform. “You have to do this math always. Even if you think your idea is the best, “says Paul de Niu sushi.
9. Bet for diversity
The key to Niu Sushi’s success lies in its diversity: from the novelties that always appear on its menu to how it manages its more than one thousand workers throughout Chile.
Testing and also exploring originalities regularly enables you to be in continual enhancement.
“We tested many solutions. We make pilots of different projects constantly. We take ideas in all areas to meet; we discuss them and give you the opportunity to try it quickly and cheaply. We experimented enough. Avoid letting us be, “adds Paul.
10. Become well-connected
The dispute is unavoidable in an enterprise that has greater than one partner. This is normal and also expected. However, for this relationship to function beyond private differences there needs to be outright self-confidence in what the other is doing.
The key is to avoid accumulating problems and discuss them openly in time. As if it was a couple of relationships.
For Paul de Niu Sushi, this trust between partners would be easier to achieve when they complement each other in skills. “The diversity of the partners, who have different capacities and who like doing what you do not, is crucial. It makes day to day something difficult because you have to live with visions very different from yours. But in the long run, it contributes to success. “
Both Living Juice and Niu Sushi started as start-ups. Each suffered its own difficulties and stumbles in its infancy. In both cases, their partners knew how to react in time, took note of their mistakes, learned the lesson and followed the course.
Today, they are consolidated businesses with a history worthy of counting and sharing in the ecosystem of local entrepreneurship.