In the modern, connected, and globalized world, there are countless industries that propel life forward. From specialized medical equipment to old fashioned farming, each industry is vibrant with innovation, change, and evolution to maximize profit, push boundaries forward, and spearhead business. Entrepreneurs are powering these innovations, and driving the modernization of industries through the manifestation of carefully constructed concepts. Entrepreneurs like pharmacy management expert Raef Hamaed are implementing their business savvy, inventive ideas, and strategic development tactics to successfully launch business ventures that evolve specific arenas. According to Hamaed, creating a meaningful, needed, and successful business starts with conceptualization.
Is There a Need for a Product or Service?
Even the most prolific ideas can get left on the cutting room floor if there is no practical application for them. While it may sometimes seem like every idea in the world has already been thought of, this is certainly not the case. In every industry, there are ways to streamline operations further than the status quo. There are ways to maximize profit through automation. There are moments that elicit the potentially inspiring thoughts, “I wish a tool existed that could do this.” These specific opportunities, holes in service, and chances for evolution can be the inception point for a successful business idea. With this in mind, Raef Hamead often encourages budding entrepreneurs in their respective industries to consider whether or not there is an existing need for what they are offering.
No matter how brilliant the product or service is in theory, it has to be desired, sought after, and adopted by the intended recipients of the product or service. Thus, fledgling entrepreneurs must ponder whether their product is needed, and research how successful implementation of this product could change the intended industry.
Research Competition and Industry Status Quo
In order to avoid repetition and redundancy via oversaturation of the market, entrepreneurs need to research competition early in the conceptualization stage. According to Hamaead, this is the best way to figure out what products and services are needed, where holes exist in service, and whether or not competing upstarts are aiming to produce similar products. Understanding the proverbial in’s and out’s of an industry also allows entrepreneurs to discover what areas could be improved upon.
When researching the backdrop for his own management business in the pharma industry, Raef Hamaed knew that he had to exceed the expectations and status quo accepted within the industry. Thus, he extensively researched the existing pharmacy model to determine the most important facets of operations, and sought to improve upon those operations. With a goal of providing an elevated customer service experience, and better accessibility, Hamaed built his operational plans and expectations on how achieving this goal would set him apart from competition. Patient care and customer service was the starting point, with exceptional care, and patient education being the differentiator for Hamaed’s model.
Master a Specialty
When developing a concept into an actionable plan, entrepreneurs sometimes daydream of vast operations and large-scale concepts. However, in order to set a particular business apart from competition, specialization is sometimes the key to success. By perfecting a specific niche service, product, or offering, entrepreneurs can present their plans with authority, leadership, and a carved out space in a very specific arena. By leading the charge within a hyper specific area, entrepreneurs can establish themselves as a credible authority in a niche arena. When launching a new product or service, this specialization can go a long way to driving inaugural success.
After declaring his specific intentions for leading his business with patient education, and elevated customer service in mind, Raef Hamaed recognized the potential in specializing his offerings further. With his business concept focused on patient education, Hamaed set forth to educate himself, his staff, and all team members about niche specializations in the industry. By focusing on specializations like fertility and animal health, instead of a wider array of healthcare topics, Hamaed’s team was able to become an authority on these specializations. Thus, they could then successfully and authoritatively pass on their knowledge to patients, consumers, and other industry personnel.
For entrepreneurs looking to specialize within a niche field, Hamaed suggests considering where the most impact could be made. The successful business leader urges budding entrepreneurs to consider what subsections of their industry are lacking in specialization, and to pursue the mastery of these niche areas.
Bring on a Successful Team
In order to successfully build a knowledgeable staff and leadership base, Hamaed recommends recruiting like minded leaders, industry specialists, and individuals committed to the successful inception of the concept. In his own experience taking a business from concept to execution, Hamead swiftly recognized the importance of building a strong leadership team, and ways in which doing so was helpful with the process of conceptualization. By surrounding himself with experts, leaders, and committed team members in the beginning stages of business development, he was able to ensure that his team’s goals aligned.
To replicate this idea in any industry, budding entrepreneurs should seek to bring on individuals who can share in the vision for the company. Bringing these people onboard early in the development process can help to speed up the process, streamline the process, and gain early success by harnessing the power of a devoted and capable team.
Develop a Desired Corporate Culture
Entrepreneurs and business leaders cannot take on every facet of business development independently, and must rely on the dedication, commitment, and excellence of inaugural team members to bring a concept into fruition. This is why Raef Hamead suggests placing importance on the initial hiring process, and developing an intended corporate culture in the conceptualization stage of business development. By setting the stage for expectations, workflow, and general office culture, entrepreneurs can foster the energy, relationships, and conditions that will be conducive to inaugural and long-term successes alike.
In order to successfully set the tone for future endeavors, Hamaed suggests considering things like the availability of ongoing training, proactive communication, and the development of roles and responsibilities for positions that may not even exist yet. In an upstart environment, professional chaos can often exist. As leaders scramble to put team members in their positions, and develop daily operations, inaugural team members may often feel the stress, disruptions, and discord in a startup setting. Thus, by establishing guiding principles in advance, entrepreneurs can help to alleviate the initial turmoil that often accompanies the process of bringing a business to life. Not only will this make inaugural team members happier and fulfilled in their roles, it will increase productivity, output, and hasten the development process.
When developing any business, the conceptualization stage is integral to the eventual success of the business. From a small entrepreneurial venture to a global service, prospective business ideas require generous conceptualization, thought, and planning. From harvesting an initial idea, to researching the viability of this idea, budding entrepreneurs can create the framework for a targeted product or service. Specializing within a niche industry can further bolster chances of success. Finally, creating the infrastructure for a thriving corporate culture, and setting up a leadership team can become markers for success. For business leaders and innovators like Raef Hamaed, planning and conceptualization is key to a successful launch.