The entrepreneur roadmap in the experience of Gustavo Mirabal entrepreneur

Entrepreneurship is a challenging activity that requires multiple skills and is complex. However, people who enjoy challenges find great pleasure in entrepreneurship. Thanks to his entrepreneur roadmap, Gustavo Mirabal is considered a serial entrepreneur.

The great passion of the “Gustavo Mirabal entrepreneur” for challenges and for constantly learning have made him a guru of entrepreneurship. That is why today we will show you the path of Gustavo Mirabal in search of one of his ventures. Through his life experience and his story you will discover “the entrepreneur roadmap “.

The roadmap to success of a entrepreneur can vary depending on the industry and individual circumstances. But there are general principles that are key for entrepreneurs to increase their chances of success. Today you will see exemplified those general principles of entrepreneurship in the life of Gustavo Mirabal as an entrepreneur. The entrepreneur roadmap of Gustavo Mirabal will be exemplified through his 3 most important ventures: his equestrian business, his law firm and his family office.

Without further ado, let’s start with the first step that any entrepreneur who wants to taste success should take.

 

1. Develop a Clear Vision and a Defined Purpose

Gustavo Mirabal knew from a very young age 3 things: That he loved horses, law and business. Gustavo’s vision of his possible ventures matured along with him.

First it was the love for horses. From the age of 11 he began to ride horses in the club where his family had a stake. From that moment on, he knew that he wanted to work with horses because he enjoyed it, and his hobby became a purpose. To train horses that would compete, win and help him to leave the Venezuelan flag high.

With that clarity he began to train as a rider, but also to know every aspect of the business.

Then came the love for the law, inherited from his father. He soon learned that the laws were the key to many doors and to defend himself. With this in mind, he thought not only of practicing law but also of bringing together the best lawyers in the world in a law firm. In this way, they successfully defend their clients.

Finally, when developing a heritage of some importance, he discovered that managing a heritage, and especially preserving it, was complicated. This is how he first personally developed knowledge of financial advice. But with it came the golden opportunity to advise other people with their finances, within the framework of the law. Cases of defrauded or poorly advised athletes who ended up in prison due to tax problems reaffirmed this belief.

Gustavo thus discovered and gave shape to each of his entrepreneurial visions. He did this by defining what he wanted to achieve and what he looked like in the long term.

Tips for Developing a Clear Vision and a Defined Purpose

• Mission Clarity: Clearly define what problem your venture is solving and why it exists. Having a clear mission will keep you focused and motivated.
• Long-Term Vision: Project where you want to go in the future. This will help you make coherent strategic decisions aligned with your long-term goals.

2. Market Research

The first question an entrepreneur should ask himself is “Is what I want to do a necessity for other people?”, and the second is “Are there people willing to pay for it?”. Many startups have great ideas, but they don’t check to see if people are willing to pay for it.  There is an additional question, but we will see it later.

On the other hand, many of them do not contrast the competitive situation. If there are many competitors, it is a symptom of the existence of a good market, but many competitors imply greater difficulties in entering the market. On the other hand, the absence of competitors does not imply the non-existence of a market, but the development of a market is required for potential customers to recognize the satisfaction of their need.

One of the first things Gustavo Mirabal did before starting a business in each of the markets he ventured into was to validate if there was a demand. The three questions you need to ask yourself to walk the entrepreneur roadmap of Gustavo Mirabal are:

• Are there people or companies that need what I offer? (What?: Product or service).
• Are people or companies willing to pay for what I offer them? (How?: Free or paid).
• Can I deliver the product or service they need at a competitive price that users are willing to pay for? (How much?: I can cover costs or I can earn money).

In the horse breeding segment, people who are dedicated to this field are willing to pay, but you require a reputation. The reputation of his father, Gustavo Mirabal Bustillos, who was a horse breeder, and his career as an amateur rider were an endorsement. But as it did in other markets.

Gustavo Mirabal and his entrepreneur roadmap in the legal and financial advisory markets.

In the financial advisory market, things were not so easy. However, he found that many people who are not willing to pay for financial counseling do not take it into account either. Those who were truly interested in finance were willing to pay for it.

Each market has its own dynamics and therefore success in one field does not guarantee results in another.

In legal advice it was easier because in those cases the need is more tangible and imperative. The difficulty came in the process of differentiating themselves from the rest of the law firms. Choosing legal advice in tax and financial areas was a big decision. This made it be in a niche that has less competition.

Let’s look at some tips for conducting our market research.

Tips to know if there is demand for what you want to offer

• Know the Customer: Study your target audience in depth. Understand their needs, wants, and problems. This will allow you to develop products or services that really add value.
• Competitor Analysis: Identify your competitors and analyze what they are doing well and where you can outperform them. Find your competitive advantage.

3. You need to validate the idea of entrepreneurship:

To be able to start a business, you have to be able to adapt quickly. If you have an idea you need to know if this idea can satisfy the need in the market, for this you can resort to various strategies that allow you to know if your idea has a future.

This point will be key to know if:

1. You must continue with the venture.
2. What elements should you polish in your idea.
3. You must continue with the need to be addressed, but change the approach or your idea.

Idea validation strategies

Here are some of the key strategies to validate your idea:

• Consult experts: If you think your idea cannot be stolen because it requires significant know-how, go to them. If you think that your idea could be executed by experts, you should be careful. However, experts can help you spot weaknesses in your idea so you can strengthen it or even help you dismiss it altogether.
• Conduct a Focus Group: A Focus Group can allow you to present the idea, a prototype, a sketch or a basic product to a sample of the market. They can help you decide if it meets their needs and what attributes they may need to incorporate. But most of all, how much they’re willing to pay to solve their problem and if this goes into the cost of your product.
• Prototype or Minimum Viable Product (MVP): Before investing too much time and resources, develop a simplified version of your product or service to test in the market. Get feedback from real customers and adjust as needed.
• Rapid Iteration: Accepts that the entrepreneurship process requires constant change. Evaluate your customers’ feedback and improve your product continuously.

At this point, you should use the market research tools you have at your disposal. Not all of them will be suitable, but those that allow you to receive early feedback from the right audience can help you decide.

Validating the idea is part of market research, but already exposing your idea to others to polish it.

The entrepreneur roadmap of Gustavo Mirabal

A successful entrepreneur roadmap in the experience of Gustavo Mirabal is arduous and full of challenges, but with careful planning, the ability to adapt, and efficient execution, it is possible to achieve sustainable growth.