Frida is a business coach at Innovatum Science Park in Trollhättan, where she supports "startup companies" and creates the conditions for them to succeed with their business idea.

Frida, what do you think is most important to create the right conditions for succeeding with a business idea?

There are many factors that come into play if you are to succeed in building a scalable company with growth and profitability. The most important are

‍Unique business idea - Your business idea should be unique and fill a need in the market or solve a problem in a new way. It can be a new product, an innovative service or a significant improvement of an existing idea.  

‍Customer validation - It is important to do a thorough market research to find out if there is a need in the market for your product or service. A common mistake many make is that they start producing or building their service before checking what customers are looking for.  

‍Business plan - You should have a business plan that describes your business idea, target group, competitive situation, market size, marketing strategy, sales forecasts and financial plans.  

Adaptability - The market and business environment are changing at a furious pace, it is important to be flexible and constantly adapt to new circumstances and challenges.   

What do you contribute in your role as a business coach?

In my role as a business coach, I follow the companies from early idea to a scalable company. My role as a coach changes during the journey, in the early phases a lot of focus is placed on customer validation, IP protection, building teams and opening doors. When the company has found its target group, a lot of focus is placed on offer, pricing and packaging in combination with us working with the financing strategy. Most companies need to seek external investment to be able to afford to scale their company.

Where do you find your driving forces and has entrepreneurship always been close to your heart?

I am driven by sharing my knowledge and helping others forward, this applies both in my role as a business coach and in private contexts. I started my first company as a 28-year-old and have since then started a number of different companies, sold companies and invested in companies. I have never wondered if I would become an entrepreneur, that gene is probably in my DNA.  

If you were to give three tips to someone who wants to realize a business idea, what would they be?

The most important thing to think about is what driving forces you have. It is important that the business idea is something you are really passionate about. You should be aware that in the beginning it requires both blood, sweat and tears and that it can take a long time to start making money on your company.
If you have finally come to the conclusion that you really want to invest and believe in your idea, the first step is always to validate the customer, ie you should investigate whether there is a market that is as excited as you are.

 

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