What was the last great business idea you had? Do you remember it? What did you do with it?
You have probably told a couple of friends or your spouse, and let the idea fade away without taking any effective action to pursue it. Yes! there is a risk about other people stealing your idea, so you kept it to yourself thinking you’ll pursue it someday later? Is it? But for most of us, that someday never comes.
“The average person has four ideas a year, which if anyone is acted on, would make them a millionaire”
Imagine the ideas been generated over the year? But out of that how many people dare enough to take some action, and how many out of them will keep sticking to it?
The percentages are lower than you think. Because you haven’t taken any action so far. Have you? So how many of the rest do you think have done something regarding their own ideas? Why do you think we all aren’t millionaires yet? We hope these few questions made you think. So now that you have enough motivation, let’s look how to proceed further.
The good news is that a great business starts with a great idea, so you’re already well on your way.
Once you have figured what’s the best for you, and you will pursue upon this. Following are few fundamentals to get your idea in motion.
1. Figure out what problem is being solved
“Many businesses claim to have solutions, but what specific problem are they really eliminating?” This will make you have a wider idea about what is on your mind.
2. Find your market
One of the biggest mistakes start-ups make is the failure to get people to understand and want the product or service. Don’t blame the market. Instead, figure out what they find compelling.
3. Find your support
By support it can be either business partners or the entrepreneurs. They can act as support, and provide evidence to others that you actually have a good idea while talking to experienced entrepreneurs will love to share their knowledge with you. It will be more practical learning than the degree you already have.
4. Create a financial model and plan the first phase
Then, to verify your projections, create another financial model that is “top-down,” which examines the size of your market and what goals you need to reach to turn a profit. Create a “bottom-up” financial model that focuses on how your product or service is created, marketed, and sold to an individual user. Doing this will give you more insight on how your business will function.
5. Figure out your source of capital
6. Stay positive
It will not be the same idea which you started, it may have been diverted. But a few changes do not mean that your idea wasn’t a good one. This is merely the first of many adjustments in your plan. And People will question your ideas and your business, but if they don’t believe in your ability to overcome it, they are perpetuating their negativity into you. Yes! There is no guarantee for success but it’s all about your mind-set.
“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.”
– St. Francis of Assisi-
Finally, Some people hang back trying to perfect their plan, and then end up spending more time on planning than actually running the business. Successful entrepreneurs don’t wait for the perfect moment, they create it. Good luck with your new business!