Turning your idea into business.

There’s process or steps to follow when an enlightenment of an idea thrust up into your head. If you are entrepreneur at heart or you dreaming to jumping into business, your mind juggles with business ideas now and then. You can test your visionary idea before embarking on the journey of launching your startup.

The first step in testing your idea whether it will work in real world is by identifying the problem you are trying to solve. Business are not out there just to make money, business solves society problems and enhances people lives. If your idea will solve society problems or enhances people lives, then you can jump into the next step of market research to find whether the market will sustain your idea.

Conduct market research. Before moving into emotional journey for launching the startup, conduct market research to find whether there’s enough market to sustain your idea into business. This is the stage to find whether there’s competitors in the market and how you are going to differentiate your products or service to able to compete in the market.

Start working on your mind. It’s is emotionally draining to launch a startup, you will face frustration as not everything will work as anticipated or planned. Access the limiting beliefs which can prevent you from attaining the success you desire.

Create a list of new skills you need to learn to make the startup success.  This helps in reducing launch up cost because instead of hiring an outside party to provide services you will be able to solve the problems without extending budget. Startups start with a tight budget especially when building a prototype or putting up services together, remember your idea exists in your mind and it only becomes a product when delivered into market and it cannot generate revenues until it launched to the market.

Create a time frame when to launch. Timing may play a role when deciding on the product or services you are planning to launch. Have in mind about your market and create a time frame which suits your market.

You have to belief in yourself and be disciplined. It takes courage to take risk and you have to be confident and belief in yourself in order to convince others.  Sometimes you will have to juggle between full time job and fine tuning the product or service before launch. Remember you are the main person to your business and you will have to put a tone of hours to nature your business, you will be connected with your startup and the heartbeat of the startup will depend on you for the startup to launch. Be ready to hold through the stress full process, and be geared to hold on when the startup does not generate the revenues for a long time.

You cannot launch a startup without the idea of how much it is going to cost. Create financial models to access financial implication of your idea. Run cost numbers and estimates revenues, access financial implications and estimate whether the numbers makes sense. This is important part of creating a startup.

Create a minimal viable product. Test your idea before putting the product into the market. This gives you chance to get feedback from the test market and fine tune your idea before fully launching the product.

You should gear up with skills to raise funds. If the idea is viable and the startup is not fully funded, luck of funds should not discourage you. There are different channels to raise funds but be prepared to hear no before hearing yes.

Build support system. Surround yourself with people who have done before and find mentors who are willing to mentor you through launching process. Stay positive and avoid the company of negative people, the time to cut off draining relations is now.

Conclusion

Never forget to scratch your idea on a piece of paper. You can never rely on your mind to remember everything you think throughout the day. Desire to define the future and solve society problems, embrace entrepreneurship as a way of life for solving society problems

Leave a Reply

Your email address will not be published. Required fields are marked *