“Good ideas are common – what’s uncommon are people who’ll work hard enough to bring them about.” Ashleigh Brilliant
In researching for this blog, I was surprised to find so many articles on entrepreneurship on the internet. I wanted to feature some areas that would make you think twice before starting on an “Idea to reality” journey. Certainly self-confidence is very important. The belief in oneself that you can not only start this journey but can see it through to completion.
However, one of the largest drawbacks in this journey is risk. There is risk in almost everything we do. How many people do you know that are very talented at what they do and you wonder why they are not in their own business? They may be risk averse, that is, not willing to try. Maybe it’s fear of failure, or the fact that the odds do not favor the success of start-up entrepreneurships.
Before you even start to pursue a plan, you really need to do some market research. Is there a market for your idea? Just because it hasn’t been done, doesn’t mean it’s a bad idea. Remember that many of the products and services that are enjoying success today, did not exist a few years ago. Some filled a void, some created a whole new demand.
Then there’s capital. Do you have enough capital to sustain you for at least one year? If need be, can you successfully pitch venture capitalists or your bank to help you? Even if you think your idea has wide appeal, it makes sense to start small. Here’s why. By focusing on one market to start, you can tweak any parts of your marketing or business plan to make it smoother and more workable. Then you can roll it out on a larger scale, with any major kinks gone.
You need to work out the appeal of your product or service. What about it will catch your audience’s imagination? Is it how it is used, the name, the packaging, or the promotion? Depending on the scope of the appeal, social media may be your best media to promote the product or service. All these things come into play. Who would have thought just a few years ago that bottled water would replace most of the soft drinks to be the leader in that market?
When you get an idea you think merits further investigation, see if it will fit into a business plan. If possible, compare your product or service to competitors. List the benefits of your product against competitors and see where it lands. Keep in mind, the benefits do not have to be about the product or service. There are other business areas where you may stand out. However, in most cases, it is benefits that win the day!