How to Take Your Idea From a Thought to a Revolution
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So, it starts always with that germ of wanting to do something different, wanting to ‘create something extraordinary’. And then you kind of start digging, and as you start digging things reveal themselves one step at a time. The hallmark of a true entrepreneur is the ability to recognize a great idea, and the subsequent clarity of vision to turn this idea into full-fledged businesses. To that end, here are five essential steps to take in order to convert an idea from a thought in your head to a revolution that will reshape the business landscape:
Build Upon Your Idea
You’ve come up with an idea that you believe has the potential to change the world. That’s brilliant. But it’s what happens next that defines the success or failure of a new venture. The first step is to verify some big stuff- is the timing right for your idea, is there a viable market for your idea/product, why do you think it will work and what are your unique advantages, etc. Once this is answered, the next step involves building a framework for a viable business model and defining the structure, goals, and timeliness of the new venture. This strategic roadmap will serve as a template for the future running of the business, and allow you to gauge whether you’ve succeeded in meeting the targets you had initially set for yourself.
No budding entrepreneur enters the marketplace with a full-fledged, perfect business plan, which will be followed exactly as is. And that’s completely normal. An idea, when first conceived, is essentially a lump of coal. It takes a great deal of shaping, refining, tweaking, and testing before it’s finally ready to emerge as a diamond. In order for that to happen, you must be willing to allow a host of different factors to alter elements of your initial idea while ensuring that it retains its core essence.
These factors include the results arising from intense market research, the inputs of various collaborators, and the ground realities of the market you’re about to enter, all of which have the ability to fundamentally affect the final outcome. But once these disparate elements have been incorporated, your idea is finally ready to emerge in its truest form.
Assemble a Team
The phrase ‘no man is an island’ has never been more apt than when applied to the starting of a new business. No matter how talented, passionate, and committed you are to an idea, you will need to assemble a team in order to make your vision a reality. Leverage your network, reach out to your contacts, and put together a group of talented, trusted individuals that you look forward to collaborating with on a daily basis. They will act as your support, provide a fresh pair of eyes, and potentially help you build something even greater than your initial vision. This is very key.
Secure Your Funding
You have to spend money to make money, and the initial stages of a new venture are always the costliest. While you may be capable of financing a venture with your own savings to start off, it’s crucial that you secure a steady source of funding at the earliest. These sources can include seed capital from your family and friends and loans from third parties and banks. Depending on the amount needed, you can consider approaching angel investors and venture capitalists for an infusion of capital, in return for a percentage of your profits and a say in the direction of the business.
Don’t Give Up
Building a business from scratch isn’t a task for the faint-hearted. As you progress on your journey, you will face a host of unexpected and seemingly insurmountable problems. It is your reaction to these difficulties that determines the ultimate fate of your idea. Ignore them, and they will continue to grow till they overwhelm you and cause the business to fail. But tackle them head on, and allow yourself to seek new solutions and avenues, and you will live to fight another day. The choice is ultimately yours.
Ultimately, an idea is only worth the time you’re willing to devote to it. Once you’ve committed to changing the world through your idea, give it your all – you might just end up sparking something very unique.