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Published on: 16 Apr 2018 by moizraza
As your small business consultant, I am often approached by individuals who have an idea for a business and want my applying for grants when it is a good idea or not. I see that I give those people the exact same advice almost whatever their idea is or who they are. In summary I let them know “I’m sure your idea is fine. The questions you should be thinking about is how are you going to make your business successful and have you been anyone to complete it?”
So, let’s breakdown that bit of advice into its component parts. You will find three: Your idea, your strategy, and you.
In a world seemingly busting at the seams with both good and bad ideas, how does yours rate? Many first-time entrepreneurs believe discovering the right idea resembles a pursuit of the Holy Grail. It is not. The best example with this originates from the movie “Office Space” where the idea of the Pet Rock is discussed, “Sure it absolutely was a good idea odyssey. The guy made a million dollars.” Funny, perhaps, but probably not not even close to the truth. Gary Dahl, the inventor of Pet Rocks, did generate income selling Pet Rocks and even sold the rights to Pet Rocks as recently as 2009. Arguably a terrible idea, Pet Rocks actually had lots of quirky charm as the marketing around them was filled with puns and play on words. And, it was this, not the sale of rocks at incredible markups, which netted Dahl his profits.
The point is, ideas, in and of themselves, rarely have much value one way or another. It’s extremely hard to state one is good while another is bad. Most of us have that friend who shouts from their couch at commercials that the item is stupid, or that they looked at it years ago. What’s the difference between them and the person who is making all that money selling those products and/or services? Effort.
So, when considering a business idea, simply consider if you’re a fair and intelligent person who is capable of discovering a sound business idea. If the solution is “yes” then you definitely have what may be a successful business idea, regardless if it’s an excellent or bad one.
Next can be your strategy. Strategy is a funny word in the context of business because it essentially gets boiled down to presenting a sound approach. A lot of meaningless terms get used and misused on the planet of business strategy. My own favorite example is “first mover advantage.” In fact, “the first mover advantage” is often the “first mover disadvantage” as you’ll hit every roadblock on the way and others get to learn from your mistakes. Don’t let little truisms and phrases function as blocks of one’s strategy.
Consider, now that you’ve an idea, how are you going to actually allow it to be a small business? The most typical misconception here is that strategies that you have seen deployed at a preexisting business will have any bearing upon your new business idea. There is a huge difference between what is commonly called Corporate Strategy (which is what most any business that ‘s been around for a lot more than 2-3 years use) and New Venture Strategy (which is what you and your brand-new business idea will need to use to obtain started).
The newest venture strategy you utilize is paramount to the success of one’s idea. Far more compared to idea itself. But, don’t expect most visitors to understand how to play the new venture strategy game. It is unique and subtle, but may be mastered by really thinking deeply about the manner in which you will get your idea facing the folks who might buy it. “Market Acquisition” (admittedly, another overused and often misused strategy word) will be the most crucial facet of that which you do to make your idea a successful business. At the time of day one, nobody knows who you’re or that which you do. How will you plan to change that, in such a dramatic way that you can easily make a business from it?
Be sure to run your ideas by a lot of people and gain just as much feedback as you possibly can. Knowing a fruitful entrepreneur, definitely manage to get thier thoughts as they’ll be invaluable. This is also a wonderful time to master certainly one of the main rules of running any business, no matter size, which will be to make sure you are not just asking those who confirm what you may say just to cause you to happy. Critique and refining of one’s plan are the keys to carrying this out part right.