The dream of doing business lies in the eyes of many but it takes passion, perseverance, and patience to make this dream into reality. We have people who have ideas building in their mind but what's unfortunate is that these ideas die the death of lack of guidance, resources, and information. It is easy to come up with an idea but what's difficult is converting this idea into reality, however, it's not that difficult too. There is a possibility that you are making some common mistakes which you have turned a blindfold on; so here I have a few points that you need to take into consideration to convert your idea of doing business in reality.
Let's get started:
1. Having confidence in your idea - This is the most important step to let your idea take the shape of reality. If you will not have confidence in your concept, you cannot make the person in front of you have confidence in the same. Believe what you are selling is right and things will start brewing up.
2. Market Research - Many a time it happens that we get swayed away by praises. You would have often heard people saying that your concept is superb, this idea is going to rock the market but my friend, starting a business and launching a project is not just about a good ide,a rather you need to the need analysis of the market where you will project your brand. If the market is already saturated you might face trouble creating an impact and may not receive the right kind of response that you are expecting. So, make sure that you do a thorough market research before going ahead with our plan's execution.
3. Have an advisory board - You might have a good idea but that is not enough, it needs the security of expertise and hence, it's advisable that you have an advisory board in your office. It can be of people who have experience as an entrepreneur or know about the kind of product or service you are going to offer. They will give you the right set of advice and will suggest you with dos and don'ts of the business.
4. Sell your vision - In order for you to convert your idea into reality, it's important that others also comprehend your business idea. You need to define value proposition, how your business will help will generate revenue. Selling ideas without value proposition will not fetch you investors trust. Watch Shark Tank for better understanding.
5. Use Jim Collins approach, first fire bullets then cannons - Try investing in testing ideas in small proportion before diving in with full fervour. This will help you understand the impact of your product and how well people accept your concept.
These are just ways that will help you make your idea of business come into reality but what even more important is a passion to make your business successful. Many times it happens that people start their venture with full enthusiasm but with the passage of time, they start losing interest primarily because of right response, poor market condition and other external factors but, in order to emerge as a successful entrepreneur it's important that you rise above all odds to outshine as an ENTREPRENEUR.