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| Oprah Winfrey |
Most entrepreneurs have lots of innovative
ideas. And 99% of the ideas do not materialize. That in itself is not such a
problem until you begin to lose out on ideas that could have turned out to be
massively successful. Here are some pointers on what you need to do to make
sure that you maximize the potential of your ideas.
WRITE
THE IDEA DOWN
This practice in itself can increase your
chances of succeeding. Whatever is not written down does not have the mandate
to become reality. The psychology of writing places obligation on the
subconscious to demand action.
Writing your idea down also helps in
sticking to the original idea or monitoring its metamorphosis. That means the
only way you can be faithful to your original idea is by writing it down. And
if the idea requires a process of metamorphosis in order to increase its
chances of achieving your mission, then writing it down will help you to track
and manage those changes without losing the idea to the pressure of change.
BRAINSTORM
THE IDEA
Brainstorming opens your mind to further
possibilities locked in your idea. Do not be afraid to share your ideas with
your trusted colleagues or friends and be open to their suggestions and
input. But be careful who you tell about
your idea because there are idea vultures who may go ahead and implement your
vision without consulting you.
RESEARCH
Research is key in business. You have to be
curious about the projected market, the numbers, and the kind of cash flow you
expect. Use the internet, talk to people in similar business. Talk to potential
customers.
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Will it make things better?
·
Will it solve a problem?
·
Will it make things faster?
·
Will it cost less?
·
Will it add value to the
customers’ life or business?
·
Will it be preferable?
·
Will it be profitable
BEFORE
YOU FIND MONEY FOR YOU IDEA, FIND A MARKET FOR IT
The only way to succeed in business is to
make sales. Therefore top on your priority list should be “where will i sell
it?” If you can have an order before you get the capital, the better.
CRITIC
YOUR IDEA
Do not be overly confidence in your ideas.
Subject them to criticism. Can you use it yourself? Can you pay for it at the
price or would you appreciate it better at a higher or lower price? Is it
better than current alternatives?
QUALITIES
OF A GOOD IDEA
Need: more people will need it
Cost: more people will afford it
Location: more people will access it
Ideas also fail when -
Timing: Moving to fast or too slow.
Pricing: Too expensive or too cheap
Location: To far, inaccessible.
