FROM IDEA TO BUSINESS AND PROFIT

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.

·         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.