Key To Any Successful Entrepreneur
A new idea is generally a new network pattern that forms in our brain. A light-bulb moment or a Eureka moment is generally when a brand new thought hits the mind and the person who conceptualizes it instantaneously falls in love with it and at times even goes to the extent of investing most of his hard earned funds to get that thought materialized.
Many ideas just pop into the head of a person during a lifetime and it is all up to him/her to take the initiative to back that whole idea and formulate steps to put the thought into practice.
An Innovation is possible only when an idea is incubated and steps are taken to chart out the plan of action to get the plan off the drawing board. The steps involved in making an Idea a reality is as mentioned below:
Recording and Reviewing
The first and most important step is to maintain a record of the ideas that strike the mind. Once the idea is taken down on paper, reviewing that very piece of information is necessary.
The percentages and fundamentals of the idea being a success should be thought off. Moreover an idea can be a group of thoughts that constantly come up after the first hint of the primary thought.
So, continuous updates to the idea should be made in due course of time in order to make the idea full-proof and to cut down the weaknesses one by one.
Analyzing and Planning
The next vital step is to get the analysis of the right idea. Attempts to construct a business plan around the idea should be taken. Stop keeping the idea a secret and start talking to people; getting their valuable inputs on the same.
Initiating a casual conversation about the concept is one of the best ways to get honest feedback. After a thorough analysis of the idea, the focus must shift to plan the implementation steps of the idea.
Get to the business plan in detail and streamline the most realistic approach to make your idea a reality.
Deciding On Ratio of Research and Investments
After getting the detailed structure of the idea in hand along with proper planning, the extent of research needed should be decided.
The decision to spend more time on researching, searching for loopholes and strengths in an idea or to start investing funds in order to implement the idea should be thought off in detail.
Getting a hold of a decision and standing by it till the end is always a tough task. So, the proportion of research work and investments should be decided in order to keep the idea afloat.
The success of an idea is obviously directly proportionate to the revenue it generates. The extent of time and effort invested into an idea does not count unless and until the idea starts fetching some funds.
Hence, it is important to get the idea manifested with the support of the right and talented people. Recruiting or taking assistance from individuals with the right mix of skills is essential to get the idea off ground. Allocating funds towards different activities needed to implement the idea is essential.
Once the idea sees initial investments or infusion of funds, it is time to share some part of the information with fellow entrepreneurs and colleagues.
Getting hold of a realistic picture of the idea is essential along with a pinch of inspiration which one can get as pieces of advice’s from other successful entrepreneurs.
Every single individual is attached to his/her idea and always considers that very thought to be a multi-million dollar business solution.
This factor at times helps an Entrepreneur to go ahead and implement the idea, but at the same time; getting emotional and not paying attention to the facts is not acceptable. One should always get continuous feedback and act accordingly.
Just as getting the idea materialized fully, pulling the plug on the same at the right time is also an equally legitimate solution if the situation demands off it.