Preparing an idea for business
Content provided by a guest contributor.
Ok, so you have a great idea. In the early hours of the morning this idea has the potential of Google as it floats around in your semi-sleep state. You wake up and write it all down with flow diagrams and income streams all neatly defined. Now what?
Taking an idea from concept to reality is what makes us Entrepreneurs. People who are able to think in solutions and not problems. Living out of the box takes energy, courage and risk, but this is what makes change happen. We are the ones who move the cheese.
Here are some simple questions to explore when next you have an entrepreneurial epiphany at 3 am.
- Is this concept still real once it has been written out?
- Is there a need for this concept in the current or near future market?
- Is there a want for this concept in the current or near market?
- Can a need or want be created for this concept?
- Is the technology currently available to realize this concept?
- Who else is currently doing something similar?
- How is your idea different to theirs?
- Who can I chat to get a second opinion on this concept?
Knowing the answers to these questions will assist in placing your concept on the road to reality. On the other hand, here are some points of warnings to be followed:
- Never share new ideas with your mom, she will always protect you from change and say no.
- Never share new ideas in a pub or braai once you have had a few frosties, it always comes out wrong and others could steal your ideas.
- Never go to market and announce your brilliant concept at the next networking event without having done any research.
- Do not make a website and print business cards until a full feasibility study has been done.
Always Google the idea before thinking you are the first, even the wheel was invented in 6 different places around the world at the same time. Make sure you have a solid platform to stand on before you begin shouting, you do not want to end up on YouTube idiots of the week show.
Bruce Wade is a survivor of the corporate IT world, having spent 20 years in various computer related fields. Bruce graduated into the world of self-employment and developed a passion for helping others develop and build their own businesses. Bruce now runs the Entrepreneur Incubator; a member based organisation dedicated to serving SMEs through coaching, mentoring and leadership education.