What do you do when you have a great idea and you are absolutely sure that it is a great idea? You run to the market with it?
Not so fast. That is the reason why many businesses crash before they have even had the chance to fly. You should subject your idea to the litmus test. First of all, write your idea down, in as simple terms as possible, then answer the following questions
- Is your idea an answer to a need?
- Is it unique?
- Is it sustainable?
- Businesses are for those who take risks. Are you willing to take the necessary risks?
You should be honest with yourself at this point, critique your idea thoroughly and if you are still determined after answering the above questions that your idea is one to run with, I’d suggest you go further and run your idea by someone you trust – a mentor, someone who has experience in the field you are venturing into, a friend who will tell you the truth. If the second opinion from a trusted source says ‘go for it’, then indeed, go for it.
And then again, not so fast…
Let’s take it a step further, your idea has passed the first stage but that is not all to it, this is when the work starts. First of all, you need to consider funding, at this stage, many people give up on themselves because funding can be quite tricky. Here’s my thought on funding
- On my part, my first option would not be taking out a loan. Early-stage businesses should not have to bear such a huge weight.
- Why not try partnering/collaborating with an investor. You will be surprised by the number of people that you could collaborate with.
- Your savings could come in really handy but be very cautious and determined to put in the work because you do not want to sink in all your life savings into a business you do not even believe in enough to commit to.
When you have gone through the financial hurdle, it’s time to run with the idea. Do this with the mindset to win no matter what. I’m a firm believer of a positive mindset. There is so much that can be accomplished by just believing. Remember you are taking a risk and it is not going to be easy but if you believe in yourself enough, the world will eventually dance to your tune.
#KSH #Business #Entrepreneur