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Sunday, September 15, 2019

Executive Insights

How to Bring a Business Idea to Life

It is likely that if you ask numerous people around the world whether they have what they see as a good business idea, quite a few would say yes. However, most people don’t end up materializing such ideas as a result of fear. People are often afraid of trying because they think that it won’t work. Nevertheless, if they’re able to get past that initial fear, it’s possible that their idea could work considering it ticks some boxes. If you have an idea that has been on your mind and you’re ready to make it your reality, continue reading below. Here is how you can bring any business ideas that you have to life.

  1. Be Realistic
    Although working in business does require you to be ambitious and have big goals, you still have to be realistic to some extent. This means assessing whether your idea is something that could solve a problem and bring in consistent revenue. There are multiple ways to assess a business idea and determine whether it’s good or not.
    One is to do research and check with your prospective audience whether it’s a product or service they would find value in. You could also research to see if something similar has already been done and how it faired.
  2. Create a Business Plan
    Once you’ve done your research and determined that your idea is a go ahead based on your research, you can put pen to paper and write down a plan. This isn’t a process that you should skip as writing a business plan will help you poke holes in your idea and identify potential challenges.
    When writing your plan, try to condense it to one page. This will make it simple to understand, and can be a real asset to your business if you are able to present coherently your strategy on a single page. Insurance provider Hiscox provide some handy tips on their business blog on how to create a one page business page to summarize key things like your business objectives, marketing strategy, and prospective employees to mention a few.
  3. Set a Timeline
    One thing you may experience when putting together your business plan is a rush of excitement followed by fear. For this reason, before you talk yourself out of actually launching the business, you should set yourself a realistic timeline. Think about how long you need to market and develop your product or service and then set a launch date based on that. You can also devise a checklist, so you know what has to get done leading up to the launch
  4. Look for Funds
    If truly you want to bring your business dreams to life by starting a business, you’re going to have to look for the funds to finance it. This is inevitable as most need a budget to start, no matter how small. You can explore your options for funding such as taking out a business loan or hunting for grants that you could be eligible for.
  5. Believe in Yourself
    Everything above won’t take you very far if you don’t believe in yourself. Resolve to be the best at what you do and believe in yourself more often. When you believe in what you’re trying to do, you’ll find that others find it easier to do the same.

Coming up with a business idea is one thing, but being able to execute is another. Hopefully, the above tools have equipped you with insight as well as the inspiration you need to get started.


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Sophie Ireland
Foreign Correspondent for ​CEOWORLD magazine media. Policy Advisor, writer, professional restaurant recommender, and native New Yorker. I have approximate knowledge of many things.
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