The feeling and excitement you get when a killer idea drops in your mind is overwhelming.
With the idea, you want the whole world to hear about it. It’s true that good businesses start with a good business idea but ideas are never enough to succeed. While it is good to be a dreamer and an idealist, the one, people eventually recognize is the person who converts the idea into something tangible.
Here are five important things you should also know apart from having a good idea.
1. Someone else also has your idea
It is important to know that someone else has the same idea as yours. Inasmuch as you are very excited about what you just conceived as an idea, don’t be too comfortable in your zone because someone else has what you want to probably showcase to the world and probably make money from it.
‘’A “good” idea has the potential to make money in a given environment; yet this doesn’t guarantee that someone else isn’t already out there who’s developed his or her own version of this idea”, freelance writer Larry Alton once said.
Since someone out there may have started your idea, it is good to prepare your mind for anything and succinctly plan for a better strategy on how to deliver judiciously your enhanced idea into a tangible commodity.
“If you find a competitor with a similar idea, you can either pull out before you’re too invested, or differentiate your idea enough for it to stand on its own. You’ll still have to move cautiously, of course: Once your idea has developed into a full business, a separate competitor may emerge to threaten your business. Competitors can be — and will be — vicious. Keep that in mind when you flesh out the strengths and weaknesses of your idea*, Larry further said.
2. The right people are needed
You alone cannot execute that beautiful idea; you need the right people to work with you. These people are there to examine your idea and add their quotas. We have been told that once ideas are conceived it should not be revealed to anyone so your ideas will not be stolen but It is better to share your idea with trusted persons. They can help put your idea into a better form.
3. Timing is important.
Your idea is as important as time itself. It has been stated that you are obviously not the only person having your idea. There are so many persons out there who hve got that same idea. The difference between both of you is who started executing first. This is why it is important to start executing and turn your beautiful idea into something tangible and beneficial. Wait no longer! I heard about some young serving National Youth Corps members in Nigeria who had beautiful ideas about establishing an eatery and catering service outlet, after several sleepless nights of thinking and planning, they eventually met with a rich man who was ready to pay them in millions for the ideas and also make them stakeholders of the company. They rejected the offer because they wanted more. Unfortunately, while they were deliberating on it, another person not too far from them started same business.
‘’An idea that comes too late — once consumers have already had their fill or moved onto another trend — will fail to have the same impact. Timing the release of your business in that “sweet spot” is crucial to success”, says Larry Alton.
4. Proper planning is needed
Planning is another important thing you should know. Develop strategies on how to sell your idea. It is through your plans you flesh out the details of your idea, from who’s going to benefit from your product or service to when you plan on launching and at what point it will become profitable if that’s the intention.
5. Execution is most important
Your idea cannot come to reality if you don’t start it. Bring it to life by executing it.
Your beautiful idea may seem like it will work but in reality, it doesn’t always work that way. At first, people may not really be interested and as such you may be discouraged.
If you believe in the idea try executing it and never allow fund to be the hindrance. Get people who believe in what you have, to sponsor or partner with you.