Partner Article

Make your business idea a reality.

If you have an idea for a business or product there is no reason why you can’t get on and realise it. On my Transition Man podcast I talked to Jeffrey Madoff, who’s a professor, author and host of Creative Careers: Making a Living with Your Ideas. He asked this question “How many times have you seen something and said ’I had that same idea, I could have done that.” Madoff says that I the only difference between you and them is that they did it.

Covid changed the working landscape and disrupted the status quo. Fresh out of lockdown, people had savings and many didn’t want to return to their old ways, they hit the pause or reset button. There was a time of reflection. It was a time of opportunity for people to seek fulfilment emotionally and financially. Those people had ideas and acted on them.

Your business starts with an idea. Start with a focus group. Test people’s reactions. Find out if you have a product people are willing to buy. Get proof of concept. Get your product out there. Otherwise it’s all speculation and you will never find out. Surround yourself with enablers, people that can help you realise your idea. Collaboration is key.

Perseverance. The primary thing is, do you have the perseverance? You need to stick with your idea and push it forward. 94% of businesses fail within five years. Consider why you are doing what you are doing? What is the motivation behind your idea and business and on’t let a fear of failure stop you. Overcoming that fear and doubt is a psychological struggle that we all have. Assess the risks you may face. Find the solutions. Don’t let imposter syndrome stop you from making your business idea a reality.

Keep learning. Life is all about learning. You will learn along your business creation journey. You are going to know more today than you did yesterday and you will learn more tomorrow. There is constant growth in terms of doing what you do, hopefully getting it right and building a business. Your confidence will grow. True failure is not trying. If you don’t try, you’ll never know, and that’s the real failure. Giving up on an idea you have that you think has value because you’re afraid.

You launch your idea and then you must sustain it. Build trust. Initially you can sell your idea and people will buy it because it is new to the market. Your product or service will not continue to grow if you don’t gain the trust of the consumer. It takes a long time to build trust and a very short time to break it. Your successes can be magnified but so can your missteps.

This was posted in Bdaily's Members' News section by Lucy Hood .