We love the look of springtime! And the signs of new growth prompt us to ask you: Where is new life popping up in your business? As spring begins, we want to share a few tips to help you cultivate your business ideas.
The dictionary defines an entrepreneur as someone “who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”. We have to laugh at the considerable initiative part because it’s such an understatement; entrepreneurs at their core are idea generators who passionately believe in their creativity! But having an idea and seeing it become successful are two different things. From one entrepreneur to another, here are some action steps you can take to connect your idea to reality.
1. Due diligence. As you begin to develop new business ideas, it’s important to step back and see the potential directions you could go. Research the market for your idea. Find out who else is doing it (and how), and decide if you can do it better or differently. Using a SWOT analysis could be helpful for you. Having a written plan almost doubles your chances of success . This is a topic Propel has written about before, and we can’t emphasize enough the importance of making time to write out your goals!
2. Bring on the team. Surround yourself by people who can provide wise business counsel. Get their feedback and be willing to revise your plan. This is the time to utilize your network and create strategic connections that will accelerate your idea’s success.
3. Count the Cost. Having been around entrepreneurs for a long time, we’ve learned that things usually end up costing double what you think they will, either in time or in funding. Turning your attention to a new idea will drain your resources. Do you have the margin of time and money to afford your new venture? Can your bread-and-butter business withstand a little neglect while you devote more energy to your new business baby?
Our senior project manager shares an insightful story about this point:
“I once had someone tell me about their new product venture. I get fired up when entrepreneurs have ideas, but I am always careful to be realistic with my encouragement.
They told me this new product was only going to take a few hours to develop and would be free to produce. I was certainly curious about this idea of theirs and how it could possibly be such an easy project to accomplish. Not to question their ability or the idea, I was compelled to ask a few key questions to satisfy my curiosity. After posing my strategic questions, we both determined that the project would, in fact, take more time than they originally expected and while it would not cost them a penny to produce, it certainly would cost them their valuable time.”
It is important to consider the time involvement, just as much as the money commitment when flushing out a new idea. Will your time investment pay for itself quickly? Will your income from this idea prove profitable when all is said and done?
4. Go and do. Once you’ve done the necessary work, it’s time to put the rubber to the road and simply go do – and see where your idea goes!
Helping businesses cultivate new ideas by brainstorming, creating a strategy, drawing a roadmap, and planning for success is our passion at Propel. What idea do you have that we could help you make a reality?
Resources to help you continue cultivating: