In order to have success in
anything we are aspiring to do, it is always wise to take off time to
investigate and identify what those that have succeeded before us have
either done or have in common. Ideas are common to all of us, however
what is rare is the ability and commitment to transform these ideas into
tangible solutions, innovations, services, etc.
What you need to know, avoid and spend time doing
There are so many people with dreams (ideas) that they want to realize, the biggest questions common to many though are; Where
I start?, Shall this really work?, who can I reach out to for help?,
Where am I going to get the finances and time to do this?, etc.
These among many more questions have discouraged many from embarking on
working on their ideas to materialize into reality.
"“Ideas are common to all of us,
however what is rare is the ability and commitment to transform these ideas into tangible solutions”
"
Great Ideas
An idea that is being worked upon in a
professional manner is what we call a ‘Startup”, it is an idea that is
being transformed into a business either for profit or social good. All
business ventures, innovations, inventions always start as ideas but only great ideas end up as businesses. Here are some useful things to think about if you want to transform your idea into a successful startup.
1. Motives
Is your motive to get quick money? Is it a last resort after failing to find a job or employment? Is it because it’s the cool thing to do? Is it because you have a passion of solving a need in society? Is it because you have thought of a brilliant idea that can add value and improve quality of life?
Whenever we have an idea it’s always
important to first understand the motive behind the idea. An idea with
the right motive is more likely to stand the test of time that one with a
shallow motive. The motive behind the idea determines whether is shall
be successful or not.
" “An idea with the right motive is more
likely to stand the test of time that one with a shallow motive”"
2. Have a well thought out business idea.
A good business idea is one that
immediately translates into sales. When you have a business idea, try to
sell it out to gauge if the target audience is willing to actually pay
money for it and how much they are willing to pay as well as gauging how
many people could buy over time. Never start a business with an idea
that no one has either shown interest of buying or has actually bought.
"
“Never start a business with an idea that
no one has either shown interest of buying or has actually bought.”
"
3. Know what you need to succeed in your business.
How knowledgeable are you regarding what
you are doing, the industry you are operating in, the legalities,
policies and politics surrounding your intended line of business? Do you
know your competition, what their strengths and weaknesses are? The
more knowledgeable you are, the more chances you have to succeed. You
don’t need to know everything but also don’t fail to know the basic
information.
"“The more knowledgeable you are,
the more chances you have to succeed.”
"
4. Have a plan of what you intend to do and how.
Have a systematic plan of what you are intending to do, evaluate if it’s something people need and are willing to pay for, identify which people you hope to sell it to. Evaluate the uniqueness
what you are doing has over what the others are already offering. It
doesn’t matter whether the plan is in the head or on paper, the most
important thing is have a plan. A written plan is the best alternative
since you can share it with potential partners, financiers or even staff
when the startup has been set up which is something you shall run into
later whether you want it or not.
"“Evaluate the uniqueness what you are
doing has over what the others are already offering”"
5. Have a realistic budget.
Starting up a business requires money.
Know the most sensitive and immediate costs you need to incur, break the
costs down into what you need to get started (establishment) and what you need to operate on a monthly basis (recurring).
Be disciplined and always work within the budget, avoid impulsive
spending. Write down all the costs you need to start and operate the
business first then worry about where the money is going to come from
later.
"“Be disciplined and always work within
the budget, avoid impulsive spending”."
6. How to finance your business startup?
People naturally want to associate
themselves with things that are succeeding. The only realistic category
of people to pick money from are your close circles e.g. friends,
relatives. Your personal character is the key in all this: are you a person of integrity, responsible, and trustworthy? People don’t trust ideas they trust people.
Never fundraise for funds when you don’t have a significant
contribution yourself, people are more comfortable to support you not
take on the whole burden. Banks and investors don’t invest in ideas;
they invest in businesses with a track record and quantifiable results.
"People don’t trust ideas they trust people"
7. Be compliant at all times.
Get a lawyer to properly help you
register the business, the articles of association should be relevant
and futuristic to your business operations. Have them properly filed
every end of year. Be tax compliant, have a business premise with clear
visibility, have a company account and always transact professionally
with proper billing processes.
8. Develop the right systems from the word go to run the business.
When the business is a few months old
the work load in terms of management is less. But as the years roll on,
if you have no structure and systems running the business becomes very
overwhelming and complicated to manage. Have proper accounting, human
resource management, reporting, performance measurement systems, etc. in
place.
Over to you.
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