With the ‘Shark Tanks’ and the ‘Venture’ AND ’Adventure’ Capitalists all over the media, it seems like more and more people are getting exposed to the reality that their ‘million dollar’ idea really may be a possibility.
Here’s how it goes: you get in front of the right people, you pitch a good product/idea, you secure a lot of money and voilà - you're a millionaire! Uhmmm... no.
Their idea didn’t start as a pitch-able/invest-able product, it started as a sentence to a friend, peer, family member, etc. and went something like this… “So, I have this idea...”
Many entrepreneurs have a lot of ideas, but few are able to successfully execute them; yet, that’s the key. Execution. Here are some steps that we suggest taking in your entrepreneurial pursuits:
- Validate your idea. How unique is your idea? Does it solve a problem? Does it support a cause? Does it appeal to emotions? Is there a real need for it? Share your idea with as many people as you can find, and not just friends and family - find people who will be honest with you.
- Consider using a resource such as www.launchrock.com - a free, web based application where you can setup a “coming soon” page, share your page, and start gathering feedback.
- Do some market research. Who will be interested in your product? How big is your target audience? Will it be worth your time? Will you be targeting a market that has an opportunity for growth?
- Team up with really good people. Whether it be hiring employees, production, or consultants make sure that you don’t compromise. Find the right people who share your vision from the very beginning. That being said, don’t let anyone derail your vision - even very smart, creative and talented individuals - make sure that they don’t slow you down or make you lose track of your mission.
- If you feel that your idea has been validated, the market is there, and that you have a good team - GET IT TO MARKET! Don’t wait for the perfect product, perfect plan, and all of your questions answered; that will always be evolving. If you are confident, launch it right away, and improve it with customer feedback and testing.
"My best advice to entrepreneurs is this: Forget about making mistakes, just do it."
-Ajaero Tony Martins
We practice what we preach! New product line launching soon from IBA, watch for details about ‘Thousand Miles To Go” - Dedicated to all of humanity who never lost their sense of curiosity, who find happiness in experience, and new life in exploration.
Thanks for reading! ~Angie