from Huff Post 08 Nov 13 enhanced by Peter/CXO Wiz4biz
Ideas are a dime a dozen. Making a dime on that idea can be quite a challenge, though. Turning a thought into a business, can be arduous and overwhelming for some. Thankfully, someone is here to help. We sat down with Dave Spiro, the founder of Elevatr, a recently launched iOS app that helps people manage & amplify their ideas into Business Plans worth executing. David shared his top 10 tips for turning your dreams into realities.
1. “Pursue your Idea, or you’ll regret it the rest of your life.” Every great business begins as a simple idea. Don’t take your idea for granted, check it out to see if it’s worth the effort. Visualize your path to success. Break it down into steps, then get moving. Have sanity checks often to determine if it’s still worth it as-is, or you may need to make some changes.
2. “Solve a Problem for yourself.” Take the time to explore each idea in its entirety and build concise plans for every problem you find worth solving. But before choosing one idea over another, take a step back and ask yourself: Are there lots of other people with this problem? Execution becomes more manageable when you identify a problem that affects you. You’ll craft a more logical solution and be passionate when showcasing it.
3. “Get to know your Target Market.” You need to ensure your target market actually has a need that requires a solution. You’re already taking a leap of faith to pursue your idea, engaging with potential consumers is a way of lessening some of the risk of acceptance. You will learn so much more from speaking with consumers, advisors & experts in the field, than will give you lots of good ideas – like fine tuning.
4. “Plan & Execute.” Your idea is a Vision for how your business can change the future. If you want the business to become a reality, you must properly execute the little things. For product development, establish the core aspects first, then expand as needed. For distribution, start with a familiar area that has a large collection of your target market, and then expand. For fundraising, get what you need in order to start, and then go bigger. Break everything down into manageable steps.
5. “Build a great Product; but don’t forget the Brand’s voice.” Creating a great product is one thing. It’ll be functional, serve its purpose, and have some users. But what will make it stand out? Your Brand !!! The voice of your brand can make or break your product. Build a voice that resonates with customers and it will create an unforgettable user experience. Bonobos has done this by opening stores that do not have clothing, but rather guide customers through the process of creating a custom ensemble, then ordering via its website. Red Bull has broken from the energy drink niche to be viewed an innovator that pushes the limits of human capabilities.
6. “Monetization.” Let’s be honest. One of the key purposes of a business is to make money to survive & grow. There’s nothing wrong with that. Be sure to have a strategy and understand how your product can make money. Examples include monetizing through advertisements, free-mium models & directly charging consumers. There are many different options. Find out what fits your product best.
7. “Rustle & Hustle.” You may have the world’s best idea, but it won’t become a successful business by itself. If you are unwilling to do the legwork, endure the hardships, & make sacrifices, it may never get off the ground. Hustle, hard work, grit, determination & perseverance are all characteristics of what it takes for a a business to succeed.
8. “Make 7 & 14 day + Monthly & Quarterly Goals.” Time management is essential for proper execution. Setting goals is a great way to stay focused and keep on your course. Start planning for the short, moderate & long-term goals. Get in the habit by setting one to achieve in 1 or 2 weeks; then set ones for 1 or 3 months down the road. Each time a goal is achieved, you are one step closer to seeing your idea become a business. Celebrate it with your Team – to further inspire everyone.
9. “Keep your Pitch short, when you go for expansion.” Your pitch is your identity. Keeping it short & concise, will allow others to understand it easier and say yes. Allow others to absorb the information and ask questions. Pitch the rest of your idea through your answers.
10. “Hire slow & fire fast.” Your idea thrives off of employee energy. Surrounding yourself with the right people can help take the idea to a new level, while those who don’t share the passion, can quickly derail your vision. Take the time to find the right people and get rid of the wrong people as possible – for their & your own good + the team.
Comments: Do you have any Tips to add, to turning your Idea into a Business?