Have you ever considered yourself an entrepreneur? Do you have this BIG idea that you just know would be a successful product or business? As you make preparation to take this idea or business out into the marketplace, we would offer 4 BIG ideas to help propel you to success.
Attitude is Everything: Most entrepreneurs I know are passionate and believe to their core the idea, product or business is something that the world can’t do without. The idea often comes from an unmet need. Recognize that you will face “No,” or “Not now,” again and again. If you are hearing distraction, vet your idea further as you will need to sell the ‘why’ to investors. Understanding the market for the product or service is key to business success. Remember the words of one of the greatest American inventors, Thomas Edison, who said, “I have not failed, I’ve just found 10,000 ways that won’t work.”
Have a deep network: Every successful business startup has a network of professionals that they draw upon for things as simple as a sounding board, to vetting the product and market, to the most complex legal and financing issues that face all businesses. Entrepreneurs need to recognize how important is to develop a deep network of relationships that will help you jump start that idea or business. In our interconnected world where a trusted network will help you to start and grow your business. One key amenity of the Central Indiana Innovation Hub to connecting entrepreneurs to our trusted relationships who make up our Human Library.
Location…Location…Location: At one time, that phrase meant a physical address. In today’s busy world, people need to be able to find you whether it is via the physical location, an easy to find and navigate website, social media, or other great public profile. Many businesses start with a great idea but they lose ground because the business can’t be found. Remember this: your idea, product or business can only be successful if customers find you. If you are working from home, a networked community will give you on-going exposure to potential customers. Choose wisely about where and how you invest your time. In the shopping center business, there is a saying that “The air doesn’t buy a thing.” The business translation of that is that you can’t do business unless you have customers. Ask yourself, “who do I need to be around, where are they, and how do I develop the relationships and trust”?
Be Harder on yourself than any customer-The Small Business Administration has published some alarming statistics: 50% of the businesses that start fail in the first five years and 20% fail in year one. No one wants to start out their great adventure of innovation or a new business with the intent to failure. That is why it is so important to be as hard on yourself as any customer or investor would ever be. Constantly ask yourself questions. What can I do today to push myself forward? Am I seeking counsel and advice from others? What am I missing? What do I need to read to further my business development skills? Who do I need to meet? Realize that just one contact, one article that you read or spending a day at a business start up hub could propel you from being a Small Business Administration statistic to a raving success!