We all humans are full of creativity. If you will give me a day I can tell you a thousand ideas and if worked well all of them can be successful. In my group I have seen so many people who have an idea …they start working on it and fail down….so badly. Don’t let the same thing happen with your idea….read these 5 steps to know whether you should work on your idea and will it have a survival….if it will survive…it will get success for sure.
1) Share and discuss it with as many people as you can: Don’t hide it
Recently in a meet up of aspiring entrepreneurs I met a guy who had recently left his job to start work on an idea. We all were strugglers there filled with some idea in mind . We all shared and discussed ours. When we asked about his idea he keeps silent and said it is a secret. We all laughed because any successful idea was not a secret. Facebook was not a secret or new idea neither flip kart. No one can steal and grow your idea and if they did it means they were better in creativity and execution. Everyday same idea came into mind of lacs of people. Trust me best way to nurture your idea is to discuss it with as many people as you can…they will tell you the hurdles, note down and search solutions for them.
2) First of all list out your sources for revenue:
Unless you can list out some fix and realistic revenue sources your idea will tend to fail. You may give your services free initially but your revenue sources should be there from day one. Even better give all of your revenue sources a name, a product name, call them a,b,c or anything and then make an estimate that in one year what that a,b,c can fetch you after launch and there costing respectively.
3) Calculate breakeven point in terms of turnover and duration:
No idea will fetch you revenue without some fixed expenses. If you planning to spend nothing and earn a billion. You are sure to fail so make a fair estimate of your fixed cost and then your break even, means when and where you will cross your expanses.
4) Start your first target at break-even:
To cross break even should be your first target for any idea. Only after that you will be able to approach investors and seek funding for your idea. Secondly you will be able to negotiate because your business is not dependent on funding, you can wait for the best proposal.
5) Build your core team:
No matter how much hard working and smart working you are. We all have 24 hrs a day only. For a long term huge success a strong and well composed team is very important. An ideal team for a start should have one each from finance, marketing , HR and admin.
Will tell you another 10 steps in second part of this article…