Every successful business that we know of was once an idea. Most ideas on the other hand, never become a reality. There are two main reasons why good ideas don’t result in anything more than a dream. Some ideas never see the light of day for lack of money, fear, or lack of time. Some ideas die because of inadequate preparation, strategy or insufficient funding. Implementing a business plan is always easier said than done. As Brian Tracy quips, ‘nothing works the first time.’ We shall address things you must do to ensure that your idea becomes a reality.
There is no substitute for confidence. It is nice to have other people believe in you but ultimately what matters is your own confidence in yourself. Cultivate a firm conviction that you can do anything you want to do. A strong sense of confidence will give you the courage to start and the stamina to keep going when things are tough.
Sometimes the excuses people give are a cover for fear. When people say, ‘I am not ready,’ ‘It is not the right time,’ or ‘I need more experience,’ what they really mean is ‘I am afraid.’ They spend weeks, months, and years thinking and planning and analysing but they never feel ready. It is never the right time. According to internet marketing guru Tai Lopez, the best place to perfect your product is in the market place. Launch your product and develop it as you go along. While it’s nice to spend some time in product development and testing, never get stuck in analysis paralysis.
Experience is a good teacher but a harsh one. An easier way to learn is to glean from other people’s experiences. Every entrepreneur must have a mentor. Appoint a board of directors to guide you in your decision making. Choose individuals who have walked the same path. Individuals who have implemented their own ideas successfully. Famous business leaders like Steve Jobs have been known to defy their boards to follow their instincts. Even so, it is a good idea to listen to what others who have gone before you have to say.
Every profitable venture carries with an element of risk. Get comfortable with the idea that you can succeed at anything or you can fail, and both are just fine. Flexibility is essential. When things do not go according to plan, the best thing one can do is to embrace the journey. Wealthy people make bad investments from time to time, but it does deter them at all. They continue investing, knowing that in the long run, the gains will vastly outweigh the losses.
Many business leaders have advised entrepreneurs to know how to sell. Barbara Corcoran has said on her twitter that she would never invest in a business if she were not satisfied that the founder could sell well.