I believe that while ideas are difficult to come by, it is our ability to transform an idea into a business that is the most crucial thing in deciding whether a person can be called a successful entrepreneur. Mr Inderjit Singh – The Art and Science of Entrepreneurship.
Transforming an idea into a business requires tremendous amount of effort, detailed planning, and a lot of push, persistence, personal involvement, and drive to make things happen and to make a business tick.
When turning an idea into a viable business, there are many aspects to consider. You have to understand the root of the problem or opportunity. Then you have to thoroughly understand your customer (target market). You need to know who they are and what are their preferences (understanding your customers). From there you will spend a lot of time designing a product (product design) that will cater to them and you will also have to figure out how that product will reach them (marketing).
It takes the right mix of ingredients and a strong dedicated mixer to make the cake they call a business. To build a successful startup, there is no choice but to put in the hours, the very long hours, with a very watchful eye to track the progress of your actions. In order to get the right amount of ingredient mix, you will have to understand your market well and keep testing out new ways and ideas that will get your product purchased.
This means countless of hours at the building table and a lot of money and time spent on marketing. It is best to be mentally prepared for the frustrations along the way, so that you can manage them better when they come by. There will be campaigns that will not work, or negative feedback from customers. Instead of taking it personally, you need to take their feedback, analyse both the good and the bad and get back to the drawing board to tweak it into a better product.
Especially if you are a first time entrepreneur, you need to spend more time with the intricacies needed in building a business. You will need to look into all the technical details and aspects of building and running a business. Reason being, there will be many areas that you will have to ensure are built with your vision in mind. Many startups fail in the initial stages of the company because they overlook the small details required to build the business.
First time entrepreneurs need to be able to align all the departments and stakeholders towards their vision. You need to have marketing, design, accounts and sales all working in sync with each other to produce a successful product and a successful business. It will take an intense amount of effort to bring all the right ingredients together to build a strong business.
Be mentally prepared to invest a lot of your time and put a lot of effort to making things happen; there is no other way to create success or a successful business.