Some people are just itching to launch their own business. But all they have is an idea.
It is true that being passionate about your idea is critical to establish a business. But should you discuss it with your friends and family before you have anything concrete?
When is the Right Time?
Naturally, all entrepreneurs are very protective when it comes to nurturing and protecting their business idea. Every entrepreneur initially fears that someone would steal his or her idea.
For that reason, it is important that you don’t share a business idea with people around you, without translating your idea into a viable business.
But in some cases, you can’t take things any further unless you share your business proposal with an investor who can finance your business. Seasoned experts recommend that you must never share any business plan or idea without getting a confidentiality and NDA agreement signed by the other party.
These legal documents are generally drafted by attorneys and must be signed before you discuss your idea.
How to Start Talking about your Business Idea?
An idea is fragile in its infancy stages. It must be developed into an elevator pitch or a business proposal before you could share it with other people. Don’t be discouraged if your idea doesn’t get the attention it deserves. Some of the best business ideas were once turned down by giant investors and people in general.
Believe in Yourself
Did you know that Chester Carlson, who was the inventor of the Xerox machine, received a rejection letter that stated ‘Who wants to copy a document on paper?’ Most of us still don’t know that his idea was turned down by 20 companies between 1939 and 1944. Today, Rank Xerox Corporation earns millions of dollars in profits.
The problem is not that you want to share your idea with people. What’s more important is who you want to share your business proposal with. Many start-ups and entrepreneurs simply abandon their business idea if they are rejected initially. But if you have worked on producing a quick and affordable solution to your target consumers’ problems, never doubt the potential of your business idea.
Many entrepreneurs or companies have re-located to other countries where there is more demand for their products or services. Every city and town has unique government-funded business development offices. You can get free or inexpensive resources to work on your business idea and find your target market.
Connect with Positive People
While keeping your business idea to yourself initially is the best policy, sometimes it helps sharing your ideas with motivated and positive people. Self-motivated individuals offer good advice and offer the best emotional support to help you launch a promising business.
But stay away from people who always bring you down. These people not just steal your energy, but can also rob you of your incredible business ideas.
Create a Strategy
Your business idea is like a small baby that has to grow before you could introduce it other people. Many entrepreneurs have an idea of what their business ideas or products are going to do, but they fail to figure out the ‘how’ part.
Work on developing a decent product or solution, before you could pitch it to investors. Work on creating an impressive proposal that highlights the best features of your idea as well as elaborates the mechanics or the process that’s involved.
When you re-invent something, you need to show why your idea is better than the rest. There has to be something unique about your business idea or product that offers something new or inventive. Going creative saves you from disastrous pitfalls and guarantees a steady source of profits.
Work on Promotion
A solid marketing strategy offers a strong back-up for your business idea. Once you have produced a great product, marketing it right lets you reach out to a wide audience. Study and reflect on how your competitors promoted their first products and services. Did they rely more on promotion or improving their initial business idea.
Relocate to a New Location
There are many reasons why many companies and business relocate to other cities or countries. Some firms require specialized employees while other companies might need an extra and affordable place to run their business.
Ask for Help
Connect with people who listen to your business ideas without any bias or prejudice. Most entrepreneurs look up to a role model if they can’t find a mentor. A mentorship or partnership between two parties can be both formal and informal.
You can also find true strength and support from your friends and family. Reaching out to others and asking for help is never a taboo for entrepreneurs. Successful people know that they can’t do everything. In fact, some of the most lucrative businesses were never built alone.
Test your Services
If you have developed a product, test it on a sample audience to identify its best and worst features. If you are setting-up an ecommerce store, make sure your website has gone through A/B testing and does not have any glitches before you run it live.
In case you have an idea for a mobile app, make sure it goes through a meticulous Quality Assurance process to get any bugs fixed. It is not easy to fool or satisfy today’s smart consumers. Once you have materialized your business idea, you need to promote it successfully across all channels to reach out to your audience.
The best time to share your ideas with your friends and family is when you know that your idea can successfully bridge the gap between a problem and a solution. The best time to share it with investors or other companies is when you have meticulously worked on creating and testing the implementation of our ideas. Never prematurely take an idea to an investor, he will reject it. Take a product or business proposal and you have higher chances of getting an approval.
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