03/05/2012
TURINING YOUR IDEA INTO A VIABLE BUSINESS……THE IDEAX APPROACH
My advice for young aspiring entrepreneurs? Go for it.
If you are a young entrepreneur you have likely wondered how to get your idea off the ground. How and where do you start? Will your concept even be marketable? Will you fail? How much risk is involved and what can you do to reduce that risk?
Sure, entrepreneurship is intimidating, but the reward is not just in building a successful company; it is in the lessons and growth you acquire every day just by doing, trying — and yes — failing. Here are some strategies to transform a simple idea into a viable, revenue-generating business.
1. Test the Marketplace
when you have an idea you are passionate about, get out there and test it with your consumer. Be open to feedback and honest with yourself when you need to tweak your concept or go back to the mat entirely. Writing a business plan may be is a waste of time, in my opinion. Focus efforts on casting a wide net and speaking to as many people as possible about your business concept. Taking risks (and yes, even failing) is part of entrepreneurship, but each test you do mitigates some of the risk.
The key here is to research the idea and see if it’s marketable and meets a need. Talk to a lot of people with the right ideas to help and don’t be afraid to hear discouraging remarks. To determine if your idea is a winner, you need to know if it fills a need, and if there is a market for it. You also need business sense. So talk to everybody. Don’t be afraid to discuss your idea for fear that someone will steal it. That prevents you from getting the help you need
This year Ideax conference we will help entrepreneurs to conduct the right research to test their idea and develop a business opportunity analysis for their idea to determine their viability
2. Show by Example
By testing the marketplace effectively you will obtain data you can present to future investors. You have to take into consideration that these investors may not personally relate to your concept and that you must find ways to engage them. One way is through videos, customer testimonials and data from marketplace trials. Using these mediums, we were able to convince investors to partner with Rent the Runway, even when we were pitching our concept to a room full of men.
3. Build a Team
Find people to work with who compliment your strengths and weaknesses. Part of being a successful business person is recognizing what you do well and where you need support. Having a partner whose skills complimented yours is the first key step. Beyond that, we realized that you need to build out a team that will bring expertise in technology and other fields you are not competent in. As important as it is to build your business with people who specialize in areas crucial to your business success, equally important in the early stages is hiring well-rounded employees. In the beginning phases of a start up your team will need to wear many hats and tackle unanticipated challenges, so a “roll up your sleeves attitude” is essential.
4. Realize that “No” means “Not Right Now”
A big part of being an entrepreneur is becoming comfortable with hearing the word “no” and having the creativity to adapt your idea to overcome any issues. I’ve learned that “No” usually doesn’t mean “no,” it just means “not right now.” The word ‘’no’’ should just encourage you to stay motivated and to rethink, tweak and keep testing our concept. There are lots of ups and downs in entrepreneurship as not everyone will love your idea, but each negative response is an opportunity to learn and adapt. A great partner and a supportive team can also be helpful in getting through what are sure to be some challenging times.
5. Financing
The headache of many entrepreneurs is obtaining financing for their idea. Usually it can be difficult to get the right people to listen to your if idea and possibly finance your business.
This problem is what we seek to solve in this years’ Ideax Challenge Conference.
Through ideax conference, entrepreneurs with the right idea will receive training and a platform to sell their ideas to investors and stand the chance of winning investor funding for for their ideas
If you have an innovative idea or business, we invite you to participate in this years’ ideax challenge conference.
Ideax Challenge Conference Offers
1. Networking opportunities with other entrepreneurs
2. Relevant information and training resources to turn your idea into a business
3. A platform to market your business and ideas to the world
4. Obtain investor funding for your business
5. Obtain Professional Managerial support and entrepreneurial mentorship for your business
