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Some people think that all you need to succeed in business is a good idea. The truth is that while the idea makes a...
Some people think that all you need to succeed in business is a good idea. The truth is that while the idea makes a good start, it's not enough for a business. It just isn't enough to think the idea will work: Instead, you have to know it will work.
The first thing you do is try to figure out all the ways your idea can fail. When you first come up with an idea, you look at all the ways it can succeed. You take the positives one after another and look at all the opportunities the idea can bring. That's great for coming up with an idea, but it's only the beginning.
Make a list of everything that could possibly go wrong. Try and shoot down your idea. You need to know all the potential problems you may face in putting your business together and figure out the solutions before they happen. It may sound pessimistic, but knowing how to approach a problem is half the battle. The more problems you know how to resolve, the easier time you will have when problems come up.
Once you know that your idea can work, it's time to come up with a business plan. You can't just jump into business and hope everything is going to work out. You need to plan it out, including the numbers. A good business plan not only lays out the direction you need to take with your idea, it also gives you the numbers you need to know where you are every step of the way.
Never underestimate the importance of running the numbers before you start a new business. If your business idea were alive, making money would be how it eats. If it doesn't make enough, it will essentially starve to death. Your business plan needs to account for all your costs as well as your income.
When you do make your financial plans, be as pessimistic as possible. If you have to rely on luck to succeed, you're going to fail and your idea will fail with you. Ideas are the easy part. The hard part is getting all the numbers to work, and translating those ideas to the real world. It simply is not enough to think an idea will work. You need to test it to destruction.
Then, once you have worked out the bugs and plugged in the numbers so that you know what you need to do to succeed with your idea, you have to go out and do it. Ideas alone are nothing; they need action to come to fruition. Take your idea and follow your plan to turn it into reality.