How to turn an idea into a million-dollar business
Being an entrepreneur in this day and age must be exciting as well as frightening. With so many opportunities for invention, there are just as many moments of anxiety. Will people like your idea? Is there a large enough niche in the market for your product to thrive? And let’s not forget about the all too often asked question, why didn’t I think of that?
But there are a lot of people here in Texas, as well as the rest of the country, who may be asking themselves about their own aspirations to become an entrepreneur and start their own business. Along with the trepidation that always accompanies the unknown, keeping a few tips from some experts in mind just might turn an idea into a valuable business in the end.
1. Identify the needs and problems in your environment and offer a solution.
Some of the most innovative ideas have come from people who have found themselves in a situation where they have asked themselves “why isn’t there a product or service for this?” Looking at other industries and seeing what they are doing can often times kick start these valuable ideas.
2. It’s never too late and you’re never too old to get started.
While you may be jaded by success stories of young entrepreneurs such as Mark Zuckerberg and Bill Gates, it’s important to remember that the average age of a successful entrepreneur in high-growth industries is actually somewhere around 40.
3. Be realistic about the amount time and money you will be able to invest.
No matter how big or small your idea may be, it is important keep in mind whether it’s attainable within your desired time frame you and for the amount of money you want and can afford to invest.
Successful ideas can take many forms. Sometimes the best ideas are actually improvements on something that already exists, while other times it’s a new product or service that people need but didn’t even realize it. Ultimately, the way you choose to execute your idea is really what it takes to make it that million-dollar business.
Source: The Wall Street Journal, “How Entrepreneurs Come Up With Great Ideas,” April 29, 2013