Ideas are like buttocks in modern world everyone has more than one,here in the University of Nairobi all and sundry have perfect Ideas that can fly them to any part of the corporate world but how do you act on this idea?
Maybe the concept came to you in a flash, the proverbial bolt out of themaybe it was the result of the 59th attempt of fiddling with the concept.
It doesn’t matter how you got it. But what does matter is you believe you have come up with THE BIG IDEA. The one that could make you a fortune, or make you a hero at work or in your community.
Finding funding to build a prototype of an idea often proves to be a big hurdle for start-ups trying to take the next step, however many now argue that the options are becoming increasingly stacked in favour of those with the brightest business plans.
“Building a prototype isn’t always an essential step, but it might help you to land investors by showing them how the product will work. It really can change attitudes. Try to keep costs as low as possible. Your prototype should demonstrate your product’s most important functions, look good and capture investor’s attention It must be easy to understand,” explains Richard Branson in a recent Daily Monitor blog.
What do you do next?
You need to take action.
But what kind?
“I know. I know,” someone will say excitedly when we ask the question. “You spend a lot of time research and planning. Then you line up the resources you need, and then when you start you go big.”
Every part of that answer is wrong.
As we have seen in previous posts, researching and planning doesn’t help you much when the world is changing as fast as it is. You can come up with a plan that is perfect—for a world that passed you by while you were spending all that time planning. Similarly, you could end up solving for a problem that has either gone away, or been solved by someone else while you were lining up resources.
Given the preceding potential pitfalls, you can understand the problem with spending all that time preparing to go big—you could end up being late and missing by a mile.
So, how do you take action? One tiny step at a time.
* Take a small step toward bringing your idea into a reality. If it is a product, you can create a sketch and ask people if they would buy it. A service? Describe it and ask potential customers to sign up on the spot. You think you have found the perfect place to work, get two names of people who can get you in front of the person who can hire you. You don’t need to do more than that, to get underway.
* Learn from taking that small step. Do people want you to fiddle with the product? Change the service to be more/less inclusive?
* Build off that learning and take another step. Alter what you have, based on what people told you, and see what other potential customers think.
* Learn from that reaction…and so on. Take their feedback into account and keep repeating the process until you are convinced you can get underway.
“Potential investors like to know that you’re committed to your idea, and spending your own money on that idea will go a long way to convince them. If self-funding is not an option, try reaching out to family and friends. There are few people better suited to doing business with you than those who know you best. You already trust their judgment, and they more than likely already believe in you and your plan. You’re also involved in a community of smart and creative people who might be able to help you to realise your dream.
“You can also look into accelerator programmes. An accelerator is a group of people that provides a small amount of money in exchange for a stake in your company. They usually offer hands-on guidance and mentorship, and they can introduce you to investors and prepare you for a longer funding journey.”
It’s a model that we call: Act. Learn. Build. Repeat. And it is the absolute best way of starting quickly and efficiently.
How do we know the process works?
That’s simple. It’s the way that serial entrepreneurs—people who have started two or more successful companies—build their businesses. There is nothing more uncertain that starting a business. If the process works for them, helping them to master uncertainty, it will work for you.
Content credit :Virgin