Every business started with an idea. A good idea is a strong foundation for any venture, but even a great idea without action is worth nothing. The world being a global digital village currently grants unrestricted access across continents. This collaboration leads to constantly churning out ideas and turning them into businesses. If you think you have the next disruptor like ‘Air B‘n’B’ or Uber there are a couple of things you need to cross off your list before taking the next step.

Make sure your idea solves a problem

In Economics, we hear the terms demand and supply. Is there a demand for your idea? Does your idea solve the problem or is it a disruptor like ‘Netflix’ that is worth exploring? Do you see a real demand for a solution that your idea will supply?  These are just a few questions to run by when fleshing out your idea.

Do your research

You have to make sure your idea is realistic enough to be achieved, this is where research comes in. Your research should cover;

• market research,
• current competitors in the field,
• estimated capital,
• estimated operating cost and the roles required to create a team.

It is easy to get caught up in the excitement of a new venture, but it is important to bring yourself down and do your research.

Protect your idea

This is the most important part of the process. Once you’ve decided to move forward, you have to protect your idea which in turn protects your venture. You can have new team members sign NDA’s, trademark your name, get all legal aspects that protect you and your venture sorted.

Familiarise yourself with the intellectual property laws in your country and seek advice from legal counsel.

Get experience on your side and build a strong team

If you’re going into a new field it is advisable that you get a mentor that can connect you to the right people. Your founding team makes or breaks your venture. Identify the crucial roles such as marketing, finance, and communications. Even if you want to work with a small team to start with, these roles have to be the first to be filled. Identify your own strengths and weaknesses and hire an individual who can cover your weakness.

Get your elevator pitch ready for investors

It all boils down to how you present your idea. Investors deal with numbers and you have to be able to give a condensed version of your idea to a prospective investor. For example, your condensed format could be;

• Stating the problem
• State who it affects
• Introduce your product as the solution
• State how it will be beneficial for the investor.
  
  

You can research how to give pitches, and how to present your data in a clear, concise manner in order to get money from investors.

There you have it!

The world is full of people with different ideas. What separates you from them is that you have started to take action and this blog post is your first step. Well done.