I Have a Business Idea, Now What?

I am constantly contacted on Facebook, via email, or even in person with a question that many people seem to have. They generally say to me, “Hey Kimron, that’s me of course, I have a business idea what do I do now?” The number of persons who have brilliant business ideas but do not know what they need to do next surprises me just as much as the number of persons who have no idea how to spell pneumonia. I hope you recognize the word. Consequently, to assist them and others who might be in the same predicament, the following is a list of steps along with carefully chosen movie references to further drive home the point that should be followed after you conceive your business idea.

1-      Get Feedback– once you have your business idea, discuss it with people you trust to get strategies to perfect it. Be careful of idea killers! Just like Freddy Krueger in the movie
“A Nightmare on Elm Street”, they will be eager to kill your dreams.  Therefore, pitch your ideas to people who would give you honest objective feedback.

2-      Build Your Team– similar to Sylvester Stallone in the “The Expendables” series of movies, you need to surround yourself with a competent team.  Persons who would complement your skills, share your vision, display proper work ethic, and partners who would ensure that the desired goals will ultimately be met in a timely fashion should be sought out. Some of the today’s most successful entrepreneurs such as Bill Gates, Warren Buffet, Elon Musk, Steve Jobs, and Larry Ellison accelerated their successes by building the right team.

3-      Research the Market- once the business idea has been perfected, then it is time to research the market. Your inner Inspector Gadget should now come out to investigate the main players in the industry you want to enter, and your innermost Macgyver should be on show to ensure that your innovation would give you a competitive advantage.

4-      Draft a Business Plan– business plans function like the maps that directed Nicholas Cage in the “National Treasure” movie series. In both scenarios, the documents function as a way to forecast. The business plan in particular gives a blueprint of how your business will be organized, how it will operate, and the steps it will take to accomplish its goals. It takes a look at where you are presently and where you’d like to be. In many cases, people think a business plan is a long formal document. However, such a thought isn’t necessarily the case. Plans can be a very simple.

5-      Seek Funding– while it is possible to start a business with little or no money, in many cases there is a need for funds. Performing illegal activities or taking the “Italian Job” approach is definitely not encouraged. However, I suggest that you make a list of funding sources and the requirements needed to get the funds necessary to start your business then pursue the best avenue.

6-      Build Your Product/ Discuss Your Service– at this stage you  should build your prototype if you have a physical product or seat with your team like the “Knights of the Round Table” and discuss and examine the services you will offer and the need it will fill in the market.