2pure , Business __ Monday, May 6, 2013 1:57 AM - Rudolf Jabre

Rudolf Jabre: How to turn your idea into successful business?


It is well known, that many have good ideas, even great and innovative ones, but few act upon them and even fewer manage to transform their ideas into successful business.

Based on a long experience in the market, where we saw many bright ideas get wasted out of lack of planning or will to work hard. It’s not about creativity or intelligence but about the willingness to plan and the courage to dive into a risky field.

Here, we offer you a road map that will help you turning your idea into a successful business and real money.

1. Put your idea on paper
Preparing a written perception will help extracting critical components of a venture and begins research into key factors that may be more methodically addressed in a business plan. As the business idea takes form as a concept statement, the entrepreneur can evaluate the business more effectively for potential challenges and pitfalls.
A clear business concept also enables the founder to succinctly describe the precise nature of the business to suppliers, customers, lenders, and resource team members; an important skill for entrepreneurial success. For example, it is not sufficient to say “I want to start a management consulting company.” This tells the listener little. Instead, one might say.

When describing his/her business idea, the entrepreneur should answer the following questions:
a. What is my product/service?
b. What does my product/service do?
c. How is it different or better than other products/services?
d. Who will buy the product/service?
e. Why will they buy the product/service?
f. How will the product/service be promoted and sold/offered?
g. Who are my competitors?

Often the business concept statement changes during feasibility testing and business planning as the founder learns more about the market and potential profitability of the business. Eventually, however, the entrepreneur should be able to accurately, clearly and succinctly describe the essence of the business to others in two or three sentences.  In some cases, a single sentence may do.
Once the business concept statement is clearly defined, the more detailed work of business planning and implementation may begin.

2. Research your market and get real feedback
The basic test for any business idea is the market request and acceptance. If you were to launch a startup, will people be attracted? Participate in discussion forums and listen to what your potential customers are saying. Watch out for trends in comparable businesses, the direction and pace in your industry and so on. This due diligence allows you to you approach your business idea using the proper vision.
Stop at local retailers. Go to regional trade shows. Show your product to people in a position to make decisions. That pulls your idea forward instead of you pushing it.
Smart people will tell you right away if you have something or not

3. Find out your finance options
Depending on your plans for the financial year, define your financial projections. How much capital would you need? How many units of your product can you sell within this time? How much revenue will you be generating? How do you plan to pay off investors? Can you get government funding? These are some of the questions you need to ask yourself

4. Be up to date
Innovate, design new products, extend your line, and stay current. There is a life cycle to everything.

One product will not build a business. One product is a start. Keep building your network of retailers, keep giving them products that are new and current. Never, ever stop.





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