Further discussion can be quite the insight into the fact that there are more ideas available than the research that goes into them. In short, many of the businesses are not where they should be in terms of the research that's necessary. Therefore they are totally unprepared for the hiccups.
In business, you cannot be myopic only planning for the perfect picture that you have visualized that business will happen exactly like that daily. Once you are alive, storms will come through ever so often; sometimes earlier / later. There's just no sure-fire formula.
How do you ensure that your business is shovel ready? In other words, if you were being processed right now to access funding for your business, have you eliminated all of the setbacks that can halt the process? Should you get the funding right now, how fast can you mobilize to implement what you requested the funding for doing?
When business owners are asked to present about their business, and they are cross-examined, it is when many realize that they are not as prepared as they thought. Sole proprietors suffer most with this as they have not built a team which would enable them to benefit from another perspective.
Do you know the following for your business? Here are some questions that will need to be answered regardless of what business you are in:
- How much money do you need to begin your business on the right scale that would enable you to meet your objectives head on?
- If you have to get investors, what are you willing to offer them / receive from them as a part of the total investment package?
- Do you know how investment/financing works and recognize the differences among them?
- Who forms a part of your team and what experiences/influences are they bringing to the table that can enhance your business and enable it to gain traction in the market?
- Do you have a full complement of professionals that you can access? [accounting, financial, legal, marketing, business advisory services, operations]
- How will you handle shocking changes in your business' environment? Especially those that weren't considered in your SWOT analysis.
- Do I, as an entrepreneur, have what it takes to orchestrate this and where can I quickly find help?
These seven are not the only questions, however, they are key considerations for your business' development.
Well....do you still think that you have the best business concept, or do you still need to put in some more work? How well do you know your business and the industry within which it will function? Do you know that you will not have all the solutions, and who are you willing to partner with to arrive at the necessary solutions?
Always keep in mind that not all money is good money. Don't get overconfident in your dealings with the members of the public you serve.
Remember that the research you put in is not a one-time effort as your environment is always changing. Your research needs to keep up to date lest you become extinct.
Think in terms of possibilities. You were given that idea download for a reason; how best will you exploit it? Looking forward to reading about your lessons learned down the road. Plan to be the winner you set out to be.
