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At some point in life, most people have what they think is a good product or business idea. The idea could be a new invention, an improvement on something, a new way to do something, or even great new restaurant. What happens to all those great ideas? The truth is, most people never act on the idea at all. When they finally see a product similar to their idea, they say, “Hey! I came up with that three years ago!” They will then have to live with the fact that even though the idea was good enough to be put in the stores, they lacked the ambition and spirit to make it happen.
Why? One reason may be some intimidating statistics. Out of the 1,000,000 or so businesses started on any given year, only 40,000 will be in business 10 years later. A 4% chance of success does not give a potential entrepreneur a lot of hope. On top of that, many of the businesses that do survive the first 10 years will still struggle to make ends meet with less than five employees. Where did the 960,000+ businesses go wrong? They actually had the guts to act on an idea, but they failed. We have all purchased goods and services from these companies. Poor organization, a product that isn’t useful, food that tastes bad, or terrible marketing leave us wondering why these people ever went into business in the first place. So, if you have an idea, what do you do? Over my next few Blog posts, I will explain how to turn your idea into a real business. If sound business principals are applied to the idea, planning, starting, and operational phases of your business development, you will have a much greater chance of success. Whether you are a rare, true entrepreneur that has big dreams or you simply want to “be your own boss” the basic principals are the same. On the next few Mondays, I will write a post guiding you through the process of starting a business. If you have a question or you think I have left something out, please leave a comment or
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, and I will try to address it. No one has commented on this article. J! Reactions • General Site LicenseCopyright © 2006 S. A. DeCaro |
