They say everyone has at least one business idea inside them but how many people actually have the conviction to follow their ambition?
Having an idea is one thing but what a successful business needs is competent execution and a receptive marketplace.
One of the reasons I am passionate about small businesses is their energy and creativity. A small, emerging company has the great advantage of being agile. It can try new ways of doing things, new ideas for delivering a service and new ways to save money. SMEs really are a breeding ground for ideas and creativity.
Once the idea for a business has hatched, it then needs testing and challenging and there is no better way than asking your potential customers what they think. The idea may be good but it will only ever be a viable business if there is strong execution and a commercial market for it.
This process is critical for your long-term business success. You can make a written business plan say anything and convince yourself that your profit will materialize – but if customers don’t like or need your service then it will fail.
What I look for is that innovative, well thought out business from a passionate entrepreneur.
Recently I was introduced to an entrepreneur who has started an online business; Really Useful Stuff. I regularly meet entrepreneurs and they will always take the opportunity to pitch their business to me. However, what I liked about this particular business and the approach was the fact that the founder Kay had thoroughly tested every aspect of the business and brand. The idea had been tested with focus groups and key stakeholders. The great thing about an online business is that you can create a beta version of the site and put it out there to gauge reaction without actually spending any money. Doing this will give you the research to improve your offer.
This brings me to the point of social media. We all know that it’s a great promotional tool, but it’s also a great source of feedback. It costs next to nothing and allows you to really grasp the opinions of your customers.
Feedback can of course be brutal as well as constructive. You may find out some truths about the business and brand that are not easy to hear, but the most important skill to have is being able to take the criticism and adapt the idea to suit the market.
It’s a competitive world, but there is always room for a great idea or adapting an existing idea that has the right mix of planning and testing.
But it’s also not enough just to expect customers to find you online – for a company to be truly successful you have to constantly think of innovative ways to engage with them and build their loyalty. Customer service must be woven into the DNA of any business.
Moving from ‘saying it’ to ‘doing it’ requires a combination of executing a great idea, willingness to adapt, passion and an appetite for challenge.
http://www.linkedin.com/today/post/article/20130702105655-32175171-starting-a-business-saying-it-vs-doing-it?trk=cha-feed-art-title
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