How to turn your great business ideas into success
So many people are looking for the next great business idea, encouraged by programmes like Dragons Den. People seem to think that it’s the business idea that will make the difference to whether they are successful or not. For those seasoned business owners who know how it goes, the truth is very different. Don’t get me wrong - if your business idea was selling ice to eskimos then I would pretty much guarantee that no matter how good your sales people were, your sales would be flat. But in most cases, it’s not the business idea itself that counts but the execution of it that matters.
The principles of success are deeply embedded into every business no matter what the idea: know, nurture and engage your market place. Whatever your business idea is you need to know who is going to want to pay you for its products or services, at what price, how many times and for how long. Because if you don’t have enough people (the market place) willing to spend enough money on your business idea then you will be out of business before you can say (In a Scottish accent) “I’m out”.
So what is the answer to the ever-elusive winning business idea? The answer is to look at a market place and industries supplying that market place and consider how you might be able to improve a product or service for that market place enough to allow you to penetrate and take market share. Your business idea should start with how is this going to make money? Who cares if your business idea is to extract the rare essential oil of the beebee berry and use that oil to reduces stress by 80% in anyone who massages it into the base of their back - if you can only find a dozen people to sell that to a year!
It is the innovations and points of difference in your business idea that will make it stand out, and knowing, nurturing and engaging your market place that will turn your fledgling business idea into success.