Every single great business started with an idea. However, for every single businesses idea that worked out, there are likely millions more that didn’t. So what determines if one idea makes it and another one doesn’t? Let’s look at the facts.
Ideas are only as good as their execution.
There are a lot of good ideas out there, but proper execution is everything. This doesn’t necessarily mean that you have to have a prototype (although, some investors won’t even have a meeting with you without one). But the bottom line is, when you pitch this idea, you have to go the extra mile to explain:
- What issues do my products or services solve?
- Is there a market for it?
- How will this lead to profit?
Type of Investors
There are a lot of businesses out there that literally started with nothing. However, you’ll quickly discover that it’ll take more than just hopes and dreams to keep this idea pushing forward. You’ll need investors. Friends and family are a likely option for folks who don’t have a prototype or any proof of success. These are the folks who will invest in you because they have an emotional connection to your success.
Keep in mind, family and friend investments aren’t always black and white. Sometimes its easier and better for business to find investors that you don’t know personally. However, expect that these people will have harder questions about your idea. After all, they will need to see the numbers in their favor or else it’s not worth their money or their time.
In order to get either type of investor on board, you have to start talking about your idea. Get people excited about what you have to offer. Some ideas for finding investors:
- Network within the marketplace you want to be apart of
- Research the marketplace extensively to find additional ways in
- Discuss with potential customers
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While you may just be getting your feet wet with the idea of creating a business, you should consider getting help from a business attorney. There is a lot that goes into business development, and you’ll want to be sure that you get things started the right way.
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