1. Secure your Intellectual Property (IP)
Intellectual
Property(IP) refers to creations of the mind, such as inventions, literary and
artistic works, designs, and symbols names and images used in commerce.
If the idea
is technology-based, it is often advisable to protect the value you have
created around an idea, brand or product. Protecting your IP prevents others
from possibly gaining financially from your idea, brand or product or taking it
away from you altogether. By striking the right balance between the interests
of innovators and wider public interest, the IP system aims to foster an
environment in which creativity can flourish
2. Define your identity
Identity
refers not only to your logo, but also to the way you describe your company,
the copy you include on your website, your vision, your mission and your
company culture. Defining these elements will set the tone for the way you
operate, from the outset.
3. Write a business plan
Taking your
idea and articulating it in a document is sometimes hard. A business plan sets
out your business objectives and then, most importantly, defines the strategies
for achieving them. A business plan is also requested by banks and people who
wants to invests when you apply for funding or support, so allocate sufficient
time to articulating your idea well.
4. Choose a workspace
The
environment you choose to operate in will have a direct impact on your success.
Operating in a vacuum is not advisable in the early days of a business, as it
is often the ideas and support of others that helps you to nurture your own
idea. A co-working space that promotes business development in your category or
sector is an encouraging environment for a start-up.
Surround
yourself with people in similar stages of development and leverage off their
creativity and experience to assist you on your journey.
5. Secure capital
In many
cases, even great ideas can fail due to the lack of financial backing. In the
search for financial investment, you could join an accelerator, which is a
programme that assists with a network, a mentor and sometimes a small initial
investment. Alternatively, look for an angel investor network or venture
capital investors that offer financial investment to facilitate growth.
Ideally, you
would want to secure an investor that has experience in your particular
category or sector, so that you can draw on their advice and experience.
6. Idea
The impact
and importance of ideas to wealth creation cannot be underestimated. This is
because, ideas pose as a vehicle through which one grows wealth. You can say
that ideas are the bedrock of every wealth creation.
In turning
your ideas into wealth, you first seek to discover the problem existing in your
environment and provide efficient solutions to it. Problems and solutions are
pointers to wealth creation. The road to wealth could be as simple as
discovering a problem or more, coming up with a workable and viable solutions
and taking them to the final consumer in exchange for money.
Wealthy
people did not just get wealth, rather they discovered a problem, proffered
solutions and sold their ideas to the market place (heterogeneous audience,
clients, investors) in exchange for money.
In the world
today, there are still many new ideas to be birthed. This is because there are
still many areas that needs to be improved that will also generate wealth in
return. Discover them.
7. Market Assessment
Market
assessment is a critical study of the potential a new product or services or
idea has in the market where it is to be launched. This process teaches the
business owner the needs of the markets and the barriers and pitfalls he may
face. Market assessment helps you know the number of people that needs your
products and guides you in your production as well.
Before
taking your ideas (solution to problem discovered) to the limelight, a proper
market analysis must be done to avoid heavy loss.
8. Engage Distributors
A
distributor is an entity that purchases noncompeting products or product lines
and sells them direct to the end users or customers. Most distributors also
provide a range of services such as technical support, warranty or service.
These people are essential in helping your brand reach your target customers.
The
distributors are like the middle men between the producer and the end users
(consumer)
Engaging the
right distributor will not only increase sales for you but also create
publicity for your products or services. For your idea to grow you will need
distributor(s).
9. Organizational Management
This is the
process of organizing, planning, leading and controlling resources within an
entity with the overall aim achieving its objectives.
For any
business idea to produce efficient result, there must be an excellent
management behind the scene. The level of growth expected by your business idea
will determine the amount of wealth it will generate. Your idea is a project on
its own take steps that will keep that idea running on the long run. Proper
management has the ability to skyrocket your idea into something bigger than
expected in a short space of time vice versa.
10. Marketing and Selling
The soul of every business idea is marketing. Marketing can
make or break your business.
The right marketing will develop your brand and establish
your presence in the space you are working in, while also driving sales and revenue
for your business. Look for people who knows what to do for your unique
business, to meet your unique goals. Also look for people (distributors) that
will exceed your expectations but not your budget no matter how tight that
budget is.