TURNING IDEAS INTO WEALTH

 

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.