Turning an innovative idea into a business
Turning an innovative idea into a business
February 4, 2016By First For Women
If you’ve ever watched Oprah’s popular TV talk show, you’ll know what an ‘aha moment’ is. This is one of her favourite expressions, and she uses it when she has an epiphany that is so enormous, it’s life changing. Everyone experiences aha moments from time to time, whether it’s realising that you need to forgive someone, or having a business idea that is so genius, you wonder how no one has thought of it before.
But acting on personal aha moments is vastly different to acting on business ideas. Starting your own business involves a lot of risk to you, your family, your finances, your relationships, your time, and just about every other aspect of your life. If you’ve had a life-changing idea but you’re losing sleep wondering where you’ll get the capital, time, and even the courage to turn it into a business, here’s how you can make your dreams a reality and contribute your wonderful idea to the world!
Believe in yourself
The first step is to believe in yourself. Remember: you have something that no one else has – you. Your guts, your wisdom, your experiences. When you feel that the responsibility and risk of a start-up is too much, believe in and remind yourself of all of your unique, outstanding abilities. You know more than you think you do, and you’re capable of more than you think you are.
Use whatever tools you can
The internet has given entrepreneurs the ability to reach millions of people at relatively low cost, so there are more opportunities for budding entrepreneurs than ever before. If you need to produce a prototype, you can get dozens of quotes online in a matter of days. You can advertise on Google and decide how much you’d like to spend. You can create a social media account for free and create brand love and build-up around your product before it’s even launched. By using all tools at your disposal, you give your exciting idea its best chance of working.
Hold on to that feeling
When your idea came to you, it probably filled you with enthusiasm and made you feel exhilarated just thinking about all the ways it could make a difference to the world. Grab that feeling and don’t let go! It’s that zeal that will continue to drive you later on if things get tough. Use it to propel you to great moments and to push you through low times. And remember that, by satisfying a need or desire for people, you’re helping to make their lives better, so always remember that you are doing something good for the world.
Be patient
Very few entrepreneurs turn a profit or make their company a success instantly. It can take years of hard work before you see the fruits of your efforts. But remember that a business can be a lifelong undertaking, so give it the time it needs to grow, and enjoy the journey of learning along the way.
Make others believe
No one will ever know or love your idea as much as you do, but you can use your passion for it to make others believe in it and you. This is true whether you’re selling it to customers or investors; if you can make others understand what it’s all about and help them share even a fraction of your passion, the hardest part is done.
Cut yourself some slack
No matter what stage of life you’re in, it can be scary to start your own business venture. And if you’re supporting a family, taking the leap can be even more daunting. If, at any time, you feel like you’re failing or that you’re not good enough, remember all the wonderful things you do on a day-to-day basis. All of those ‘little’ things you do, like pack the school lunches or comfort a heartbroken friend, and all of the roles you take on – employee, businesswoman, daughter, mother, wife, sister, friend, decision-maker, companion, chef, student, manager, teacher – are proof that you are capable of more than you think you are. Actually, thanks to a survey by McKinsey, we can now put a monetary figure on the tremendous work that women do worldwide that we don’t get paid for, and it’s roughly $12 trillion. You’re a part of that massive global effort!
Get business insurance
It’s important to cover your business should something happen; you don’t want one small mistake to wreck the enterprise that you put so much effort and love into. There are many ways that business insurance can protect you, and what cover you need will largely depend on what product or service you’re selling. Whatever innovative idea you have, 1st for Women will support you while you turn it into a successful business. We’ll take care of the things like your business insurance, so that you can focus on making your dreams a reality.
