I have an Idea, make money from it
I have an idea, make money from it
Okay, you have a great idea, then, what? It is all about Benjamin; Ideas are cheap. Your ability to implement your ideas is what makes an entrepreneur. Don’t get it twisted, entrepreneurship opens you to a higher risk. Yet, it offers you freedom that last longer. But, you must have appetite for risk.
Forget it; the road won’t be all that smooth but it always worth it after all. Before you enter the space, I advise you take your time to check your appetite for risk and if you are cut out to lead.
Do not allow anyone to tell you that you cannot reach peak of your career collecting salary. I doubt, you can reach peak of your career with it but there may be a ceiling. There are executives that millions of business owners are unable to match in all ramifications.
I have seen some, working with some and some are here now. Facts are sacred! That I don’t like salary doesn’t mean you should not. I am not saying we should always be applying for jobs even at 60s, but we should not say those earning on monthly basis are buffoon!
If you don’t have idea, develop appetite for generating some. However, do not allow anyone to cow you to a corner with sweet talks about entrepreneurship or taking business risk, albeit uncalculated or undesirable. Business, rather than ballooning can blow out. You must understand the very business you are venturing into. Or have someone that understands it very well in your team.
Motivational speakers won’t tell you there are downsides, and that’s the problem. If you rely heavily on your plan, it may not work. Planning is the word. More than half of your assumptions are wrong in the beginning, that’s caveat on your proposal. Many beautiful faces are cosmetic. But at first glance, you will like what you see.
If your idea is not scary enough then it doesn’t worth your sweat. Be ready to have sleepless night, that’s a sign that you’re doing something great. Your mind will be fixed on what would be even while you’re asleep. Great you are having fun with productive insomnia! Don’t be scared, perhaps you are own your way to develop a great brand that will outlast you.
Business is sweet but entrepreneurs don’t come from the blue sky. Form a habit that encourages some level of risk taking- garnish your appetite for it. Be read to shoot. Success lies in action.
Oh! You have a beautiful idea, but you have no financial muscle to execute it. You still have your chance to have a qualified management title as cofounder. Put your idea in perspective –write a business plan and search for investors. Don’t be surprise, people are looking for where to invest but there is a wide communication gap.
Venture capitalist? Don’t go there! Nigeria has close to none. The ones around are big ticket. Unless your ideas are very scary, you may not be able to attract those. Nigerians are afraid of themselves –that’s our primary problem. Banks are scare to extend facility to anyone that has never hold big account. They are scared you will take off, abscond. Of course many will take off.
How do you convert ideas to a business?
Write the vision down and make it plain on your table; that anyone that read it may be able to run with it! Guess you are familiar with that; it is in the Holy Book. Basically, unless you are financing your startups from your pocket, you cannot raise money from third parties without a business plan.
Follow this simple process:
- Get your business plan handy
- Search for potential investors. How? Communicate your ideas with care. Talk to people. Don’t be scared that someone will steal your idea, be scared if otherwise. No one can do it your way –that’s originality.
- Share your plan with them. Investors are primarily interested in one thing. Profit! You must be able to tell them where your revenue will come from, your cost estimates and timeline.
- The longer into the future the payback period, the higher the return on investment they will demand – it means they are scared (uncertainty)!
- Negotiate
Julius Alagbe, Principal Consultant at LSintelligence|
“SMEs, Startup & Bootstrapping”
The Great Agenda
Join us: June 17, for another session
Request for your Invitation to the SMEs Executive Lounge
Discussion: Business & Strategy (Collaboration and Resource sharing)
“The Great Agenda”