Having ideas is 20% of the battle, so congratulations! Now you have to execute them… but how do you do that? Do you write a business plan? Do you go back to business school to get an MBA? Do you buy books? Honestly there are a million answers and each answer can vary between markets.
I can only speak for technology companies since that’s what I’ve been part of most of my professional life. Starting a company is not easy, you need to come up with a million + 1 things to just get going in addition to money itself. So how do you do it? It’s easy, bootstrap, continue bootstrapping, and do as much as you can on your own and with family and friends that share your idea. Your initial goal should be to create a prototype and generate some traffic, then show it to potential investors and begin pitching your idea.
In this economy finding capital is tougher than ever, and competition is stronger and much more knowledgeable. My best advice is to work hard and set realistic goals that can be achieved with your current resources. Review your goals daily and don’t be afraid to talk to people. The number one mistake that people make is not talking to other on fear of their idea being stolen. If execution was easy there would be many more companies out there… so don’t be afraid to get feedback as you build!
Happy building.
One Comment
I can’t agree more. In fact I would like to stress sharing your ideas with others. The feedback that you get is priceless. At the end of the day you want to build something that people understand, demand, and willing to use. Execution takes a lot of commitment, passion and motivation. It is harder than just having an initial idea. So, get out of the “stealth” mood.