We all have different methods for jumping in to business. No matter how you screw up this business stuff at least do so looking good. The reality is no matter how much you spend, how many napkins you used to plan or all the cool contacts you have, there are no guarantees. This is why I respect this line or work. You’re risking it all. I like to jump in. While most people put their toes in the cold water and think its too cold. Perhaps I’m crazy, but crazy can make a good entrepreneur. I have a couple checks and balances I do before I jump in. I have a few people I trust with my ideas and plans. If my brainstorm team wants to join me in the business then I’m on something good. They can also provide feedback, risk, problems, different points of view etc. I’m not a idea hoarder who polishes my golden idea egg and takes this precious egg to my death bed. Now the reality is there are very few new ideas in the world, period. We can mix and mash the existing ideas available. I don’t know how many times I had an idea and 2 month later I saw it happen or in many cases it already existed. My point is ideas are a dime a dozen. Action makes the idea to be worth anything.
- My first rule is the 2 week rule. I plan and brainstorm and let the idea sit for two weeks. Let the dream stew and let your subconscious work its magic.
- If I am still excited after 2 weeks then go tell someone, sign non disclosures, connect with people in the industry and pick their brains. Now take all the information and decide is this concept workable.
- Research and make contacts with the people that can make it happen, Get pricing, find out your profit as a small business and your profit as a big corporation. I had one business that predicted 35% profit as a small business and 10% if I ever grew it to a large corporation.
- Assemble your team. Who will be the face, the worker bee, CFO etc of your company
- Plan. Do you need a business plan? To be honest some businesses I’ve done I never had a business plan. At least make a 1 page outline. layout some goals, strategy and detail so you at least have a plan. In the construction industry and in foreclosures I did not have a business plan. My plan was simple market, bid and work.
- Finance. How much money is required.
- Take your time. This whole process can be fast or take years to line up your ducks.
- Jump in. At some point you need to make a decision.
Most people in your specific target industry will not give you the time a day unless you have a prototype or a patent. This stops most people in their tracks. Do you have the $10k or will you risk the next step or do you need to back up and start off small and brand yourself and then create the a product. I will cover this next as I am dealing with this type off problem in my next post.
At some point a few or you will jump in. We don’t always know how far the drop is or the obstacle that lie ahead but with some blood, sweat and tears you will you will learn. If you’re hanging from the ropes pretending your not afraid you need to stop, drop in or quit. I guess for some it’s a part time thing or hobby you considering to take to the next level.
I can’t promise success but I will promise you will LEARN even if its failure. I will soon share my biggest crash and burn. It was horrible. The problems, the debt, my pride but I learned more than I could ever imagine.