Someone I know came up with an idea for a new business selling fish and chips and other seafoods done in the traditional seafarers’ way. The idea for this restaurant excited the individual and he spoke a lot about it to family and friends. But this gourmet seafood takeaway still waits to be born.
Do you get a high when you come up with new business ideas? It’s almost as if the excitement of the idea feels like you’ve actually accomplished it already. It’s like the high you get from a top motivational speaker, pumping you up with inspiration till it’s pouring out your ears. But a day later you’ve forgotten it all and put nothing into practice. A new business idea for products and services is often a picture of the end result. But an idea doesn’t come with a plan for its implementation.
Here is where the nitty-gritty, dirty and boring details need to be worked on. Creativity or creative ideas are never enough. Do you have the know-how, energy, courage and staying power to implement your ideas?
A detailed action plan for implementing new ideas includes assessing the risks, the costs, identifying and establishing market demand, personal resources, the time that will be needed for implementation as well as the return on investment.
If you’ve just come up with an idea that you think holds potential, how strong is your motivation to implement or action it? Do you really need to implement your idea? What is your motivation? Could it be money? Or recognition? What about security, excitement or even a sense of immortality that you are creating something that will last longer than yourself. Something that you can build and pass on to your children.
Is there a process, system or formula to assist you? Entrepreneurial consultants will throw everything at you from business incubators to 40-part video programs as well as mentors and coaches. These cost money. Perhaps some are well worth the expense but can you afford them?
Other individuals are sometimes encouraged to go the academic entrepreneurship route by going to university to learn all about entrepreneurship for four years. Yet very few new businesses are started this way.
Should you buy a franchise? You may not need to start a business from scratch if you buy a second-hand business or franchise but you will still need to do detailed planning, training and implementation. You might get all frothed up with excitement because a franchise is available in your area but without the proper due diligence, especially researching your local market, you could be in for a nasty surprise.
If you’re not prepared to do the dirty work that implementation includes perhaps even taking months or years in some cases to get your idea off the ground, then how serious are you really about what you want to do? Creativity is about coming up with ideas. But innovation is about implementing those ideas.
Just as you wouldn’t build your own house from scratch without any advice from an architect, perhaps you need to think about getting outside help or advice on your implementation of your new business idea.
An experienced entrepreneur who’s been down there in the trenches, slugging it out against hostile competitors, red tape, inertia and stumbling blocks in the road would be able to take you through the steps, point out hidden traps and dangers, give advice and inspire.
If you’re looking for the tools, strategy and connections and don’t believe in pat formulas or full-proof systems, then put on your running shoes and sprint over here.