Make a Bright Idea into a Business
Being an entrepreneur isn’t easy. In fact it’s one of the most difficult and terrifying things a person can do. However, it is also one of the most rewarding.
Deciding to be your own boss and work for yourself comes with a number of complications and obstacles that the burgeoning entrepreneur must overcome before they can begin their journey. Having that one great idea is simply the beginning…
One of the earliest legs of the entrepreneurial journey is often the most overlooked. Research is essential and while it may not seem like the fun part of being your own boss, it can often save you a lot of trouble later down the line. Before you begin to get business cards printed or decide which font you want to use on your website, make sure you know as much as possible about your business idea. Research your market and how your company fits into it. Look to your closest competitors and see what they’re doing right and what they’re doing wrong. Knowledge is power and now that you’re the boss, it’s your responsibility to learn as much as possible.
Find the right support
There’s no shame in needing and asking for help. Chances are that when you start your first business, you’ll make a lot of mistakes. It’s especially important for first-time entrepreneurs to know what kind of help is available to them. One of the reasons I set up the Bright Ideas Trust was to provide budding entrepreneurs with the help, guidance and resources they needed. We put a lot of emphasis on supporting our beneficiaries, whether that’s through mentoring, guidance or even just giving them the motivation and belief to succeed. I believe this kind of support is essential in nurturing and encouraging the entrepreneurial spirit and will eventually lead to success.
Believe it or not, funding isn’t the most important thing to having a successful business. Financial backing is important to any start-up trying to get off the ground but I believe a true entrepreneur will aim for success whether they have full financial backing or not. When it comes to finance, the most important thing isn’t how much money you have, but how you plan to spend it. Regardless of the sum of the money available make sure you plan how to spend every penny and try to take into account any unseen expenses and non-fixed overheads.
“If at first you don’t succeed, try and try again.”
That should be the motto for any budding entrepreneur. It’s easy to lose focus and motivation at any sight of a setback or obstacle. The entrepreneurial journey is different to most other career paths in that there is no guarantee of success. However, it’s important for an entrepreneur to remain focused and stay positive in the face of any difficulties. The key to having a successful business isn’t just about having a great idea; it’s about perseverance and belief in that great idea.
This article was written by Tim Campbell MBE, Chairman and co-founder of Bright Ideas Trust.