Ideas can change the world. The concept is familiar and appealing, yet the process of actually putting a system in place to support these often world-changing moments can be challenging. In fact, the beginning step — bringing a new business venture to life for the first time by defining your idea — is a crucial, complex and frequently overlooked part of the journey.
Enter the entrepreneur. The author behind each great idea, these hard working, motivated individuals give life and energy to their projects. Authentic entrepreneurs who embody innovation and can maintain motivation are the key to a successful business venture. The question is: Are you one of them?
Have you ever discovered an inefficiency and spent hours devising a solution? Or maybe you grew up wanting to share your unique enthusiasm with your community? For you, is fixing a problem or introducing a new concept worth the risk? Starting a company takes dedication and perseverance, and entrepreneurs are folks that are certain their idea will make the world a better place.
Sometimes, all it takes to put it all in motion is one leap of faith.
A passionate founder can make the difference between the success and failure of a business. Sure, monetization is important, and so is staying practical, but the key that connects the humble beginnings of all good ideas to their prosperous later stages is simple: passion.
What constitutes a true passion? Discovering your own great ideas might be easier than you think:
- How do you spend most of your time?
- Is there something you’ve experienced again and again thinking: “there’s got to be a better way!”?
- Do you feel more excited when talking with friends about certain topics?
- What are you best at? Do others share the same talents?
In the end, the answers to these questions will help you identify a winning idea and, perhaps more importantly, create a foolproof pitch that will convince others to join the cause.
While iteration is natural, successful entrepreneurs are always able to pull from an initial pitch to communicate their vision: the problem that couldn’t go a minute longer without being solved, the differentiators that make this product leagues better than the competition, the personal connection that makes it all worth it. Only then can they spread the flame, creating a team that is as energized on day 1,000 as it was on day 1.
Building excitement throughout an organization is not the only reason that passion is such a vital quality for an entrepreneur. It also plays a role in overcoming failure. Bumps along the road are an important part in the evolution of all ideas, but only the truly passionate teams can overcome the biggest challenges.
Let’s Build a Business
Often, one of the hardest things to do when working with a team to get an idea off the ground is figuring out the space and platform where it has the most potential. Consider these formats when applying your own concept:
Think tangible ways you and your team can add value for someone else, whether it be saving them time, money, or something else entirely. These are for people with ideas in spaces like dog walking, closet organizing and babysitting. Ideas that thrive here are easily spread by word of mouth, capitalizing on an initial network to grow the business. When considering providing services, make sure you also have a handful of references ready to help foster growth.
Does your idea bring together the best and the brightest to help others find their way? Consulting can mean anything from marketing agencies to communications firms and more. Consulting businesses add value by sharing expertise, and, like services, are best suited to grow when you can cultivate new clients via the natural spread of positive feedback. Starting with a small base of loyal customers and building on it can move a consulting business along very quickly.
3. Online Tech Offerings
The opportunities to create an app or marketplace online are diverse (think trainings, seminars, podcasts and more), but the benefits are largely the same. Longevity, accessibility and customer loyalty are big perks of letting your idea live online. Online tech offers freedom to be creative without the pressures of a more traditional business model, such as subscriptions, referrals or others. Finding the right audience and marketing strategies are key here, and entrepreneurs who can create a successful balance are able to have fun and consistently give users what they want.
Sometimes a world changing idea requires a brick and mortar location to reach its full potential — that’s where storefronts come in. Entrepreneurs looking to foster their passion for baking, for example, must take the same steps as a tech founder (creating a mission statement, name logo, etc.), but there are some additional steps to factor in here. Inventory and even the real estate itself can be tricky to maintain, so passionate business owners choosing this path must prepare to be very detail oriented. Restaurateurs and cafe owners know this well, and fit in the storefront category, too. Ideas that thrive here can really become part of the communities they are located within, via relationship building, marketing and more.
5. Consumer Products
Creating products that the customer can use immediately is another potential format for aspiring entrepreneurs, especially if they’re looking to create something from scratch. From the most delicious chocolate chip cookies to a sleek, modern watch, consumer products span across industries like food, home appliances, fashion and more. These types of businesses allow companies to become a part of people’s day to day life, and often grow through influencer marketing.
Setting up for Success
While connecting your passion with a compatible business model constitutes the key beginnings of a startup, there is one final factor to consider. Many entrepreneurs who are just starting out need a partner — someone who can provide true business acumen — to help send them in the right direction.
To really give your world changing idea the extra boost it needs to be successful, look for a collaborator who makes you feel empowered and understood. Take the time to sit down and forge a clear, prescriptive path for your business together, whether it be for the short term or beyond. Holding the team accountable to a results-oriented attitude will provide the best beginning for your company to take its first step.
The first and final ingredient of course, is YOU! Stay clear, stay focused, stay open to mistakes and getting help when you need it. Just remember, your startup wouldn’t exist without you and it’s you that will grow and nurture it for years to come.