Billion dollar ideas are free to come up with for everyone. That’s because having an idea is always the easy part. It’s the effort in taking action on that idea where the price is paid. Obviously, this is also the part where most people throw their idea away somewhere along the way. From poor planning in the beginning to lack of effort after the initial phases, there’s a number of reasons as to why most end up like this. What if I told you I could help with that?
Cultivating an idea is beyond just coming up with a 5-year plan of arbitrary dates and metrics. It takes an understanding of your self, market, competitors, durability, and a whole lot of other things. In my years of experience, I feel like I’ve come up with an approach to best handle that works for me. So in this article, I’m going to attempt to articulate it to you.
How Does It Impact Your Life
The easiest way to start and remain passionate about a venture is to connect it with your personal life. As with anything, having a connection to our personal lives makes us want to reach harder and farther than we normally would. Take the average persons’ 9 to 5 job in anywhere in the world as a prime example. In any area, ranging from corporate to retail, how many are happily ready and willing to give all their time there? Exactly!
Successfully building anything should always start with a personal why. Having that level of connection in your ideas pursuit will keep you motivated in finding a way to continue in tough times.
Whats Your Growth Limit
Every venture has a market cap that identifies the full possibility of what could be. Understanding this beforehand will lead to plenty of gains across the business of your idea and figuring out the best plan to get to that realized point. Best summed up, you can’t have a long term business plan without knowing this.
Keep in mind, business plans are idealistic in nature. They’re never meant to be 100% accurate, only showcase a possibility of what could be accomplished in the right circumstances alignment. For me, I’m not an idealistic person so I’d prefer to focus on possible pitfalls and how to bounce back.
Who Are You Trying To Help
I strongly believe it’s important to look internally first, then grow into external motivation or inspiration. Every major innovation the world has seen started out with a person, or group of people, wanting to pursue something in this exact manner. That’s because, in my opinion, we innately have a desire to showcase what we feel can be for the greater good of society. Obviously, people do this for different motives, most unfortunately solely for monetary and egotistical gains, but regardless this feeling remains at the core.
Finding this is hard, takes time, and can only be done after an idea is validated in having real purpose and sustainability. From there you’ll typically see the benefits others could have from your product offering or your story.
What Can Cause Your Failure
Failure is inevitable, at some point it happens in every opportunity. It’s not important to work hard to avoid it from happening to you. Instead, it’s import to work hard to know how to handle it and recover.
Honestly, its 2019. Everything under the sun has already been done(no rhyming intent). From the understandings of others failures you can theorize where your business pitfalls may be. Even without spending that much time, you can at the minimum come up with an idea on what to do say if money dries up or sales begin to dwindle. In the end, it’s all about understanding failure and being proactive about it.