NEWS

The difference between having an idea and being an entrepreneur

You must have met several people out there bouncing their ideas on you and telling you how they plan to venture into business.

So how do you get to understand whether your idea can actually be a great business? Here is how.

Evaluate your idea

Ask yourself if your idea solves a particular problem in the society, check if you have done sufficient research. Ask people what they think about your idea. Strong and bankable ideas are those that can withstand heavy criticism.

Prototype and mentor

If your idea has survived constant criticism and you are sure it can be a business. Now you need a plan. Ask yourself how much capital you need to make the product. How far are you from a working prototype. Get yourself a business plan. Do you have potential partners and investors? You need a mentor too.

Weigh the risks

If you are not certain on your next steps, the think twice.Would rather keep paying your bills or are you ready to take the plunge. The risk is potentially disrupting and frightening. If your family depends on your income, it is your job to think things through.

Dive

If you are still sure you want to take the plunge after a thorough evaluation, the take the risk. You can start small even you have the end goal in mind.

Have faith

Tough times will come, make sure you stay focused through different phases of your business. If you are seen wavering, people will start to question your whole enterprise.

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