Blog

How to Turn an Idea Into a Business: A 7-Day Jump-Start

Chances are you’ve daydreamed of what it could be like to run a enterprise of your individual. Perhaps you’ve considered an concept that might be a actual moneymaker. But you weren’t certain how to act, so these desires pale to the background as you trudged via your day job(s).

To get you again in entrepreneur mode, we’ve created a seven-day bootcamp to flip your thought into a enterprise. We’ve paired every day with a technique to enable you to chisel away at your targets.

And what’s this? Feb. 15-22, is National Entrepreneurship Week? What timing! Chartered in 2006, the weeklong congressional initiative “encourages the implementation of entrepreneurship education throughout the United States.”

Dreams, you’re again. That enterprise you’ve all the time wished to begin: It’s taking place. By the tip of the week, if all goes properly, your momentum ought to carry you into a future the place each week is entrepreneurship week.

Day 1: Brainstorm Ideas

Business concepts don’t have to be glamorous. They simply want to be lifelike.

They don’t want to be primarily based on a genius invention, a scientific breakthrough or a Shark Tank-worthy smartphone app (although they definitely might be). At their core, good enterprise concepts determine current issues and provide options.

Kathyrn Gratton is the president of the Hagerstown, Maryland, chapter of Score, a free small-business useful resource community and companion of the federal Small Business Administration. She spoke to The Penny Hoarder about arising with a successful thought.

“Where’s your interest? Where’s your passion?” she mentioned, noting that your concepts want to be greater than potential moneymakers: You also needs to benefit from the work.

It’s OK for those who can’t consider something on-the-spot. The Penny Hoarder compiled 9 enterprise concepts to get your creativity flowing.

Day 2: Choose a Winner

Now that you simply’ve acquired a lengthy (or not-so-long) checklist of potential enterprise concepts, you’ve acquired to resolve which one to run with. 

Consider your individual experience. Use your insider expertise and information to pinpoint what’s unique and novel about your thought. Start fascinated with the connections you could have, and the way these folks will help you get began.

You could notice later that, truly, the concept you picked wasn’t a winner. You want to rethink it, or return to your checklist. That’s OK too. The level of this weeklong train is to make progress. And figuring out that the concept you’ve been mulling over for a whereas is unfeasible is progress.

Day three: Get Feedback

Feedback is essential within the early phases of enterprise constructing. The extra the higher — and the extra vital the higher. While you may assume you could have a good thought, eventually, your online business goes to want to persuade a ton of different folks of the identical factor.

Within the constraints of day three, you’re not going to give you the option to check any markets or run any focus teams. Simply asking for constructive suggestions out of your neighbors, mates or members of the family can be tremendously useful.

Gratton recommends asking that one brutally sincere good friend all of us have. You know, the one which’s comfy with telling you for those who’ve gotten fats over the vacations.

“They are the best to run things by because you know they will tell you the truth,” she mentioned.

Day four: Outline a Business Plan

Don’t roll your eyes. Business plans are value it.

A 2016 examine printed within the Strategic Entrepreneurship Journal discovered it certainly pays to plan: Entrepreneurs who wrote formal enterprise plans have been 16% extra possible to “achieve new venture viability” (aka succeed) than those that didn’t. 

While it’s true that you simply received’t give you the option to – and doubtless shouldn’t – draft an total marketing strategy in someday, you’ll be able to spend your time creating an define that may set you up for fulfillment.

In the article-turned-book “How to Write a Great Business Plan,” Harvard enterprise professor William Sahlman lays out the aim of a marketing strategy and precisely what to embody in it.

The People: Who’s working the present? Include your self and everybody else you’ll want for operations to run easily.
The Opportunity: Explain your services or products and who may purchase it. Start fascinated with worth factors, buyer demographics and opponents.
The Context: Consider all “factors that inevitably change but cannot be controlled by the entrepreneur,” Sahlman writes. That contains legal guidelines, laws and financial developments that might influence your thought.
The Risk and Reward: Describe the worst-case situation, economically talking, and the way you intend to climate the storm.

Use these 4 sections as a start line in your define. As you fill it out, you’re very possible to discover some deeper perception into your online business – or chances are you’ll discover it’s simply not going to work. The sooner you study from both situation, the higher.

Day 5: Craft a Business Pitch

You’ve executed all of the heavy lifting for the week. Hopefully that dream you thought was lengthy lifeless is beginning to come alive. Now it’s time to polish up your findings and begin sharing the essential premise of your thought and why it’s destined to achieve success. Or no less than be prepared when the chance strikes.

To assist you understand what to embody in a killer enterprise pitch, The Penny Hoarder spoke to two former Shark Tank contestants who pitched their companies in entrance of tens of millions of viewers – nailed their efficiency – and now helm multimillion-dollar enterprises: Dawoon Kang, CEO of the relationship app Coffee Meets Bagel, and Sara Margulis, CEO of the honeymoon-crowdsourcing web site Honeyfund.

“Succinctly stating what your business is, why it exists and why it’s better than everyone else is really important,” Margulis mentioned. “Any time you talk about your company, you should be able to convey those things simply.”

That succinct half is particularly necessary. Here are Kang and Margulis’ different key nuggets of recommendation.

Know your viewers: No matter whom you converse to, your pitch ought to embody the core components Margulis talked about, however you’ll want to tailor it barely to completely different folks. Is it a buyer, an investor or a enterprise companion? What does every of them want to hear?
Include a name to motion: Depending in your viewers, the decision to motion ought to change. Suggest a clear subsequent step, one thing extra particular than: “Let’s stay in touch!”
Practice: Pacing, enthusiasm and knowledge are a lot to juggle. You received’t know what a part of your pitch sticks together with your listener except you check it out.
Apply suggestions: Your enterprise pitch isn’t actually completed. You could study that folks need to hear extra about a element you thought was unimportant. Hear them out, and make the adjustments to hold it contemporary.

“It feels like (I’m pitching) all the time … but what I’m realizing is it’s actually not enough,” Kang mentioned. “There’s a saying: ‘Unless you’ve said it 10 times, you actually haven’t said it.’”

Day 6: Start Networking

What good is a pitch for those who aren’t assembly new folks to share it with?

Plenty of each day occasions are taking place throughout National Entrepreneurship Week. There are 10 webinars to select from on the group’s web site. From Monday to Friday, Feb. 17-21, two authorities organizations will host on-line occasions, one at 2 p.m. Eastern and one other at three:30 p.m. Eastern.

The Departments of Agriculture and Education, NASA, the U.S. Securities and Exchange Commission and different federal companies will cowl subjects such because the fundamentals of entrepreneurship, enterprise capital, enterprise assets and extra. Last yr’s webinars are at present out there within the archive. This yr’s occasions are anticipated to be archived as properly.

And if that wasn’t sufficient, a two-day digital summit for freelancers tailends the eventful week, from 6 a.m. to 10 p.m. Feb. 21 and 22.

Spend a part of the day trying to find networking alternatives, updating your LinkedIn profile and different on-line skilled networks. Don’t neglect the IRL ones both. Like, with actual folks. 

Libraries, schools or rec facilities host neighborhood workshops that supply free entry to industrial instruments and cutting-edge tech. They’re known as makerspaces, and right here’s how to discover one.

There are networking organizations serving nearly each trade and career, with native chapters nationwide. Consider attending occasions by the American Advertising Federation (or Ad 2, for those who’re beneath 32), the U.S. Chamber of Commerce, Score, the Small Business Administration and the Small Business Development Center.

You’re certain to have an occasion or 5 in your space.

Day 7: Find a Mentor

Day seven already? You made it! Smooth crusing from right here, proper?

Well, probably not. Entrepreneurship is hardly, if ever, easy crusing. The level of the weeklong problem was to make progress on your online business thought as a substitute of letting it endlessly bounce round in your cranium.

To hold your momentum going, spend your day searching for a mentor, somebody you belief and might flip to for stable enterprise recommendation. Local Score chapters provide workshops and free one-on-one mentoring.

Or, for those who’d somewhat hold it barely extra informal, seek for somebody who suits the invoice at an upcoming networking occasion that you simply (hopefully) scheduled throughout day six.

Whatever you do, don’t stall out now.

Adam Hardy is a workers author at The Penny Hoarder. He covers the gig financial system, entrepreneurship and distinctive methods to earn money. Read his ​newest articles right here, or say hello on Twitter @hardyjournalism.

Ready to cease worrying about cash?

Get the Penny Hoarder Daily

Show More

Related Articles

Close