On my Business Owners and Entrepreneurs – Transition Guy Podcast I interviewed Jeffrey Madoff, professor, author and host of Creative Careers: Making a Living with Your Ideas. We discussed how to turn your great idea into a business.
Covid caused people to hit the reset button
It was the first time that the world had actually stopped. It gave people the time to pause and really reflect on, ‘Am I happy doing what I’m doing?’ and ‘Do I want to be doing what I’m doing?’ Suddenly people felt they had the permission to do it. Having an idea then executing on that idea and bringing it to the marketplace is not new. COVID gave people the time to think about how to do it.
“I could have done that”
So many people have great ideas but they do nothing with them. How many times have you said “I could have done that.” It’s just someone got there first. They actually did it. The key is to overcome the idea that you can’t do it. Ask yourself why you didn’t do it? What is the obstacle between you and execution? There’s a limited window where an idea is new. As soon as that idea hits the marketplace and shows any indications of success the window of opportunity is smaller.
How do you actualise an idea and make a business out of it?
First you actualise the idea. Test real people’s reactions, people you don’t know. For your business to survive people need to want to buy/use your product. You need to put the idea out there and find out who will pay for it. Figure out who you need to take your products to the market and surround yourself with the right people to help you do this.
Self sabotage and fear of failure
Overcoming that fear and doubt is important when you start a business. Make sure you assess the risk properly. Perseverance is key. As an entrepreneur the odds are against you. In the United States, 94% of businesses fail within five years. The odds are definitely against you. Don’t let imposter syndrome get hold of you. We’re all imposters until we understand what we’re doing and we have proof of concept and we’re experienced at it. You have to have confidence in yourself, despite there being no certainties. You’re going to know more today than you did yesterday and you’ll learn more tomorrow. There’s constant growth in terms of doing what you do, getting it right and building a business. During that process, most of us gain some confidence in what we’re doing.
Sustaining the business
When you put your idea out there, it’s not just launching it, it is also about sustaining and building the business. That takes constant effort. Work out how to build trust? You can’t continue to build something if you don’t gain the trust of the consumer. It can take a long time to build trust and a very short time to break it. Although your successes can be magnified, so can your screw ups.
If you want to talk about your entrepreneurial journey and how to execute an idea – get in touch
Remember, failing to learn is learning to fail.
