Your Million Dollar Idea: Ready to Run With It?

Friday, September 7, 2007 at 08:00am by Sabah Karimi in Start-Ups

Now that your �Eureka!� moment has come and gone, you�ve probably got some vague idea of a business plan in the works. Channeling that spark of creativity into a full-fledged business can be daunting, but thanks to marketing gurus such as Seth Godin,turning your innovative idea into a reality may be easier than you thought.

Still, thousands of creative, intelligent, and aspiring entrepreneurs come up with their million dollar idea, only to see it fizzle away at the overwhelming part of getting started. If you�re ready to crack the millionaire code and get started on your business launch, here are a few tips:

Get it down in writing.

While not every business needs a business plan, creating some form of organized plan will help you more often than not. Even if it�s just a simple brainstorming session with notes and references, take some time to put down the key elements of your business. You�ll see this evolve very quickly, and can always turn to it for touch ups and enhancements as needed.
Look around.

If you�re stuck on ways to find customers, solicit businesses, or just define your target market, take a look at the competition�and start taking notes. Learning more about who your competitors are already targeting is just one way to build upon a similar strategy. Alternatively, look for the community that will find your business the most valuable.
Get a mentor or coach.

Mentors can be very powerful motivators to keep you on track with your plan, and will help you bounce ideas, lead you to resources, and help you identify your strengths and weaknesses. Look online for local resources in your community�many small business administration offices offer coaching sessions and other valuable options for up-and-coming businesses in their district.
Build your team.

Not every entrepreneur needs to go at it alone; start recruiting talented entrepreneurs that have the skills you might not have, or don�t have time or resources to learn. The more you can share the workload (within budget), the easier it will be to make progress. Consider a deferred payment plan for solid candidates who are interested in jumping on board�just make sure everything is clearly written in writing, and settle on a fair and negotiable payment structure.
Get a second (and third, and fourth) opinion.

Sometimes your most novel idea is only the Greatest Thing Since Sliced Bread for a party of one�you. Running your idea by some positive and trustworthy people is a great way to get some objective feedback. Even though your opinion about the idea matters in the end, it can help to get some open discussion going about the viability of your ideas before you plunge ahead.