Being An Entrepreneur With New Ideas: Taking Risk

Being an entrepreneur with new ideas

What does being an entrepreneur mean?

It means that you are someone whose brain is full of new ideas all the time and your brain keeps on thinking new ways to turn those ideas into reality. But is it enough? Is thinking about the ideas and developing new ways to implement those ideas enough?

Many other things also have to be kept in mind, let us have a look.

Ideas! Ideas! Everywhere!!

Being an entrepreneur, you always have to be full of ideas 24X7. Not all ideas are useful but some ideas that seem useless at first might turn into a game changer eventually.

Best idea
Choosing the best suited idea

Whenever a new product has to be developed, it is the result of an idea. Now, the ideas can be of three major types:

  • The ideas that are based on catering the existing needs of the people.
  • The ideas that are based on existing products and the new ideas are mainly focussed on improving the existing product.
  • The ideas that are entirely new and no product based on that idea has been developed yet.

The third category here is the one that includes the greatest amount of risk. But once successful, its results can be tremendous and highly profitable. If the idea gets approved by the consumers, it means that the world gets to use a new product, that the people might not have even imagined of earlier.

But it is risky!!

Agreed that the idea and its implementation are full of risks, but if the idea is exactly something that the people actually needed for long but they themselves didn’t realise it till now, then the risk is worth taking. The only requirement is the idea being genuine and actually being useful to a large section of the society.

Taking risk
taking risk is very important

A product like a personal massager however seems to be useful, is not the major requirement of a large section of the population. So, along with being innovative the idea should be actually useful too.

The problem of funding

So, you have thought of an innovative idea and you believe that it’s going be the next ‘big’ thing in the market. But now there is a small problem (not actually small!). The problem is that you don’t have enough capital so that you could actually think of implementing your idea and turn it into a real project.
Now, this is the talant that every entrepreneur must possess and that is the ability of getting funds generated by people who you think might be interested in that kind of idea that you’ve thought. Though a good idea will definitely be approved by the investors, but still it needs to be presented in a very effective manner.
The generator of the idea herself/himself must have faith on the idea and that faith is reflected when the presentation is given effectively. If you yourself don’t trust what you are about to create, then the people investing in it are no fools to waste their money on a flop show.

Funding
It needs money of course

So, not just having a solid idea is enough, but also having the ability to convince others is important. Your faith on your product should be so strong that the vibes reach the other person as strong too. There are many firms that are especially working for encouraging blooming startups and new entrepreneurs. The only thing you need to do is to convince them of the effectiveness of your idea and they will be more than happy to welcome a great idea in the world and introduce them to the people.
There can be another way by which problem of funding can be solved. If it is possible to create a running prototype of your design, you can easily find your intersted customers who are willing to take your services and this way you can get your initial project very easily.

But you need a team too!!

When you think of becoming an entrepreneur, you cannot say that a certain task is not your cup of tea, you have to like every cup of tea and be familiar with all the tasks that are involved in the implementation of your idea. But still, being only a human being at the end of the day, you can’t actually manage all the things on your own. Having an efficient and able team is very important. The size of your team need not be very large, only two-three people might be sufficient. But those people must be the ones you trust and also are experts in their respective fields and at the same time they must be familiar with other fields outside their area of expertise too.

A good team
Having a good team is very important

A great team can help you reach unexpected heights that you would not be able to manage on your own. But also at the same time, a bad team might drag you down very deep. So, it is very crucial task to choose the best team.

Getting started

Once the funds have been raised or you have found your potential clients, you need to give shape to your ideas. The ideas need working body and soul. This part might not be very crucial if the working prototype could be created beforehand. The creation of working prototype helps a lot in the practical implementation of the idea. Also, it gives an idea of how the product might work and look like before the creation of the actual product. This prevents mistakes at the time of creation of the actual product and eventually saves a lot of capital and time.

Here you GO!!

Now that everything has been settled regarding the idea generation and its implementation, real task begins here. These days saving a product is not a very easy task, when you have thousands of commodities based on the same idea, you clearly have a lot of options. Being a consumer it is very difficult to choose the best. So, entrepreneurs have an additional task of making the possible consumers aware of the product and also convincing them of the usefulness of the product. Being techno savvy people that we all are these days, taking the help of digital platform can be very helpful. Anyone, from school students to professionals everyone just relies on the power of that one touch to find solutions to all their problems. So, entrepreneurs can also rely on the power of that touch to bring their product within the reach of the potential consumers. Developing a website and mobile applications can be very helpful and in fact very important these days to help your product get recognized and liked by everyone. We live in digital world and also we lie in a world obssessed by marketing. So, all the blooming entrepreneurs have to keep these factors in mind and not ignore the power of these, if they want to reach the top.

You are unstoppable

A good idea needs right implementation and right marketing and if these things are done efficiently, no one can stop the product and the idea from becoming the favorite of everyone.

not looking back
Never look back

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