ESTABLISHING A BUSINESS: FROM IDEA TO EXECUTION

Everything begins with an idea, said the renowned American author and motivational speaker Earl Nightingale. The internet giants of today such as Google and Facebook germinated in an idea, and so did conventional business corporations.A person must care enough about something in order to be inspired and translate the inspiration into action.

Converting Idea into Reality

It is not an easy task to convert ideas into a living and thriving business. Giving life to ideas is akin to giving birth and nurturing a child over a lifetime. Many factors contribute to a successful business, including the following:

Vision

You must be an inspirational leader in order to motivate others to join the venture, believe in what you preach and subscribe to the products and services on offer. You must be able to visualize and work towards the future, which go from company formations to going global. You must be a competent leader in order to handle capital, employees and customers. Competence combines knowledge about the business and understanding of the industry.

Self-Belief

“A successful business is created before there is a business,” according to Robert Kiyosaki, the author of Rich Dad. Belief in oneself is the starting point to a successful venture. A person cannot get a venture off the ground unless he believes in himself and trusts his business abilities.

Fearlessness

A big impediment to business success is the fear of starting a business in the first place. Most people never quit the security of a paycheck and take the plunge, as they are scared by the uncertainty that comes with a business enterprise. A prospective entrepreneur should overcome fears and embrace risks on the tortuous business journey from idea to execution.

Innovative Thinking

Savvy marketing alone does not guarantee the success of a product and a service. Customers are increasingly looking for real value and new experiences in this competitive world. Companies have to embrace continuous innovation to ensure that they offer something unique to their customers.

Flexible Action Plan

A business plan is a blueprint for success. It helps in mapping the landmarks, defining success and breaking the business journey into easily achievable metrics. Having a plan-B in place is also of utmost importance as it makes a business agile in dealing with failures and responding to challenges such as economic downturns, market evolution and customer trends.

Customer Service

Customer is King, as the adage goes. Good customer service should be the priority of every business. A business should focus on responding promptly to customer complaints by maximizing the use of social media and AI, to achieve this objective.

To conclude, a business is not a walk in the park. If you want to taste success in business, you need to work hard and dirty your hands. Vision can provide the foundation for a great company, but only a careful investment in the future by way of innovative thinking and effective plan of action can take the company forward on the path of success.