Turning a Winning Idea Into a Business Reality
How Do You Know When a Product or Idea Has Potential?
The first measure of whether a product or idea has potential is it's ability to be useful to people, or whether people will have a burning desire for such product(s) or service(s.) Is what you're offering unique, something not everyone can do, does it go above and beyond similar products/services which are already on the market? If so, then what you have isn't a Me Too (everyone's in the business) idea. But something which has the ability to create it's own share of whatever market segment entered. Taking a Winning Idea and Turning It Into Reality
Research is at the forefront of any business idea. Without the surety of research your idea will have you in the same situation as a blind person crossing a busy intersection alone. Quite dangerous right! After you've done the initial research, and see your idea makes sense and is doable, the next stage is a Business Plan. From day one you should be utilizing such resources as the SBA www.sba.gov/ (Small Business Administration), business centers at your local universities which are usually funded by the state, and other city and state agencies who provide resources to entrepreneurs and business start-ups. SCORE www.score.org/ (Service Core of Retired Executives) a division of the SBA is composed of retired executives who provide assistance to entrepreneurs in whatever area of business their expertise is in. I'm currently working with a SCORE mentor right now on a business plan for a new book publishing and healthy skincare venture, even though I'm very knowledgeable and do provide consultant services myself. While composing the business plan you'll need to come to terms with whether you have the financial and mental capabilities to start the company on your own, or seek financial investors, business partners, etc. Working with these professionals at the centers will provide you options from their point of view and expertise. You'll also have access to their networks and contacts, which is invaluable. Many people spend their lives in a Wish They Could of, Would of State, and many more spend their lives Just Talking about what they can or will do. The first stage of accomplishing anything is Will and Realization. You have to believe that you can do it! Challenges I've Faced As An Entrepreneur
The challenge I faced out the door was the reality I didn't know as an author/self-publisher, I also was in fact an entrepreneur. This is the most common problem with artists/entertainers. I utilized a vanity press in 2003 to publish Love Don't Live Here, and when 500 copies arrived at my door I didn't have a clue as to how I was going to get them into readers hands. "I write the book, and people will just buy it." Ha, I don't know if these were my exact thoughts, but they might as well because, I was clueless as to the next stage. With good reason and intention I wind up taking a eighteen month hiatus to learn the traditional publishing model, and how to develop my own program. In Nov, 2005 I started Third Eye Publishing, releasing the revised edition of Love Don't Live Here with an in-depth vision as to how I was now going to develop a customer base. Immediately I hit the streets, in the process networking with a team of NYC street book vendors to push the title, along with utilizing myspace and a few book club forums. Within five months we were able to move 3,500 copies. Throughout all of this I realized I needed to expand my readership beyond Long Island and NYC, into other states. I figured the best way to do this would be through the chain retail book store market (Borders/Waldenbooks, Barnes & Noble/B.Dalton, etc.) As publisher/owner of Third Eye Publishing I inked a deal with Biblio Distribution to obtain national chain retail distribution. At this time it was virtually impossible as a small publisher to deal directly with Borders. I was forced to deal with the normal distribution agreement of 60% them, and 40% me, and receive payments every six months. This formula is problematic for a small venture which needs cash to keep growing. In 2008 I was advised by a publishing insider to just stick to the street market, independent book stores, and direct sales to customers program. He advised me to pull away altogether from distribution to the stores via a distributor. His analogy was that in the street market off each title I was earning 100%-300%, and money was being earned daily which could go back into the business. Whereas dealing with the distributor, and slow payments and a return of 20%-25% profit after all fees would in the long run kill business growth if I concentrated too much focus/time here. Especially so in an industry which is constantly changing, distribution companies and book stores are constantly coming and going. With over twenty thousand in personal book title sales, and five authors signed to the company in 2009 after Biblio closed it's doors I made the decision in 2010 to end the Third Eye Publishing chapter. My days as a writer/publisher weren't over, but I agreed I would return with a whole new approach. If You're Seeking Investors or Partners There Are Definitely Some Things Which Make a Presentation or Pitch Unforgettable
I spent about three hours watching some of the best episodes on YouTube of Shark Tank SharkTankWeek and I also browsed the internet using the search, presentation and business pitch videos. I was able to decipher a common pattern in regards to what pitches received favorable responses and why. Below I will state some bullet points. 1.Being honest, fun, personable, straight to the point.
2.The idea needs to be 100% entrepreneur, and make a whole lot of sense. In other words add up.
3.Unique product/service, one which isn't a carbon copy of others, or out there in abundance already.
4.A reasonable offer in ownership stake, and investment. Every investor wants to know what's in it for them.
5.An in-depth knowledge of product(s)/service(s), and who's interested in such product. Or a business which is already running, has sales and some customer base.
6.Owners work experience, education, skills and passions. Let's face it no one is going to support an idea that the presenter isn't passionate about. By no means are the points I stated the only sum of what makes a pitch or presentation unforgettable or attractive to potential investors/partners. Yet it's a start, so do your homework. Get your ideas together, and find the help you need. Most of all believe in yourself, and as they say, preparedness meets opportunity.
The first measure of whether a product or idea has potential is it's ability to be useful to people, or whether people will have a burning desire for such product(s) or service(s.) Is what you're offering unique, something not everyone can do, does it go above and beyond similar products/services which are already on the market? If so, then what you have isn't a Me Too (everyone's in the business) idea. But something which has the ability to create it's own share of whatever market segment entered. Taking a Winning Idea and Turning It Into Reality
Research is at the forefront of any business idea. Without the surety of research your idea will have you in the same situation as a blind person crossing a busy intersection alone. Quite dangerous right! After you've done the initial research, and see your idea makes sense and is doable, the next stage is a Business Plan. From day one you should be utilizing such resources as the SBA www.sba.gov/ (Small Business Administration), business centers at your local universities which are usually funded by the state, and other city and state agencies who provide resources to entrepreneurs and business start-ups. SCORE www.score.org/ (Service Core of Retired Executives) a division of the SBA is composed of retired executives who provide assistance to entrepreneurs in whatever area of business their expertise is in. I'm currently working with a SCORE mentor right now on a business plan for a new book publishing and healthy skincare venture, even though I'm very knowledgeable and do provide consultant services myself. While composing the business plan you'll need to come to terms with whether you have the financial and mental capabilities to start the company on your own, or seek financial investors, business partners, etc. Working with these professionals at the centers will provide you options from their point of view and expertise. You'll also have access to their networks and contacts, which is invaluable. Many people spend their lives in a Wish They Could of, Would of State, and many more spend their lives Just Talking about what they can or will do. The first stage of accomplishing anything is Will and Realization. You have to believe that you can do it! Challenges I've Faced As An Entrepreneur
The challenge I faced out the door was the reality I didn't know as an author/self-publisher, I also was in fact an entrepreneur. This is the most common problem with artists/entertainers. I utilized a vanity press in 2003 to publish Love Don't Live Here, and when 500 copies arrived at my door I didn't have a clue as to how I was going to get them into readers hands. "I write the book, and people will just buy it." Ha, I don't know if these were my exact thoughts, but they might as well because, I was clueless as to the next stage. With good reason and intention I wind up taking a eighteen month hiatus to learn the traditional publishing model, and how to develop my own program. In Nov, 2005 I started Third Eye Publishing, releasing the revised edition of Love Don't Live Here with an in-depth vision as to how I was now going to develop a customer base. Immediately I hit the streets, in the process networking with a team of NYC street book vendors to push the title, along with utilizing myspace and a few book club forums. Within five months we were able to move 3,500 copies. Throughout all of this I realized I needed to expand my readership beyond Long Island and NYC, into other states. I figured the best way to do this would be through the chain retail book store market (Borders/Waldenbooks, Barnes & Noble/B.Dalton, etc.) As publisher/owner of Third Eye Publishing I inked a deal with Biblio Distribution to obtain national chain retail distribution. At this time it was virtually impossible as a small publisher to deal directly with Borders. I was forced to deal with the normal distribution agreement of 60% them, and 40% me, and receive payments every six months. This formula is problematic for a small venture which needs cash to keep growing. In 2008 I was advised by a publishing insider to just stick to the street market, independent book stores, and direct sales to customers program. He advised me to pull away altogether from distribution to the stores via a distributor. His analogy was that in the street market off each title I was earning 100%-300%, and money was being earned daily which could go back into the business. Whereas dealing with the distributor, and slow payments and a return of 20%-25% profit after all fees would in the long run kill business growth if I concentrated too much focus/time here. Especially so in an industry which is constantly changing, distribution companies and book stores are constantly coming and going. With over twenty thousand in personal book title sales, and five authors signed to the company in 2009 after Biblio closed it's doors I made the decision in 2010 to end the Third Eye Publishing chapter. My days as a writer/publisher weren't over, but I agreed I would return with a whole new approach. If You're Seeking Investors or Partners There Are Definitely Some Things Which Make a Presentation or Pitch Unforgettable
I spent about three hours watching some of the best episodes on YouTube of Shark Tank SharkTankWeek and I also browsed the internet using the search, presentation and business pitch videos. I was able to decipher a common pattern in regards to what pitches received favorable responses and why. Below I will state some bullet points. 1.Being honest, fun, personable, straight to the point.
2.The idea needs to be 100% entrepreneur, and make a whole lot of sense. In other words add up.
3.Unique product/service, one which isn't a carbon copy of others, or out there in abundance already.
4.A reasonable offer in ownership stake, and investment. Every investor wants to know what's in it for them.
5.An in-depth knowledge of product(s)/service(s), and who's interested in such product. Or a business which is already running, has sales and some customer base.
6.Owners work experience, education, skills and passions. Let's face it no one is going to support an idea that the presenter isn't passionate about. By no means are the points I stated the only sum of what makes a pitch or presentation unforgettable or attractive to potential investors/partners. Yet it's a start, so do your homework. Get your ideas together, and find the help you need. Most of all believe in yourself, and as they say, preparedness meets opportunity.
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