From dreams to reality: Eight ingredients for beginning a business

I’ve had dreams of running a business since I was a teenager. The business concepts I’ve thought about are so numerous that I’ve forgotten most of them! Sometimes, I have a good laugh just thinking about my paper ideas. As the New Year begins, many people will be dreaming of various business ideas. However, the reality is that only a small percentage of business dreams are fulfilled. I want to raise the percentage with the tips in this article.

I could tell you that money, a rich benefactor or just an idea can start a business. But that’s not all. You’ll need a mix of factors to turn your business dream into reality.

Here are eight key ingredients: ideas, resolve, plan, financing, execution, market, people and review. I’ll explain them…

Everything begins with an IDEA. All products and services began with ideas. The media channel you’re reading from began with an idea. An idea is a plan formed by mental effort; a mental impression; a concept; an intention. (Note the word

“mental”). Business is ignited with ideas. Ideas are the primary ingredients for new business. Without an idea, there’s no basis for action even if you have loads of money. At best, you’ll be a rich person who’s poor in ideas.

Starting a business isn’t only about ideas. You’ll need the ingredient of RESOLVE to implement the ideas. Many ideas die exactly as they are born – as ideas. Most people think or talk about ideas – “Oh, I’d like to start this…”; “I want to start that…”

“I have a great idea…”…and so on. Unfortunately, ideas don’t implement themselves. Intention doesn’t translate to execution. Follow-through generates action after an idea has been conceived.

Next, blend idea and resolve into a PLAN. The first test of your resolve is to write a plan. This doesn’t have to be an elaborate document. Five pages or even a single page might be all you need to get started. Richard Branson sketches plans in small notebooks. It could be a simple process map. A plan adds concrete to concepts. It queries and solidifies ideas while taking you closer to reality. Move from idea to plan.

No plan on its own gets a business going. You need to mix the plan with FINANCING.

It doesn’t have to be your own money; it doesn’t have to be a million dollars, but you must have something. Your first contract could carry a 100% advance. Recently,

I met a young entrepreneur who started her business that way. (For start-ups, bank funding is unlikely). Save, borrow from family, sell assets, find an angel, start small but know how the plan will be financed. But this should not be placed before the other ingredients as people sometimes do. It is never the first ingredient.

Idea + Resolve + Plan lead to execution. You must add a dose of EXECUTION. Failure in execution is a major killer of new businesses. Business is action.

A weak plan with strong execution is better than a strong plan with weak execution. A well-financed good idea which is poorly executed results in failure. The doer is often ahead of the thinker. While the thinker is analysing, the doer has moved to the market.

The next ingredient is MARKET – the interaction of business with customer buying decisions. The top question is: who will buy the product or service? You have to get the right answer because customers ultimately decide the death or survival of businesses. I was once involved in a business which didn’t have the correct market equation.

Employees sitting in an office do not translate to customers. It can take longer than planned to earn revenues – the customer-activated part. Indeed, you can start a business by having a customer!

Then, you’ll need PEOPLE to serve the customers who will keep the business in business. Good people – motivated, passionate, and willing to stay in the hot business kitchen.

The final ingredient is a post-beginning one – REVIEW. As events unfold, the business owner must step back to look back. This is invaluable in engaging early corrective action.

I’ve had dreams. I still have dreams. But nobody succeeds with mere dreams. The ingredients I’ve outlined will aid progress FROM DREAMS TO REALITY.

Weyinmi Jemide