Innovation and Entrepreneurship

When we are young, we are full of energy to think to turn the world around. And if we think so, we possess at least one of the qualities that an entrepreneur possesses, “Zeal to success and let the world feel my presence”.

Thousands and thousands of us think to do something different, and thousands of us starts with emotion, zeal, and honesty, hundreds of us moves few yards and lost path and vision, tens of us survives but goals becomes a mirage. But ONE of us reaches to the Destination, Achieves the Goal and Glory.

Is this reaching to the Goal is a ‘TRY LUCK GAME’? No! Then why not every one achieved the desired goal? Then what is the difference between the crowned One and  one Lac(s)  minus one of starters?

Here comes the role of ‘The Entrepreneur Mindset’, a mindset that is adventurous, tactically aggressive, behaviorally cool, analytical, laborious, calculative, and honest by nature. Mindset that has an endless quest of success, and that sets milestone to achieve it rather then mad rush.

 It’s true that, an IDEA can change your world. But only ‘IDEA’ itself is not enough to reach to the Glory. It needs some groundwork and environmental preparation.

To be an Idea borne Entrepreneur, think, have I ever thought to sharpen my ‘IDEA’, polished it to shine and magnetized it to attract attention of world. Have I ever thought; how to metamorphosis my Idea to be a business proposition? Have I ever thought if there is any genuine taker of my Idea? And what I did to test it. While you work on it, you will find; you need to reformat your IDEA; keeping the gist intact.

Every years thousand and thousand of new entrepreneurs/ Start-ups approaches to Angel Investors and Venture Capitalist with their ideas and initial efforts for funds to carry on their project/ business to next level. But less then one percent gets positive response from Angels and Venture Capitalist. So if your Idea does not have an USP, uniqueness, and an innovation to attract some taker, no investor too come for your venture, venture that can be a project or can be a business. And without Capital No Project/ Business can be move forward. It is not necessary every innovative idea would attract investment, but normally USP, uniqueness, and innovation attracts finance from Angles and VCs, rather then traditional banks.

See your Idea from Investor’s point of view, you will know the shortcoming of it, re-think and re-sharpen the Idea, in this process Idea gets refined and matured. To do so

Think how much benefited people and particularly user would be by using your services or product born out of your idea. . Would it make life easier? How many people can go for it? Is market ready to take the option/ idea? What would be the gestation period of your product / services? By the time you come in the market; would it be ready for your kind of project option, would market needed to be educated? Do you have adequate time and money to educate market; if needed? And if you educate market; will you be able to take the advantage of it or some one else would stealthily steal your effort.

If you find all answers in positive, you can think; things are conducive for your Idea. And you can start thinking for the next level, and those are broadly as below.

Business Plan, Gauge Competitors and their reaction time to lunch a competitive product or services, their strength and weakness, Marketing Plan, Geographical wideness of your Market, Seed Money, Cost Benefit Analysis, Fund Flow, Cash Flow, Risk Analysis, Revenue Model, Management Team, Statutory Obligation, Stake-holders Query and your convincing reply, Minimum Life Span of your business/ project’s outcome product or services, Required maturity period of your Product or Services etc.

Think and re-think on all the points mentioned above and rank them in 0 to 10 and see at what percentage it comes to. If it comes above 85 percent, your Idea is good enough to be turned to a project/ business.

Exercising all these by a single brain often becomes quite difficult and causes a biased judging and gauging; and that can results as a failure. Single brain normally is not equally good on all segment of a proposed project/ business. One can be a good Planner, but not an executer, a good executer might be not having a good marketing/ sealing mind set, and similarly handling finance would not be every ones cup of tea. So try to get like-minded people form different segment, make a good but small team to handle key aspects. Make a paper plans based on facts and figure; refine it, make it as attractive as you can do from business/ project point of view. Start and achieve few time-bond milestones look for Venture Capital or Angles for fund, chances are there, you will get one by showing your initial achievements, dedication and efforts.

you can effort to have a Due Diligence of your project/ business, it would be superb for finding some Venture Capital or Angles for fund, as this will draw a clear picture of the status of your project or business.

Arranging fund is difficult for those, whose plan are scattered, and having big gaps in ‘Idea to Business Transformation Process Plan’. Angles and VCs are always looking for innovative Ideas with initial efforts, after all they too make money using their already made money and with your ideas & efforts.

Business Proposition and Project Proposition are not widely apart, but Projects are the sub-set of the Business, So turning Idea to a Business or to a Project; having almost similar kind of pains.

 If one is of this kind and having mettle, he/she is the Future Entrepreneur. And in this process if his/her Current Organization comes with any short of help, believe me he/she is the Lucky One.