Small business owners have great ideas, but they don’t mean much unless we know how and when to execute them. What sets apart the good business ideas from the mediocre ones? What does it take for a great idea to come alive? Read on to find out how you can take an idea, figure out what it’ll take to make it a reality, and execute it.
Executing an idea as a small business owner takes a significant amount of courage, planning, and resources. If you have a fear of failure, it will prevent you from taking action and executing your idea as best you can. Nevertheless, it’s important that you lay the necessary groundwork to bring your idea into reality for it to have the potential to succeed. Finally, you need to have the necessary financing, technology, and talent to take a concept into fruition.
1. Harnessing your inner courage to succeed
Forbes calls courage “the defining characteristic of business leaders,” and you have to be a great leader to take an idea and make it a reality. Draw from your life and work experiences to nurture your inner courage. What are some of the greatest challenges you’ve overcome? And how have they shaped you?
Bring out that courage and starting thinking of your idea of something that will soon be a reality. After all, you’re a small business owner who wants to add value to your customers’ lives. And you can only achieve this goal by being proactive and decisive.
2. Like most things, great ideas take time
Once you’re mentally set, it helps to plan for how you’ll bring your idea to the execution stage. First, you must clearly identify an unfulfilled need in the market and ensure that your idea can fulfill that need. If you act on your idea too hastily, you are wasting what could have been a great product, service, or promotion.
We recommend you research your industry and competition first. Next, have a brainstorming session by yourself with a pen and paper, or with your employees. These sessions can help you determine what the best path forward is because you’ll be able to better see any challenges or roadblocks that each execution plan brings with it.
Carefully examining your ideas from every possible angle keeps you constantly two steps ahead of failure. But remember. owning up to the possibility that your idea may not work out the way you planned is also important. After all, it’s not how many times you fall, but how many times you get back up.
3. Put the right resources in place
Once you’ve gotten to this stage, make sure you have the right resources to propel your idea forward. Think about the investment you’ll have to put in. Do you have the necessary funds to carry out your social media marketing campaign, print all those brand tote bags, or create that new feature for your app?
Every small business owner also needs to add direction to their idea. Have you ironed out what steps you’re going to take to make your idea come to life? Did you develop a system to keep it moving forward once you’ve executed it? Have you given your employees clear instructions on what their roles are with this idea?
It’s also important to consider what technology and tools you’ll need to make your idea into a reality. Do you have any apps that might help you with it? Are there any social media platforms that work best for distributing it? Do you need to get any equipment for it? Ask yourself these questions before executing your idea.
4. Believe in your idea and be patient with yourself
It is impossible to execute an idea if you do not believe in yourself. Once you believe in your idea, you give yourself a sense of accountability in bringing it to life. By being accountable for your successes or failures throughout the process, you can begin to truly dedicate to getting the work done.
Building a business is a continuous process that requires extreme patience. Take the time to appreciate the hard work you’ve put in and respect the process. If you are too hasty with the execution, that could lead to poorly-judged decisions that will negatively affect your desired results. Trust the process and learn from your mistakes at all times.
Once you have your idea in the pipeline, it’s time to take action. Don’t fall into the trap of overplanning or wanting your idea to be perfect. Put the pieces together to bring your idea into reality, and take action. If you fail, so be it. Fall forward, learn from your failure, and keep on moving. You will not reach your entrepreneurial goals by standing still, but you may succeed by taking action.