The Big Idea

Most of the “big ideas” throughout history weren’t completely new.  Most great ideas are grounded in things that already exist.  The light bulb wasn’t a new idea – candles existed, so we knew about localized, portable light; and we had seen lightning and knew that electricity lit up the night sky.  Franklin was just the first person to do something about it.  So you don’t have to invent the wheel to have a successful business. 

Additionally, many of the “new” products and services that people bring to market are repackaged and repositioned.  Before tissue was Kleenex, it was toilet paper. 

The Business Plan

If you need investment to get your business started (from individuals or banks), you’re going to have to have a complete, solid business plan – no one’s going to invest in your business without it.  However, if you are your business and your business could potentially develop in more than one way, trying to put a business plan together at the very beginning could be a futile activity.  Google didn’t start with a business plan.  It focused first on producing a great product and seeing the direction it naturally took.  The business plan came second.

Spend Money to Make Money

Many new business owners turn this into a mantra as they spend themselves into an unnecessary, deep hole that potentially kills the business before it even gets started.  Spend money where you have to and for those things with a high likelihood of having a return on investment.  If you work with other professionals and small businesses, consider bartering your services for win-win benefits.

Although many treat it as such, business is not a religion.  So, don’t let others’ beliefs hold you back!