When start-ups look for success stories, the first that comes to mind is Facebook.
Similarly, Apple, Flipkart and many more form the long list of ideas that have translated into multi-billion dollar companies.
So what did the founders of all these firms have in common? They had an idea, worked upon it and made sure it was executed in an unique way, that set them aside from the rest of the competition.
Now, that it is pretty clear that it all boils down do a humble idea, the focus should be on generating one such thought, that could reverse fortunes. Here are some ways which could help in this process.
First what do you do when you need an idea? You generate them, not one but several of them. This, experts say, is the key to generate that 'million dollar' idea. They say keep generating them and one might end up as the one you are looking for.
Next, do not be bogged down by failure. Any process to achieve something big, is unlikely to achieve success in the first attempt. This must be considered as a stepping stone to victory. What should be kept in mind is even if hundred ideas fail, there would be one which would ultimately succeed.
Another aspect is understanding the significance of acquiring knowledge. The idea is to consume anything and everything, as long as it does not divert from the original premise. Read, learn and implement. This is the way to achieve success in life.
One common mistake which many budding entrepreneurs do, is to take the plunge before being aware of the ground reality. This leads to unexpected losses which prove to be demotivating to the person, and discourages him or her from beginning a new venture.
Hence, a little background check of the intended market, number and profile of the target customers, who are the top players in the field, what sells and translates into profits in the particular sector, need to be thoroughly researched and analysed.
This will make the business enthusiast well-equipped with the necessary information regarding his or her venture, and will also provide enough backup options, just in case things go wrong.
Moving on, industry experts advise people to take risks. "Playing it safe will not help anyone, it will eliminates creativity and innovation. One must be calculative, but at the same time, must not hesitate to try out new ideas or experiment. Only then, will the resulting product be able to create a niche for itself, and stand out in
today's highly competitive market", they say.
Another grossly under-rated method to turn into an achiever, is surrounding oneself with the right company. The secret lies in ensuring that we have capable people, who bring about a positive impact on life, around us. When we have pessimistic friends or associates, the urge to try out something new would die a slow death. Hence make sure that optimism or positive nature is the vibe in the air.
Next, focus on keeping it simple. That big ventures stem from small ideas is a known fact. For instance, it was the simple thought of 'connecting with friends', that led to the birth of the technological giant Facebook. So was the case in WhatsApp and others too.
Therefore, do not get into complicated ideas, but keep it simple. The complexities should be in the execution of the project, not in the idea itself. Otherwise, it will not strike a chord with the common man, who is the end target for the entrepreneur.
One of the requisites for any successful venture is ability of the management to take in constructive criticism. Feedback is a crucial factor in the making of any project, and it should therefore be taken in the right sense.
