So you want to go into business, but are not sure what business to get into? How do you think the pros do it? Successful entrepreneurs don’t just happen on a good idea, you know. As a matter of fact, in a recent article I read, a survey was done of 45 company founds. Each one of them started their company, grew it into an unbelievable empire, and then sold it for more than $100 million or more or took that empire public for $300 million or more. Did they reveal any secrets during the survey which a Small to Medium-sized Business (SMB) could use? Let’s take a look:
You need to satisfy their need — not your dream.
You might be surprised to know that most successful businesses don’t necessarily follow the road of passion; more than likely they became successful because they were smart enough to look into a niche where people needed help.
Example: Dick Costolo, founder of Feedburner, responded to publishers that had content but didn’t have any way to distribute it to clients.
Listen to what your customer’s biggest problem is.
Established Information Technology (IT) specialists are very good at doing this. They listen to the client and then go into action to resolve the issue — whether it be with data backup and disaster recovery or keeping a client’s equipment and data secure.
Example: Cardiologist Donald C. Harrison was successful with his idea for his medical device company AtriCure because he thought long and hard about how he could develop a medical device that would help his heart patients in a way that provide them with a much better life.
Work from the bottom and use your experiences — not your head.
How many times have you started from the bottom of a company and worked up through the ranks? You didn’t think you knew everything right off the bat, did you? You had to learn from your experiences. Use your experiences as a one of the best well-known tactics for finding a $100 Million idea.
Example: Billionaire Tim Krauskopf of FreightZone had his idea that he gained when he started driving a semi in the trucking industry.
Great ideas come from collaboration.
Brainstorming can be one of the most effective ways for creating great ideas.
Example: Rock Mackie knew Tomotherapy was a feasible idea only after three of his graduate students collaborated with him sharing their own separate and important discoveries with him that combined resulted in a new and remarkably better CT scanning technology for treating disease.
Think you have a good idea? Sell it.
How many times have you thought you had a wonderful idea that might work for a solution. Oftentimes, if you don’t try it, you’ll never know. Bounce your idea off of someone else. What do they think? Sell your idea to them as only you can do.
Example: Jim Dolan of the Dolan Company found out early that selling is the fastest way to uncover issues with a product so you can come up with a solution and get on with other things.
Get help when you need it.
Don’t think you have to market your idea by yourself. There are plenty of Hamilton IT support companies in your area that would only be too willing to listen, offer feedback, and work right alongside of you to help you find a $100 million idea on how to make your SMB business be the success it can be.
Example: Mahendra Vora, a launcher of multiple highly successful technology companies didn’t just rely on himself or colleagues; he even put his ideas into the hands of his customers.
Do you need help with your idea? Contact your Hamilton IT Support team at Solve-IT today and let’s get started.