14 Sep Obstacles of Starting a Business: Ideas
There are many reasons not to start a business. The obstacles are numerous and monumental. However, you aren’t starting a business to hear all the reasons that it won’t work. You want to find the way that will. You want to laugh in the face of all those who never believed you could do it. However, being properly educated about the challenges that lie in front of you is one of the most important things, if you are to succeed in your goals. This series will give you some information and hopefully enlighten you on how to succeed on the road ahead.
At the start of every great business is an exceptionally good idea. Ideas and innovations are the soul of any company, and their entire existence usually depends on how good or bad those ideas are. While there are many complications and difficulties when starting a business, having a good idea is always the first step that must be taken.
Proof of concept
In storytelling, there is a notion called ‘proof of concept’. The simple way to describe this theory is that the idea, or concept, of a story must stand on its own when you hear it, regardless of the technical efficiency of its execution. In business, it is the same thing. Every good business idea must have that same proof of concept. Take PayPal as an example. A venue through which to conduct online transactions is an incredibly simple idea. And yet, by taking a small portion of each of those transactions, PayPal has become worth over $40 billion with hardly any of the overhead costs of many other financial institutions. On a smaller level, Coinstar is an incredible proof of concept in business. The concept is that you literally put money into a machine, and it gives you less back, all in the name of convenience. This may seem silly, but Coinstar is worth billions.
When coming up with ideas, it’s important to remember a few things. First off, simplicity is a highly powerful and underrated tool that can make your business’ identity much clearer. Secondly, never forget to be original. Originality avoids competition and ensures that you will be clearly defined from other businesses. When thinking of your idea, think of the need or desire that you are fulfilling, and how you are doing it differently than others have done before you. Also, think of the potential for this idea to grow and become something bigger.
At the end of the day, an entrepreneur is only as strong as their ideas. In business, creativity has a tendency to be undervalued, sometimes, but it is incredibly important. In order to keep your brain sharp and fresh, try coming up with new ideas everyday to challenge yourself.