Flag This Item
Uploaded by: euinvest100 on Jun 3, 2012
Darwin Horan- How to Turn Your Idea Into a Business
ou've done it! You've just figured out -- at least, you think you have -- what the "next big thing" is going to be. Now you just have to get down with how to turn that jewel of an idea into what you hope can be a financially profitable business.
But while it may have been easy for you to come up with an idea, you don't know where to start when it comes to becoming a self-employed businessman or woman.
Many have trod your same path, and they say there are several key things every budding entrepreneur must do if he or she wants to stand a chance at making dreams of business success come true. Here are some key points.
First, You Need a Plan
Whether it's opening your own burger joint or introducing some new nifty gadget to homeowners worldwide, you'll need to first brainstorm how you're going to turn that novel idea into a lucrative venture.
Eric Chen, an associate professor of business administration at St. Joseph College in West Hartford, Connecticut, says you do that by building a business plan.
"Some feel that the business plan is a waste of time; however, let me assure you -- it's not," he said. "The business plan is the chance for you to sit down and articulate, in detail, what it is that you want to achieve in your business and how you are going to go about doing it."
For example, if opening a burger joint is one of the goals you've tacked onto your vision board, Chen says developing your business plan allows you to map out things like where you're going to buy ground beef, store your goods and determine price points for your menu items.
Chen says these are things an entrepreneur-to-be should never take lightly because the more you know about your future endeavor, the better off you'll be.
"Business plan templates can be acquired online," he said. "However, these templates will need to be customized for your particular business."
Every plan should include an executive summa