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Make Your Idea Fly!

January 24, 2013

Daily ReadMake Your Idea Fly!

One idea out of hundreds will actually become a successful business. Actually about three-fourths of venture backed firms in the U.S. don’t return investor’s capital. So how do you make sure your great idea becomes viable? Follow these 5 rules:

  1. Master the art of timing. You may have to pass on a few luke-warm opportunities, but being patient for the right moment to solve a problem is key. Learn to judge market crowding and solution distinction from competitors as a gauge in timing.
  2. Understand you only have a few shots. The best solutions in difficult markets are going to take at least four to five years to perfect, meaning that a fresh-faced entrepreneur just out of college probably has eight opportunities for different projects ahead of him at the most–in his entire life.
  3. Practice, pratice, practice. Do your research, know the market, be creative and spend time with other entrepreneurs in your market learning.
  4. Shut out the noise. Don’t get distracted by hype, money or compliments. At the end of the day, you’re going to be judged on the businesses that you produce and the problems that you solve.
  5. Pick your team with care. To be successful, you have to have an incredible support system. Your co-founders, investors and employees can make or break you. Look for team members who balance your strengths and weaknesses. Pick passion over (almost) anything. You need them to be as excited and passionate as you are.

Read entire article at: http://www.inc.com/mehdi-maghsoodnia/great-ideas-arent-enough.html

 

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