Tag: entrepreneur

Five Ways to Grow Your Startup Business

Like anything else in life or business, you have to put in the time if you’re looking to reap the benefits.

No matter what kind of business you run, you’re going to want to increase your sales and grow your revenue. There isn’t an easy one-size-fits-all business growth strategy for small business owners. However, this article focuses on the key strategies you can use to give your startup business the best chance of growing.

There isn’t an easy one-size-fits-all business growth strategy for small business owners

Understanding Startups

Startups are businesses that want to disrupt industries and change the world—and do it all at scale. Startup founders dream of giving society something it needs but hasn’t created yet—generating eye-popping valuations that lead to an initial public offering (IPO) and an astronomical return on investment.

On a high level, a startup works like any other company. A group of employees work together to create a product that customers will buy. What distinguishes a startup from other businesses, though, is the way a startup goes about doing that.

Regular companies duplicate what’s been done before. A startup aims to create an entirely new template.

Five Ways to Grow Your Startup Business

Build a Sales Funnel

The first way to quickly grow your business is by building a sales funnel. Think of a sales funnel as a customer’s journey. When they enter your business or visit your website, they’re at the top of the funnel. When they buy something or sign up for a service, they’ve successfully gone through the funnel. You should try to come up with ways to move people through the funnel to make a sale. This can include offering a discount or getting their contact information and sending them updates on your business. Remember that every sales funnel needs to be carefully conceptualized before it’s created.

Acquire New Customers

This is the most obvious and the most focused upon by business owners, managers, and the marketers they charge with execution. Unfortunately, it’s also the most challenging and expensive aspect of revenue growth. Regardless of the difficulty and expense, bringing on new customers is the lifeblood of any business since with growth and expansion comes more options for the business to make its desired impact. By focusing your customer engagement strategy and meeting customers where they are with effective content, you can find and attract interested customers. And loyalty programs and personalized messages can keep those customers interested, and your business growing.

Increase Customer Retention

It’s not enough to just get new customers for your business. You also need to keep your existing customers coming back. When you increase customer retention, you’re building customer loyalty, which can increase sales. Considering it costs five times as much to get a new customer than it does to keep a current one, focusing on retaining customers means your business won’t spend money on something that isn’t a guaranteed investment.

You can increase your customer retention by prioritizing customer service, creating a customer loyalty program, engaging with customers on social media, or launching an email campaign.

Build a Bigger Online Presence

Even if you don’t have an online business, expanding your online brand presence is crucial to getting your product in front of more eyes, especially if your product sells directly to consumers.

The key to building an online presence lies in the consistent posting of content. Whether you share content via a blog, newsletter, or Twitter account, posting regularly will help your followers stay interested and engaged with your brand. Whichever online platform you use to promote your business, make sure the content you post is consistent with your brand’s identity.

Form Strategic Partnerships

Entering a strategic partnership with another business can give you the chance to reach a broader network of customers or align growth with strategic goals in your business plan. You may even form a strategic partnership with a vendor to help expand your business. Whatever type of partnership you form, you must manage business relationships and maintain effective vendor relationships.

Sometimes, acquiring other businesses is a very quick way to grow your own business. If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast.

Acquiring other businesses is a very quick way to grow your own business.

Conclusion

Like anything else in life or business, you have to put in the time if you’re looking to reap the benefits. Don’t focus on the short-term outcome of your work. Look to the long term. Build sincere value and look to help your customers. Genuinely care. That should be the foundation. After that, it’s simply a matter of taking action and putting in the work to scale.

Skills Required to be a Successful Entrepreneur

Developing entrepreneurial skills can lead to developing several types of skill sets together.

Entrepreneurs play a fundamental role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Since there is so much at stake when starting and growing a successful business, there are specific skills that an entrepreneur usually needs to hone or acquire to be successful. 

Successful entrepreneurs have mastery over both hard and soft skills. Hard skills like accounting, marketing, and financial planning are critical for running and managing a business. On the other hand, soft skills like communication, problem-solving, and decision-making help you scale up your business. Mastery of entrepreneur skills requires practice and a dedicated learning plan. 

Below, we highlight seven such skills required to be a successful entrepreneur.

Successful entrepreneurs have mastery over both hard and soft skills.

Who is an Entrepreneur?

An entrepreneur is typically an individual who creates a new business, plays an active role in its operations, assumes most of the financial risk, and enjoys most of its success. The process of creating a new business – often driven by new ideas for products or services – is known as entrepreneurship. 

He is a person who pursues an opportunity, often commercially driven, to bring a new product or service to market with limited resources and high risk. The process of creating a new business is entrepreneurship, also defined as organizing limited resources to capitalize on a business opportunity. 

What are Entrepreneurial Skills?

Entrepreneurial skills are those associated with being an entrepreneur, although anyone can develop them. Being an entrepreneur usually means starting and building your own successful business, but people with entrepreneurial skills can thrive within larger organizations, too.

Entrepreneurial skills can encompass a range of various skill sets like technical skills, leadership and business management skills, and creative thinking. You can apply entrepreneurial skills to many different job roles and industries. Thus, developing entrepreneurial skills can lead to developing several types of skill sets together. 

7 Skills Every Entrepreneur Should Have

1. Communication Skills

Every entrepreneur needs to be an effective communicator. Whether you’re a solo entrepreneur or running a Fortune 500 company, you need to understand how to communicate effectively to all stakeholders and potential stakeholders that touch the business.

Whether through verbal communication during meetings or sending reports and messages through emails about the project, entrepreneurs require superior written and verbal communication skills. Apart from communication skills, entrepreneurs must be excellent listeners to understand the project requirements and discussion during project meetings.

2. Business Management Skills

Regardless of whether you like it or not, you will always need to manage your company. 

Business management skills are traits an entrepreneur must have to run a business and ensure all business goals are met. Entrepreneurs with this skill set can oversee and manage the operations of different departments because they possess a good understanding of the functions of each department. Business management skills include multitasking, delegating responsibilities, and making critical business decisions. Often, entrepreneurs achieve success in their businesses through their sheer strength of will.

3. Sales Skills

It is the most crucial entrepreneurial skill you need to have. A startup cannot survive without selling something to its customers. Entrepreneurs who develop skills in sales will learn how to stay on top of a competitive market, regardless of industry. 

Learning sales helps entrepreneurs develop tenacity and deep comprehension of their business process. Developing sales skills helps entrepreneurs make necessary failures, climb the learning curve, and gain the insights required to do well in business.

4. Time Management Skills

Time management: Among other soft skills, time management skills – such as prioritizing, scheduling, task management, and delegation – are of utmost importance to being a successful entrepreneur. Entrepreneurs with time management and organizational skills understand different ways to prioritize tasks and avoid procrastination. 

If you can manage your time well, you may find it easier to be more productive and more likely to finish your projects by the deadline. Developing time management skills will help you focus on time-sensitive tasks and reduce wasted time.

5. Leadership Skills

As an entrepreneur, you lead. 

Being able to inspire colleagues, empower the workforce and lead from the front requires excellent leadership skills. Exemplary leaders lead by example and can take a leadership role and work as a part of a team. Entrepreneurs with leadership skills motivate their employees, manage operations, and delegate tasks to reach the business goal.

Entrepreneurs also need to be able to train and manage the people they add to their team. When business owners learn how to encourage, develop and motivate staff, it boosts morale and keeps the company moving in the right direction.

6. Persistence

Persistence is a defining trait of successful entrepreneurs and one of the top qualities of the famous success iceberg. This quality helps entrepreneurs handle rejections, stress, and slow progress.

Persistent entrepreneurs are able to watch their ideas grow from nothing to the business they always envisioned. Entrepreneurship is not an easy route, and it requires a tremendous amount of patience to be able to see any results. Patience and persistence are keys to success for any entrepreneur, as well as learning how to view failures as valuable learning moments.

7. Networking Skills

Another valuable entrepreneurial skill is networking. Building a strong network of potential clients and business partners is what enables your business to grow. Networking allows you to search out and take advantage of opportunities you might not have had access to otherwise. Entrepreneurs need to learn how to develop mutually beneficial relationships with others. Networking is not all about what you can get from the other person. Rather, it is based on good communication and an exchange of value. 

Through a solid network, entrepreneurs can meet professionals to fund their ideas, access professional business expertise, and get feedback on their new venture or idea.

“Logic will get you from A to B. Imagination will take you everywhere.” – Albert Einstein

Importance of Entrepreneurial Skills in the Workplace

With the job market constantly changing, one should stay up to date on the top in-demand skills of the market and strive to learn or improve on them. Here are a few reasons why entrepreneurial skills are important:

  1. Ensures adaptability: Life skills make you more adaptable by preparing you to face difficulties and overcome them.
  2. Helps deal with failure: With life skills, you develop the ability to recover from failures and view them as learning opportunities.
  3. Assists in team collaboration: Mastering these skills will help you work collaboratively with others which will help build team collaboration.
  4. Increases accountability: Life skills teach you to be accountable for all your actions. It encourages new ideas and helps you stand for yourself. 

How to Make a Fundraising Presentation?

The flow of the presentation is vital for striking a chord with investors.

The fundraising presentation is one of the primary documents essential to any early-stage company fundraising process. The time spent with potential investors becomes most effective if you have an impactful fundraising presentation.

The flow of the presentation is vital for striking a chord with investors and displaying the narrative of the business. Going through a successful pitch deck slide by slide is one of the most effective ways to learn how to build a flow.

There is no single formula for a pitch deck. Otherwise, startup founders wouldn’t spend so much time banging their heads against walls trying to get them just right. However, we have listed some ideas that you can apply immediately so that your next investor presentation leaves you – and your investor – smiling and happy.

Know your audience

Knowing your audience is key to good communication. At a startup, you will pitch to multiple audiences: customers, partners, recruits, and investors. Although you may be able to reuse some content between these audiences, you’ll need to make sure you devote time to a slide deck that focuses on the investor perspective.

Ask yourself:

Who exactly is my potential investor – and what do they want?

What do I want to achieve – how will I sell our investment opportunity?

How can I hook people – by grabbing their attention early on?

What is my takeaway message – the one that I want them to remember afterward?

Define and refine your investment story

The way you frame your investment story influences how an investor sees you. Most successful fundraisers craft a compelling story around their strategy and tell it passionately. According to Forbes, the perfect selling story involves being relatable, detailing a conflict, presenting the resolution, and demonstrating results. The investors need to understand why your opportunity is special and what makes it stand out from others.

Structure your presentation like a story

The best fundraising presentations are ones where you take the investors on a journey. A simple structure – with a clear beginning, middle and end – demonstrates the command of your own story. It also helps investors quickly grasp what you do.

But remember, all you’re trying to do with the pitch deck is get their “greed glands” flowing. If you do that, there will be plenty of opportunities to give them more details. If you overwhelm them with too much detail at this point, they may miss the big picture.

Make sure you are ready

The best way to communicate your business to investors is to know your business!

Investors get frustrated by presenters who avoid, second-guess or provide scrambled answers to questions. Remember that it is their job to ask questions and be critical. We recommend that you prepare for the Q&A session as much as you do for the fundraising presentation itself. Prepare your answers and rehearse delivering them confidently together as a team – the last thing you want is your team being surprised by each other’s answers. 

Fundraising Donations Charity Foundation Support Concept

Make a good impression

Impressions are everything – investors’ perception of your team when you are with them is what matters.

Apart from preparing the presentation, you should also prepare yourself and the team. Remember that nonverbal communication can be just as important as what is said.

So, do extensive rehearsals on camera with the team so they are investor-ready. During the presentation, pay attention to what you do when your colleagues speak.

Look engaged and interested – show that you are as interested in your investors as you want them to be in you.

What Do Investors Look For In Startups?

Investors essentially buy a piece of the company with their investment. Here are some qualities investors look for in a startup that acts as deciding factors for funding.

  1. Objective and Problem Solving: The offering of any startup should be differentiated to solve a unique customer problem or meet specific customer needs. Ideas or products that are patented show high growth potential for investors.
  2. Management & Team: The passion, experience, and skills of the founders and the management team to drive the company forward are equally crucial deciding factors for investors.
  3. Market Landscape: Mention the market size, obtainable market share, product adoption rate, historical and forecasted market growth rates, and macroeconomic drivers for the market you plan to target in the funding proposal.
  4. Scalability & Sustainability: Startups should showcase the potential to scale shortly, along with a sustainable and stable business plan. They should also consider barriers to entry, imitation costs, growth rate, and expansion plans.
  5. Customers & Suppliers: In the funding proposal, state a clear identification of your buyers and suppliers. Consider customer relationships, stickiness to your product, vendor terms, and existing vendors.
  6. Competitive Analysis: Highlight the true picture of competition and other players in the market working on similar things in the proposal. There can never be an apple-to-apple comparison but highlighting the service or product offerings of similar players in the industry is important.
  7. Sales & Marketing: No matter how good your product or service may be, if it does not find any end-use, it is no good. Consider things like a sales forecast, targeted audiences, product mix, conversion and retention ratio, etc.
  8. Financial Assessment: A detailed financial business model that showcases cash inflows over the years, investments required key milestones, break-even points, and growth rates. Assumptions used at this stage should be reasonable and mentioned in the proposal.
  9. Exit Avenues: A startup showcasing potential future acquirers or alliance partners becomes a valuable decision parameter for the investor. Initial public offerings, acquisitions, and subsequent rounds of funding are all examples of exit options.

How to Conduct a Market Survey?

Whether you are starting a new product and want to estimate demand or changing an existing product and want to find out acceptance in the market for this product, a market survey is the best way forward.

You may have a great idea for a product or service, but before you go any further, first make sure there’s a market for it.

Quite simply, you must conduct a market survey.

Market surveys collect data about a target market such as pricing trends, customer requirements, competitor analysis, and other details.

Most marketing managers depend on market surveys to collect information that would catalyze the market research process. Also, the feedback received from these surveys can be contributory to product marketing and feature enhancement.

In this article, we explore the concept of a market survey and enlist the steps you need to take to conduct a market survey for your product/business.

Whether you are starting a new product and want to estimate demand or changing an existing product and want to find out acceptance in the market for this product, a market survey is the best way forward.
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Conducting Market Research: A Guide

Today, we live in a consumer-driven world, and businesses face cut-throat competition to survive and succeed in the market.

A company cannot succeed without understanding the consumer’s needs and behavior, so it relies on intensive backend market research. Market research not only tells a company what to produce, but it also tells how to present the product to the consumer. Work doesn’t end here. Once the product is out in the market, market research is conducted to gather information about customer feedback so that the company can make necessary changes to increase its reach.

If you’re new to market research, this guide will provide a blueprint for conducting a thorough study of your market, target audience, competition, and more.

A company cannot succeed without understanding the consumer’s needs and behavior, so it relies on intensive backend market research
Continue reading “Conducting Market Research: A Guide”

Ways To Get Funding For a Business Idea

Lack of funding is attributed to be one of the common reasons behind failed businesses. 

You just came up with a great new business idea – great! But is a great idea enough for a successful business?

If that’s what you believe in, it’s time for a reality check, my friend.

Coming up with a great idea is the first step to becoming a successful entrepreneur. Now you need to work on turning that idea into a reality by funding it, taking it to market, and letting your business change the world. According to a recent study, over 94% of new businesses fail during the first year of operation. Lack of funding is attributed to be one of the common reasons because money is the bloodline of any business.

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Top 5 Government Schemes For Funding Startups in India

The Indian government has launched the following schemes to promote and support entrepreneurs in their startup journey.

Introduction

For entrepreneurs, the easy availability of capital is an important factor that affects the enterprise’s growth. Many business ideas do not come into existence because of a lack of working capital. To curb this situation, the Government of India has launched several schemes for funding startups. Through these schemes, the government provides financial assistance to entrepreneurs.

About Startup Funding

Funding refers to the money required to start and run a business. It is a financial investment in a company for product development, manufacturing, expansion, sales and marketing, office spaces, and inventory. Instead of raising funds from third parties, some startup founders go for bootstrapping (to prevent debts and equity dilution). However, most startups raise funding, especially as they grow larger and scale their operations. A startup here means a company built to grow fast, and a high-growth company almost always needs to burn capital to sustain its growth before achieving profitability.

India is gradually on its mission to build a robust startup ecosystem by launching government schemes for funding Startups.
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How do you take a business idea to market?

The process of conceiving an idea to seeing your product on the shelf can be very long and most inventions take years to come to fruition.

Introduction:

Everything begins as an idea. However, when it comes to turning a business idea into a marketable service or product, many entrepreneurs struggle with where to start. Maybe you’re struggling with how to sell your product or service, or you’re afraid someone will steal your idea. Wherever your challenge lies, the magic is in the execution. You must be prepared to invest time and money and factor in some determination to turn your vision into reality.

This article explores the concept of a business idea and streamlines the process of turning an idea into reality.

Proven methods and easy to start business ideas to make a successful business.

What is an Idea?

An idea is a thought or collection of thoughts generated in the mind. Ideas often form during brainstorming sessions or through discussions. Although all world-changing events and great success stories can be traced back to a single idea, don’t fall into the belief that having a great idea is all you need. If you have a great idea, you’ve only completed the first step of becoming a successful entrepreneur. Now you need to work on turning that idea into a reality by taking it to market and letting your business change the world.

Continue reading “How do you take a business idea to market?”

How to take an invention idea to market?

Without a viable plan to develop your innovative ideas into marketable items, you will never be able to profit from them.

It’s not about ideas. It’s about making ideas happen. – Scott Belsky, Behance Co-founder

You might have a wonderful concept in your mind for a new invention that you believe many people would be eager to buy. However, without a viable plan to develop your innovative ideas into marketable items, you will never be able to profit from them.

An idea is an unverified thought that originates from your imagination; it’s a lightning moment that helps you solve a persistent problem that’s been bothering you for a long time. Innovation is an expansion of a matured concept. To become an innovation, an idea must take the route of least resistance. You must do market research, product development, and cost estimates, and if all goes well, obtain a patent.

Timing is everything in the field of invention. If you wait too long, someone else will seize on a similar concept and take your market share. On the other hand, if your invention is the first of its type, the market may not be ready, and you will have an uphill battle to carve out a niche for your product. Another significant problem is making the general public aware of your product. Your concept may be fantastic, but without a marketing strategy, no one will ever learn about it. While problems are many, a successful entrepreneur focuses on solutions.

In this article, we will discuss how to take an invention idea to market.

Step 1: Document it

The first stage in commercializing your innovative ideas is to obtain ownership rights. You will not earn from your idea merely by imagining it; you must have evidence proving that you were the first to think of a possible product.

As a result, record all you can regarding the concept, design, and marketability of the product in an inventor’s journal. A court-worthy inventor’s journal can be any bound notebook with consecutively numbered pages that cannot be removed or reinserted.

Step 2: Check for patent

Before putting too much effort and money into a new product, make sure it doesn’t already exist. A quick check of the United States Patent and Trademark Office will reveal what has already been patented.

You should also complete a non-patent “prior art” search. If you find any sort of artwork or design related to your idea, you cannot patent it — regardless of whether a prior patent has been filed.

Step 3: Conduct research to ascertain whether the idea has a market

Do some initial market research before devoting too much time and money to patenting your innovation. Conducting market research can help you learn how many consumers or businesses could use the product. The market research should answer one key question – Is this something people will buy? Once you’ve determined the demand for your product, ensure that it can be made and supplied at a low enough cost that your retail pricing is affordable. These prices can be determined by making a comparison to those of similar items presently on the market. It can also help you assess your competitors, which will exist regardless of how unique you believe your innovation is.

Step 4: Make a prototype

A prototype is a representation of your invention that puts what you wrote in your inventor’s journal into action. When you exhibit your idea to potential financiers and licensees, this will illustrate the design.

Do not file a patent without first creating a prototype. You’ll usually always find a mistake in your initial design or come up with a new function to include. If you patent your idea before ironing out the wrinkles, it will be too late to incorporate them in the patent, and you risk losing your new design’s patent rights to someone else.

Here are some rules to keep in mind when prototyping your invention:

  • Sketch- To begin prototyping, sketch down your innovation concepts in your inventor’s notebook.
  • Mockup- Using any materials, create a 3-D model of your design.
  • Model- Make a fully functional model of your product.

Step 5: Consider filing a patent

Patents are classified into two types: utility patents (for new processes or machines) and design patents (for manufacturing new, non-obvious ornamental designs). While you may start the patent application yourself, you should submit it with the aid of a patent lawyer who has the necessary technical knowledge.

Others will ultimately infringe on your patent if your idea is valuable. Hiring a qualified patent attorney ensures that your patent is completely protected and that you avoid costly court fights.

You could opt to sell your product without a patent. However, business experts recommend obtaining a patent for several reasons, such as:

  • Protecting your intellectual property
  • Higher profits
  • Selling power
The value of an idea lies in the using of it. – Thomas Edison, General Electric Co-founder

Step 6: Get investors to back your invention idea

Investors have money. You need money. Now, convince them to invest their money in your product idea. If your product idea is brilliant and you have a prototype to back it up, more than half your work is done! Even better, if you already have an MVP (Minimum Viable Product), then your investors can see for themselves how much traction (paying customers who are interested in your product) your product gets!

Prepare an investor pitch comprising all the relevant details such as your mission, company vision, product idea, team, market opportunities, and financial projections.

Step 7: Product development

Armed with the required funding, extensive market research, and a can-do attitude, it’s time to kick your product development into full gear!

You will need a product development strategy with rigid but attainable targets and goals. Develop the product after careful consideration of its quality, quantity, and demand.

Step 8: Market your invention

Now that you have successfully converted your invention idea into a profitable product, it’s time to market your innovation and sell your product. Make a business strategy for your product concept, including whether you want to start your own company or sell the idea to an existing company. Working on your pitch and presentation to capture the interest of investors will be part of this process.

How to take an idea to market ?

While a good business idea will have an impact on all phases of a company’s development, other entrepreneurial efforts also play a role in shaping the future.

Everything begins as an idea. Whether you’re in business, school, jail, or debt, that’s how it all gets rolling. But what is the true significance of an idea? An idea is a thought or collection of thoughts generated in the mind. Ideas often form during brainstorming sessions or through discussions.

All world-changing events and great success stories can be traced back to a single idea. But don’t fall into the belief that having a great idea is all you need. If you have a great idea, then you’ve completed the first step of becoming a successful entrepreneur. Now you need to work on turning that idea into a reality by taking it to market and letting your business change the world.

A business idea is a starting point for any current or future entrepreneur. It is necessary because it marks the start of a new life – the life of a business and an entrepreneur.

While a good business idea will have an impact on all phases of a company’s development, other entrepreneurial efforts also play a role in shaping the future.

This post covers all the necessary steps for an entrepreneur to take an idea to the market. 

Having an Idea is just a first step to become a successful Entrepreneur.

Step 1: Document it

The first stage in commercializing your innovative ideas is to obtain ownership rights. You will not earn from your idea merely by imagining it; you must have evidence proving that you were the first to think of a possible product.

As a result, record all you can regarding the concept, design, and marketability of the product in an inventor’s journal. A court-worthy inventor’s journal can be any bound notebook with consecutively numbered pages that cannot be removed or reinserted.

Step 2: Conduct market research

Do some initial market research before devoting too much time and money to patenting your innovation. Conducting market research can help you learn how many consumers or businesses could use the product. The market research should answer one key question – Is this something people will buy? Once you’ve determined the demand for your product, ensure that it can be made and supplied at a low enough cost that your retail pricing is affordable. These prices can be determined by making a comparison to those of similar items presently on the market. It can also help you assess your competitors, which will exist regardless of how unique you believe your innovation is.

Step 3: Make a prototype

A prototype is a representation of your invention that puts what you wrote in your inventor’s journal into action. When you exhibit your idea to potential financiers and licensees, this will illustrate the design.

You’ll usually always find a mistake in your initial design or come up with a new function to include. Before you dive headfirst into a new business, take some time and a few extra steps to test your idea. Consider getting their feedback to make sure you’re on the right path with your business.

A quick check for the pre-existing products helps to save efforts, money & time.

Step 4: Consider filing a patent

Before putting too much effort and money into a new product, make sure it doesn’t already exist. A quick check of the United States Patent and Trademark Office will reveal what has already been patented.

Patents are classified into two types: utility patents (for new processes or machines) and design patents (for manufacturing new, non-obvious ornamental designs). While you may start the patent application yourself, you should submit it with the aid of a patent lawyer who has the necessary technical knowledge.

Others will ultimately infringe on your patent if your idea is valuable. Hiring a qualified patent attorney ensures that your patent is completely protected. Also, protects you from avoiding costly court fights.

Step 5: Build a Team

One of the most important steps in being able to see your business idea to fruition is to build a team that can support your vision. Your team can include a business partner, employees, investors, mentors, or customers who are willing and able to provide unbiased feedback. You need to be with people who are as ambitious as you and who are ready to go that extra mile to get things done. 

Step 6: Take Action

While many people have great business ideas, a small percentage of those follow through on them. Robert Herjavec, star of the show Shark Tank, offers this advice: “You have to have a senseless belief in your idea and yourself—almost to the point of being delusional. Remember that everyone has advice, but no one knows what you have to go through to start, grow and scale a business until they live it. Talk is cheap, but action speaks volumes.”

Step 7: Market your invention

Now that you have successfully converted your invention idea into a profitable product, it’s time to market your innovation and sell your product. Make a business strategy for your product concept, including whether you want to start your own company or sell the idea to an existing company. Working on your pitch and presentation to capture the interest of investors will be part of this process.