7 Reasons You Should Not Sit On Your Business Idea
In my own world, startups are all about execution. The reason I believe this is that I know a lot of aspiring entrepreneurs who have thought about an idea for many years but haven’t worked on it.
Below I have outlined a few benefits of starting to work on your not so perfect idea/solution/project to let you realize what you are missing.
Helps you to identify what’s working and what’s not
Ask any business man, they will tell you that no matter how sure they were of their solution, and its clear path to making them millionaires, they had to tweak it a few times because of unforeseen challenges. Great ideas and/solutions are never really obvious before the fact.
Helps you to know whether you are right or wrong
We all at times do think we know much about something but are never able to prove our point because we do not have anything tangible to show that we are indeed right. Executing on the idea will help you to know whether what you think you know is indeed that way or you hit a brick. “It isn’t so much the things we don’t know that get us into trouble. It’s the things we know that just aren’t so.”
Helps you to decide if it’s something you are willing to do long term or not
I you start working on your idea, it will help undercover a lot of things, for example, if you decide to start a restaurant, you may realize you love and enjoy cooking but hate talking to people, this may lead you to rather go into high-end catering and hire someone to deal with the clients.
Gives you market exposure
Action leads to evidence, which will help in making better and informed decisions. Executing your idea gives you the opportunity to observe and learn how things are in the market and by so doing you get that exposure and knowledge that could never be gained from thinking alone.
Helps you to find partners
As you are in the process of executing your idea, you happen to meet a lot of new people in your industry, who knows; you may just meet that person who compliments your skills in the business you are venturing into.
Helps you gain knowledge from other people
When you act on your idea, people give you valuable feedback at zero cost. You can learn an awful lot, and it usually doesn’t take much time. Just make sure you act on what you learn.
Helps you to maximize the moment
Thinking without acting feels like zero cost, but actually may have a very huge opportunity cost. From Pula-and-Thebes point of view, zero cost may be right. But while you are still thinking, somebody else could be stealing your market or the opportunity itself may end.
If you do not have a way of knowing how the future is going to be like, act. It is the quickest way to learn. Take one small step toward your goal when it is far away or difficult to accomplish. Then evaluate where you are. A journey of a thousand miles really does begin with a single step.