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Phil Khor

How do you turn a good business idea into reality?

Turning a good idea into a full fledged business is often harder than we think. What are the key steps you took for your business, and what would you do differently if you had the chance to start over again? Keen to hear your thoughts.

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2 Answers

Lisa Ormenyessy

Lisa Ormenyessy , Business Coach and Marketing Specialist at Straight Talk Group

Phil, I think the hardest thing I have found in business is the persistence. Over 15 years the business has certainly had its ups and downs, a ton of learning, and at times has felt like a hard slog. What am I doing differently now that I didn't do in the early days? These days I am more prepared to invest in education and professionals and mentors that can either shorten my learning curve, implement strategies quicker or assist me in keeping on top of the rapid change we are experiencing. Great question,Cheers, Lisa

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Steve Osborne

Steve Osborne , director at Smarthinking

For me, the key steps for a start-over would be very simple. I wish I had come to this realisation much, much earlier in my 25+ years in business instead of searching for an elixir.

First, ensure the product range and service delivery is properly worked out. Once you have something to sell, you need just two things to run a profitable firm:

1. a method for attracting new prospects

2. a scalable system for converting those prospects into profitable clients

That's it.

If you can consistently get those two things right, any business will be successful. Get them wrong, and you will be doomed to continually wonder and wander, looking for magical solutions.

It's a cliche, but what that really means is: get the basic stuff right and the rest will follow.

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