Success Needs Details

It is true that success do begins in mind, and a famous statement is “if you do not have money in mind, you don’t have it in hand”. When you have success in mind, then you might establish a new “product/service”, after failing to find something you need. Then, you will be distinguishing building objectives to planning the execution of those objectives. Don’t let yourself to be controlled by time. The next step is having objective details. This is where you really need to do your research, and make sure that the details are objective.

I was 18 years old, when I first wrote a business plan, and too much of the details were based on how I want the business to go. There was no research. The only thing I focused on was making sure that the business work. Of cause, I knew how business work, but no capital or information than the ones I could find related to the business. I made some research, saw huge amount of market size, and thought, “I would love to have a piece of this pie”, and I was dead wrong.

The only pie I got, was less than a fraction of a percent, and it was not even enough to cover the losses. The business did not fail, because it was saved by a company, who covered the expenses, in exchange for me working for them for a year. After that, I went back to school and graduated in MBA. This allow me to use my experience to strengthen your success. Everything I compose is based on helping you enhance your success, and information is the key.

It is critical that you acknowledge how to get all the necessary details. Obtaining objective details should be done in a suitable way. The details must neither be directed by your idea nor how you want your business to go. When getting the details, it is critical to remember that you are not selling anything yet, and you are not running a business yet. The detail has to be objective.

There are different options for obtaining required details. One option is a team member obtaining those details for the team. You could ask someone else to do research and analysis. It can also be a professional business writer. Just make sure that the author has objective result of all details. The person must know the idea, and know how to obtain the details. A primary detail is market analysis. The market analysis has to be objective.

These following details are essential to your business:

Ø  Competition research

Ø  Market research

Ø  Business model research

Ø  Revenue research (how much it might cost to run the business)

Ø  Investors’ research (who might be interested in investing in the business)

Ø  Rules and Regulations for your business

Ø  Product’s research

Ø  Social research (socializing with key people for your business)

Ø  + More…

GOLDEN RULE: Ensure that the topics of your research are extremely specific!