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In the fast-paced world of entrepreneurship, turning ideas into motion is often the hardest part. Many aspiring entrepreneurs find that their business ideas get stuck in infinite table conversations or coffee break chats, never moving beyond the original idea. Moving from discussing a business to building it might be daunting, full of uncertainty and potential failure.
In reality, business applications do not always result in the creation of a company. Of the 20.4 million applications to start a business submitted in 2020-2023, only about 1.9 million enterprises were actually established, which suggests that lower than 10% applications are implemented. This highlights the significant difference between intention and execution. To bridge this gap and enable you transform your business idea from chit-chat into tangible reality, here are five steps to guide you.
1. Recall what prompted you to take motion
My adventure with entrepreneurship began with a shock. After I used to be unfairly fired from a job where I had given my all, I felt a mixture of anger and determination. I might cut their costs in half and increase their revenue, and I used to be still on the market. It was a wake-up call – I never wanted to feel so powerless again. Shortly thereafter, I received multiple job offers, one from a Fortune 100 company and one other from a popular Silicon Valley startup. I did each, working crazy hours and traveling, but I quickly realized it wasn’t sustainable. That’s when I made a decision to hire help and dive headfirst into my very own software development business. The key takeaway? Embrace what drives you. Use these intense experiences – whether or not they involve feeling hurt or simply wanting more control over your life – as fuel to enable you overcome your doubts and hesitations. Turn this passion into productive motion.
2. Make time
Many aspiring entrepreneurs wait for the perfect time to start their business, but the truth is that there is no perfect time. Successful entrepreneurs often start their journey later in life, like Vera Wang at age 40 and Ray Kroc at age 52, proving that it’s never too late to start. The key is to prioritize your enterprise and spend time working on it. Whether it’s early mornings, late evenings or weekends, find a regular space in your schedule where you may focus on your business. Treat this time as sacred and non-negotiable. By putting your startup first and consistently dedicating time to it, you’ll always make progress and bring your vision to life.
3. Start small and scale up
Many aspiring entrepreneurs make the mistake of starting too big, which will be overwhelming. Instead, focus on the smallest viable version of your concept that solves the problem. Start with a easy MVP (minimum product) and test its traction before pondering about scaling up. Dedicate a consistent amount of time each week to your startup, even if it’s just a few hours. Simplifying tasks and achieving small victories will build your confidence and allow you to move forward.
This is the approach I take when raising capital, which will be discouraging, especially with the looming risk of rejection. I dealt with this reluctance by taking small steps—reviewing previous investing materials, making rough revisions, and practicing presentations with trusted friends. This process regularly built my self-confidence and motivation, which allowed me to effectively refine my offer and business plan. Breaking the task down into smaller steps will enable you gain momentum and overcome initial doubts.
4. Get your first user quickly
Acquiring your first user or customer as quickly as possible is crucial. Early feedback is invaluable in helping you improve your product and make sure you’re on the right track. Start by developing your MVP, even if it requires external funding. If you do not have the funds to hire developers or create an initial version, consider taking out a small loan or searching for investment from friends and family.
The goal is to bring a “naked” but functional product to market that may enable real-world feedback. These early comments will enable you make any essential changes and improve your offering before a larger scale launch. Additionally, having real users validates your idea and can make it easier to secure further investment. Take Airbnb for example. The founders launched a basic version of their website at a conference in San Francisco to test their idea. This early feedback played a key role in shaping the platform into the global giant it is today.
5. Find mentors and network effectively
Finding mentors and networking with other entrepreneurs will be a game changer for your business. Mentors provide invaluable advice and help keep you on track, drawing on their very own experiences and expertise. Connecting with other entrepreneurs provides motivation, insights and potential collaborations. However, focus on building informal connections reasonably than attending formal networking events. Informal settings foster more authentic interactions and meaningful relationships. Discover where successful entrepreneurs congregate – whether it’s local bars, industry meetups or regular events – and try to make organic connections.
These authentic relationships can provide support, inspiration and practical guidance on your entrepreneurial journey. According to the UPS Store, 70% of small businesses that profit from mentoring survive for greater than five years twice the survival rate firms that do not use mentoring.
Get inspiration from successful entrepreneurs like Ryan Estis, who overcame self-doubt to build his business. Estis’ journey shows how crucial resilience and learning from mistakes are. As one of his mentors told him, “You’re going to make mistakes. It is the ability to overcome them that is the litmus test of a good entrepreneur.” By taking these steps and embarking on this journey with determination and resilience, you may forget about the small talk and start building the business you’ve always dreamed of.