Isha Edwards is an idea catalyst whose skills and experience enables her to implement a brand-driven approach to establishing, operating, and growing a business.
So you want to start a business. In order of priority, perhaps you believe you need a business plan, money, time, space, people and passion—right? Actually, the most important thing to have before starting a business is an exceptional idea. After all, it is the idea that provides the potential to generate revenue or resources-in-kind. Having an exceptional idea also justifies your endeavor. The following are answers to real FAQs about business and success.
What is a Business?
Owning a business is nothing more than creating and managing a legal, tax structure different from individuals and families. There are only two ways to make money; increase your income or decrease your expenses. In short, no one has to have a storefront with employees and other overhead or even incorporate to be “in business”. They simply need to generate ideas that increase their potential to earn income outside of a nine-to-five. Product type determines start-up capital amount; the need to market to the masses or simply pitch to an investor (idea purchaser). Producer and consumer values determine whether or not an idea positively impacts society, is socially responsible or is worth a billion dollars versus ten thousand.
Consider the songwriter who provides intellectual property by way of lyrics for a hit song. Also consider the script writer (Avatar), gadget maker (Apple), software developer (Microsoft), car manufacturer, fashion designer, engineers (all), authors, etc… The money is in their ideas! The “business” is managing everything related to their ideas: finance, accounting, management, marketing, legal, information systems/technology, economics, and networking or what I call, the FAMMLIE Network™.
What is so unique about your product (good idea/service idea)? Knowing the answer will help determine if you should license intellectual property to garner residual income versus expense land, labor, equipment, materials. NOTE: Most money-making products, the ones that sell like hot cakes, tend to be extraordinary and a good versus a service
How to Measure Success?
Success is often measured by time and quantity. How fast you can get a million hits on YouTube? How many FaceBook fans or Twitter followers do you have? What is your gross revenue? How many people purchased your CD or saw your movie? Although benchmarks are necessary, they should not be based on someone else’s achievements. The ideal way to measure success is against set goals.
While there is a list of other FAQs to consider, being able to determine if you want to be a creator of ideas, a manager of ideas, a purchaser of ideas or a combination of the three will determine what steps to take and how to ensure success.