Answers
FROM IDEAS TO SUCCESSFUL BUSINESS MODEL
Advisor:
Nguyen Thi Hong Trang
Managing Director
Quadrill & Vera International Ltd.
Timing:
The discussion is open from 22-07-2011 to 08-08-2011
The advisor answered on 05-08-2011
How long does it normally take to nurture a business idea?
What should I do & know before quitting my current job to start the new business?
Pages
- Nguyen Thi Hong Trang1312536273
Well, I guess it may takes you longer or quicker depends much on the nature of the business, industry and investment rate. Normally, it takes you quite a long period of time from the very first idea formation to execution through these essential steps: market research, SWOT analysis (to see its feasibility), set a detail plan (5P: Product, Price, Promotion, Place, and People), and do market test then do the assessment.
Also, you should take these into serious consideration: WHY YOU WANT TO OWN A START UP? Don’t make your decision just because of some temporary causes, such as I don’t like this company, I hate that boss, I’m tired of being an employee, etc. Starting your own business, without careful consideration, once failing, would lead you into even much more serious depression compared to current difficulties.
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What a great question! I see a business idea like a seed and depending on the kind of seed, it takes different time and strategies to nurture it successfully. The important key is not how long, but how committed the entrepreneur is willling to be, which will determine how far the idea goes. A seed typically goes through this cycle: Plow -> Plant -> Nurture -> Harvest. For the entrepreneur it looks like this: Idea Development -> Selling the Idea -> Testing the Idea -> Evaluating/Enjoying the Results and the cycle begins again. This has helped me see entrepreneurship as an ongoing discipline/passion and let the "how long" question take care of itself. Hope this helps!
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Document your idea and refine it - try test with some potential client for feed back. Network a
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In my experience, it may take at least 4-6 month to preapre a proper business plan (i.e. Plan, ask for advice n feefback, revise n revise...). While doing the plan, you should define clearly n HONESTLY what resource ( money, infrastructure, people..) that the business need and what skill / knowledge u and the team need. Then based on that u would know how much time u need to get all these preparation together. Of course while preaparing, keep yr eye and eye open, so that u keep fintuning the idea. When everything ready, opportunity would appear even before u know it:)
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