Three steps to selling your business idea
With 2020 coming to an end, it is time to set goals for the new year. As an entrepreneur, I am always looking to challenge myself with ambitious objectives for my business and myself, as well as helping new fellow entrepreneurs pave their way into the economic scenario of 2021.
One thing is for sure, innovation is key to stand out from the crowd and step ahead of the competition.
Every day, we wake up with millions of ideas in mind, and one of them could be the next big innovation. But until we take action, develop it and pitch it to potential investors, it will just be another great idea left in the closet. It is now time to take initiative and start the new year with the right, optimistic mindset.
To avoid wasting time on an idea that might already be on the market, there are a few steps you should take before you can start preparing a strategy to sell your business idea.
1. Check the current trends
First of all, check the current trends: what ideas are taking off in the business world? What are people’s priorities and needs in the current climate? Are there any other similar ideas already around on the market?
In the current economic climate, innovation is key for entrepreneurs, and keeping up with the latest trends can be extremely useful to come up with innovative solutions. It is during times like this that a new wave is created, in business, leadership, politics and elsewhere. Each crisis offers great opportunities for startups and groundbreaking business ideas to thrive: as an example, during the financial crisis of 2008, startups like Uber and Airbnb were launched and have been a success since then.
2. Failure is a part of business: think of possible issues
Failure is a part of business. Very few entrepreneurs ever make it to success without first experiencing some failures: according to research, on average, entrepreneurs experience 3.8 failures before final success. Let’s say you pitch 9 business ideas to potential investors over the course of a month, statistics show that 8 out of 9 are likely to be ditched on the floor. Then again you launch that one idea that has been well received, and there are plenty of unforeseen obstacles that you might face as you develop your idea and bring it on the market scene.
Did you know that co-founders of companies such as LinkedIn and Twitter had launched other businesses previously which both resulted in big failures? Success doesn’t happen overnight, it is rather developed through relentless trial, error and learning.
In a constantly evolving industry, it is essential to think your ideas throughly and ask yourself every possible question your potential buyers might have when hearing your pitch. Being able to foresee obstacles is a hyper valuable skills for entrepreneurs, along with challenging yourself daily.
3. Narrow down your targeted buyers
After developing a clear, solution-oriented business idea and putting yourself into the right mindset, it is time to focus on identifying your intended audience and narrow down your targeted buyers. At this stage, given the current restrictions and limitations to physical movement, digital platforms are extremely useful and cost-effective.
This is where MyVintro comes in, to help you put your ideas in front of the right buyers. MyVintro is an online platform created to ensure that no good idea is left behind. Vintro believes that anyone with a powerful idea and the drive to execute it should get their chance to put it into the world.
On MyVintro, entrepreneurs can find all the major business leaders worldwide and pitch their idea to them, in the shortest amount of time and at the lowest possible cost.
You can further filter on the list of leaders by choosing your budget range, the specific area of interest and the type of potential engagement you are looking for – from just getting feedback to getting in touch with actual investors.
These are only some of the steps you must take before pitching and launching your business idea, do not hesitate to get in touch with international leaders and entrepreneurs such as myself to facilitate your path to success and gain valuable insights from years of experience.