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The Richard Branson Way to Turn Your Idea Into A Huge Business

The Richard Branson Way to Turn Your Idea Into A Huge Business

If you’ve been dreaming of becoming an entrepreneur for quite sometime, you probably have numerous ideas that can be turned into a business by now. However, you might be struggling on how to put one or two of these ideas into fruition. Because you have never tried starting a business, you are at a loss without knowledge of exactly where to begin.

This is where Richard Branson comes in. He can help you have a head start and tell you precisely the steps you have to take, from the beginning to the final steps. Then you’ll be running your own business, for real. He believes and, in fact, suggests that after you have graduated, you continue your education by taking online courses, looking for mentors who will share their business wisdom, and, most importantly, exposing yourself to real world experiences. (Most business schools don’t teach you how to deal with real world scenarios you’ll surely encounter in the business world.)

Start your own business, or join a group of entrepreneurs working on a startup — be a volunteer. This second way, you’ll be immersed in the world of the entrepreneur without spending a dime, and you’ll see the nitty-gritty involved in the real deal.

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Let’s focus on you starting a business on your own. Once you have thought out an idea for a business, you don’t do anything practical yet. What you have to go through is much simpler.

1. Incubate.

Go to your favorite place; somewhere you can relax and dream and incubate your idea. It could be anywhere: the main principle here is to go to a place where you can feel at home with minimal distractions and start envisioning the company you’ll build based from your idea. This company should be something that you can bet your time, heart, soul, and hard earned cash on.

Branson is very definite about one thing. You must be enthusiastic about how your company will make a difference in people’s lives. He continues to explain that this is a crucial factor you must figure out because if you truly love your work, you’ll have a bigger chance of succeeding. If you’re in love with your idea and the way it will help other people, you’ll persevere and weather the storms of turning an idea into a huge business. It’s very important that you can persist despite the long hours, the trials, and the tribulations you have to go through to put up a company.

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2.The mum test.

The next thing he suggests is something that is unexpected. Indulge in the mum test. This involves talking to your mum, describing your idea and the empire you will create out of it. If she’s not excited and doesn’t have anything positive to say about your venture, you have to start all over. Go back to your creative space and start thinking of other ideas you can pursue. On the contrary, if she is elated, even pumped up, upon hearing your idea, go ahead with your plans. You might be birthing a real winner!

Frankly, I was a bit hesitant to follow this suggestion. Here’s the reason: my mother is not business savvy like Branson’s mum. However, all mums have instincts on what is best for their children. Your mum will have your best interest at heart when you discuss your entrepreneurial dreams with her. This being said, it’s undoubtedly safe to go through this step.

3. Put your idea out there.

The next step involves risk. Many entrepreneurs stall on this stage. They spend more time perfecting their plan than actually operating their business. The reason is simple: they are afraid to take the risk of putting out their business idea, scared of committing time, effort, and resources into the project. To this, Richard Branson says, “Successful entrepreneurs don’t wait for the perfect moment — they create it.”

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Develop some samples of the product or service you would like to sell. Upon reaching the point where you are happy with what you see, gather the least amount of funds to start the best and cheapest form of market research you can launch. You can do this with family members, relatives, your friends, neighbors, and your social media followers. Encourage them to try your product or service. In case you receive not-so-encouraging reactions, don’t fret. Consider tweaking the original idea to cater to the taste of your target market. Richard Branson encourages would-be entrepreneurs like you to not be discouraged at this stage. Making changes on your offering doesn’t mean your original idea isn’t good. This is just a natural occurrence in the process of improving your product or service. It’s just the initial adjustment, or a few of them, you need to make in your plan. Branson reminds all who want to dive into the sea of entrepreneurship — “Flexibility and the ability to solve problems creatively are great qualities in an entrepreneur.”

4. Time to sell.

After making those changes, it’s time to try selling your product (in small batches at first) or start offering primary introductions to your service wherever it’s possible —  door to door, online, at trade fairs, etc. Take feedback from early customers and keep in touch with them. At this point it’s critical to do your branding right.

According to Branson, ask these questions: “Does it stand out? Do your brand values attract eager customers? Will they also attract talented employees?

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5. Start talking to potential investors and distributors.

As you continue to encourage people to try your offerings, and they start to give you consistent positive feedback, you should begin thinking of producing more of your product or your service.

As you manufacture more of your products, practical issues will arise, issues like what’s the best way to manage cash flow or how to distribute your product efficiently. While this is happening, it could be a good idea to start scouting for potential investors and distributors to pitch them your idea. Also, at this phase, it would be wise to begin hiring and delegating responsibilities to employees.

To wrap up, Richard Branson puts it well. He says, “If you’ve followed the steps above, you may soon realize that I’ve pulled a tiny prank on you: You’ve now got a working startup, without ever having set a launch date. Great work!”

Source: Richard Branson on Turning an Idea Into a Business by Richard Branson via Entrepreneur.

Featured photo credit: Photo Credit: Fran Monks via Compfight cc via compfight.com

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Anthony Dejolde

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Last Updated on October 24, 2018

8 Things to Remember When You Don’t Know What to Do with Your Life

8 Things to Remember When You Don’t Know What to Do with Your Life

Sometimes in life, we find ourselves at a dead end, or a crossroads, or on a path that seems to go nowhere and say “I don’t know what to do with my life…”

No matter what stage you are at in life, if you are unhappy with it, or unsure as to how to proceed, then you need to reevaluate.

When I was in high school, I remember thinking that I had to pick a career at which I would be happy for the next 50 or so years of my life. What a daunting task. How do you know what’s going to make you happy for the rest of your life, especially if you’re only 16 and you’re still getting a thrill out of watching “The Breakfast Club?”

You can’t know. You can’t know what’s going to make you happy even five years from now. But you can know what makes you happy now and if you’re current position — or school track — isn’t it, then you need to move on.

When my oldest children were contemplating their college careers and job prospects, I often told them to just go and take classes or try things they thought might be interesting and if they didn’t like the class or workshop or whatever, then cross that off your list. Life is often about trying things and realizing what you don’t want to be when you “grow up.”

I spent a year substitute teaching in an effort to see if I wanted to become a public school teacher. I enjoyed that year immensely, but after talking with teachers and doing some of their job for a year, I realized that was a career that was not for me.

1. It’s okay you can’t figure out the whole future

Remember, you don’t know what’s coming next. Life is full of interesting twists and turns, but if we continually pursue things that we enjoy doing whether for a job or hobby, it will make the journey interesting and more fun.

Maybe you enjoy making jewelry right now. Maybe you can sell it. In five years, you might be a successful jewelry designer or you might have moved on to another craft. It doesn’t matter. You have the experience of your jewelry design to fall back on and help you with other projects in the future.

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2. Try to be comfortable with discomfort

Sometimes life is uncomfortable. Sometimes we don’t have enough money to do all of the things we want to do. If you have something you really want to pursue, then you must be able to live with some amount of discomfort in order to do that.

For example, I want to mush sled dogs and run the Iditarod. In order to do that, I had to give up my neat, tidy suburban home and move my family to a cabin in Alaska.

We don’t have running water or regular electricity and our cabin is much smaller than our old house, but we don’t mind the discomfort of those things because we live in a beautiful place and I get to pursue my dream.

3. Life is uncertain, go with it

Stuff happens. I thought I had it all. I had a great job and a great house in the woods. Then I got fired, lost my house and turned 40 all in the same week. Then I found out I was pregnant. Quite the week.

I laid on the couch for a couple of days, depressed, but then we got it together, made a plan and moved to Alaska.

Take uncertainty and turn it on its head. Every bad thing is an opportunity to make something good happen.

Besides, it’s really never too late to change your life course when something goes wrong! Don’t believe me? Here’s the proof:

How to Start Over and Reboot Your Life When It Seems Too Late

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4. Overcome distractions and stop procrastinating

You’re not getting younger. Sorry, but it’s true. If you don’t start taking the time to pursue your dreams, you might find yourself at the end of your life with nothing to show for it but a lot of Facebook posts and a bunch of TV shows you just had to watch.

If you are serious about pursuing a dream — whether it’s designing jewelry, professional skateboarding or being a rich and famous computer guru, you better get on it.

Take those first steps. Turn off your Facebook notifications and get working. You won’t get anywhere merely thinking about how great you could be.

Better yet, learn these steps to stop procrastinating and start to focus on what truly matters:

What Is Procrastination (And the Complete Guide to Stop Procrastinating)

5. Ask yourself questions

Take some time for yourself. Ask yourself big questions. And small ones.

Learn about yourself. Meditate. Write down the things that interest you and things you could see yourself doing if time and money were no object. Dream big. Quiet your mind and really imagine yourself doing those things.

By asking yourself meaningful questions, you’re building yourself an invincible Motivation Engine like this and whenever challenges arise, you know how to deal with them.

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6. Volunteer or shadow someone

If there is a job or hobby you are interested in — from grooming dogs to being a zookeeper — volunteer or job shadow and see if it’s an occupation you really want to do.

All the dreaming in the world isn’t going to help you if you don’t go and get your hands dirty. Sometimes, we think we want to do something and then once we try it, we realize it might not be the kind of work we like after all.

Or it might be more involved than we realized. It’s important to get hands-on experience and do a lot of reading by those with first-hand experience before we give up our current life to pursue a dream.

7. Save up

If you need to move or go to school to pursue your new dream, it might be pertinent to get a job doing something — anything — and save up the money to allow you to do it.

I worked for many years to build my writing and editing portfolio and I now I can write and edit articles from my wee little cabin, get paid, and use the money to pay for the equipment and food I need to run my dogsled team.

Would I love to be able to make money just from running dogs? Sure. But it’s not possible right now while I’m building and training my team.

I don’t have a reputation in dog mushing yet, but I do have a reputation in writing. So I do one job I love to pay for the other.

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8. Answer the door

Opportunity may be knocking but if you don’t answer the door, how can you take advantage of it? You must take opportunities when they are presented to you.

Sometimes it’s not the right time, but it doesn’t matter. Opportunities happen when they happen. Answer the door or that opportunity might walk on by and knock on someone else’s door.

Final thoughts

The most important thing to remember when trying to figure out what do with your life is that no action is an action in and of itself. You must make decisions and try things — even if you end up hating them or wanting to do something else.

Remember, it’s never too late to start again. (Jack’s story is an inspiring one about rebooting life at a later stage of life!)

At the end of your life, you won’t regret trying things and failing, but you will regret not ever trying at all.

Close that laptop and go get your life.

Featured photo credit: Unsplash via unsplash.com

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