The idea to profit strategy models statistical evidence that shows with an idea it’s not only possible to profit financially while helping others, or filling a need, but it is the premise that also upholds additional evidence showing why so many work hard each year to turn their ideas into reality.
Wealth and success are a desire many have because it’s attainable. That’s also why data shows, by the end of 2021, there were 31 million entrepreneurs in the U.S. alone. Also, 55% of the adults that live here have started a business at one point or the other. They all had an idea and a desire to materialize it. Some succeeded, some don’t. The reasons are diverse, but one apparent cause may be a lack of knowledge.
Knowledge, proficiency, expectations are just three factors why ideas don’t go very far. Regardless of what we try to accomplish, we need a certain skill-set. They play an important part in how far we progress. That is what this series is about. It’s the ultimate guide to turning an idea into profit by knowing and understanding what the process entails. What we need to know, expect and skills to make it happen.
Who Benefits From An Idea That Works
With the health and wealth of a country, its small businesses and enterprising entrepreneurs are the essence of its economic health. Every day, there are individuals choosing the path of entrepreneurship. They don’t wake up one day and decide not to work for another company. For most, it starts with an idea long before they take the leap.
Governments depend on these individuals, because they know large corporations can’t employ everyone. That’s the gap entrepreneurs and small businesses fill. They will not only employ everyone else, they will alter the community where the businesses are based by bringing innovation and growth to that neighborhood.
The Ultimate Outcome of Turning An Idea to Profit
We just have to think about the billionaires, from the past and the ones that exist today, to realize the concept is not only a real one, but attainable. When thinking of the past, the original developers of Apple, the late Steve Jobs and Steve Wozniak, comes to mind. Today, it’s Microsofts’, Bill Gates and the late Paul Allen. Let’s not forget the brainchild of Amazon, Jeff Bezos. Each of these trailblazer billionaires started businesses in their homes that are now considered an ingrain part of the American culture. In fact, with Microsoft, it is on 1.3 billion devices worldwide. Jeff Bezos and Bill Gates started their businesses with an idea. If you need an example of how far a business idea can reach, just think of what they have accomplished.
The Reality Of An Idea to Profit Strategy Is Never What We Expect
Most of us have surely had a brilliant business idea in our lives. However, great business ideas rarely come to fruition, ditch from frustration and an inability to execute it. The fact that 20% of new businesses fail during the first two years of opening doesn’t negate one simple truth: Ideas are the currency of our time, and there are plenty of them.
The inception of an idea carries with it an abundance of energy and motivation to turn it into something tangible. Still, having an idea differs from knowing what to do with it. The next step is another matter entirely!
Imagine having the knowledge needed to take the next steps confidently. It can be thrilling and fulfilling to meet the challenge of turning an idea into a business that’s profitable. Perhaps the first step is removing the first roadblock of believing you don’t possess the knowledge or skill to make it happen. In these moments of doubt, keep in mind the characteristics of Entrepreneurs. They are not born. They construct themselves with knowledge, skills, and the determination to accomplish their aim. Roll up your sleeves, find the resolve to do the hard work of turning an idea into profit.
An introduction to the series.
This is the preface to a series of posts on turning an idea into profit. The series will be in two parts, with six separate posts for each part. Part 1 will focus on the idea. What happens after an idea? What are its components? We will answer these questions and more in the first part of this series.
The second part will focus on the profit. If the idea is to become tangible, we need to ask and answer key questions. Defining what profit means, or is it success? Each of the components of the second part of this series will address certain characteristics of the profitable end of an idea.
Let’s restate: small businesses are the foundation of a robust economy. An idea is the start of any small business.
There is a process to follow when an idea is born and the plan is to not just take it to the next step, but to make it a reality. This guide will share the steps, the planning process, the resources needed to turn that idea into a profitable business.