Business Ideas Are Easy. It’s The Practicalities That Are Hard

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many, many people have good ideas for starting businesses, but they run into trouble when executing their unique ideas. The following contributed post is entitled, Business Ideas Are Easy. It’s The Practicalities That Are Hard.

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How many people do you know who have a great idea for a business? Chances are there are at least half a dozen of them in your life. And they like nothing more than sitting down with a drink in a bar and spending all night talking about them, including how much money they’re going to make.

When they actually come to do it – if they bother, that is – they encounter a problem. Organizing all the practicalities is a nightmare. They wonder how anyone manages to get a business off the ground.

In this post, we’re going to look at some of the everyday practical stumbling blocks for getting a business off the ground, and how you can overcome them.

Getting Funding For Your Idea

Pexels – CC0 License

You might have an excellent idea for a business, but convincing people that it is the real deal is a challenge. Amazon’s Jeff Bezos asked more than fifty people for money when setting up his e-commerce store. Less than half of them agreed to pay him. Think about that: even the world’s richest man struggled to finance his startup.

If you’re looking for money, therefore, you have to create a quality pitch. Ideally, you need to know two things:

● Why people will love your idea
● How much money it is likely to make

Once you have those two things nailed, most investors will become very interested in your project quickly.

Sorting Out Your Logistics

Some entrepreneurs attempt to manage their logistics in-house. But this is a hopelessly terrible idea. Heavy haulage isn’t something you can do by yourself. It’s immensely complicated and requires the assistance of experts who have the right equipment. The last thing you want is to lose a load because of errors in your distribution strategy.

If your startup relies on moving stuff from one place to another, always outsource the task to somebody who knows what they’re doing. Avoid the temptation to adopt the DIY approach.

Finding People To Do The Work

You would think that finding people to work in your business would be easy, given how many individuals are currently looking for jobs. The problem, though, is capturing the employees with the right talents. There are thousands of people who are willing to work in your enterprise. But very few of them actually have the skills you want.

In general, there are two approaches to this problem. You can either pull people out of your private network and get them working for you. Or you can get a specialist recruiter to do it for you. The advantage of the former is that it will cost you much less. The benefit of the latter is that you get results faster. So it’s a trade-off between time and money.

Whatever you do, commit to getting the people you need to make your enterprise work. They almost always pay for themselves in the long-run.

Entrepreneurship is partly about ideas, but mainly, it’s the practicalities that make the difference. That’s why so many wealthy people are doers, not “thinkers.”

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.