“If you really look closely, most overnight successes took a long time”
– Steve Jobs.
It is not wrong to think that one day you might get that amazing million-dollar idea that will make you rich. I myself have had many business ideas (mostly conceived while procrastinating), which I think are pretty amazing. But I realize that my great ideas never go anywhere because I, or someone else, thought they might not be possible.
To reverse that thinking, here are some simple questions to ask when you think you might have a great idea: Who can help make our ideas possible? What are the right questions to ask? Where can we start? How can I learn more?
So many people believe that having a good idea and lot of funding are the two main factors of success - or that they matter the most. During his Ted Talk Bill Gross, the co-founder of Pacific Investment Management Company, said that there are five elements that lead to success: Idea, Team, Business Model, Funding and Timing, with “Timing” being one of the most important factors to success of your new idea, product or service. For example, if your idea is advanced and people are not ready for it, then it will be difficult for the public to accept. The second most important factor is “Team”, because a group of people with the right mindset can achieve more than one could imagine. Third comes the “Idea”. Of course having a good idea can help you get funding, but it does not promise any success. Fourth, we have “Business Model”, an important factor because it helps a company understand its value and provide them with a plan. And last we have “Funding”, because in order to own a successful startup you will surely need some money.
Now you know the five factors of success, but you might still be asking: how will I know if my idea is any good? If the timing is right? How can I raise funds?
Well I have good news for you, because SFU has more to offer than you know. If you only have an idea and don’t know your next step, you can enroll in a program at SFU called Coast Capital Savings Venture Connection. They help startups by providing entrepreneurship training, mentorship, and help students find resources so their initial idea can grow. If you have already gathered a team and are processing your idea, VentureLabs is for you. This program will help you grow your business and structure your business models. If you are having trouble finding your market and your start up is suffering from social problems, then fear not because RADIUS can come to your aid. RADIUS helps you to understand problems, and to design, test and launch interventions. You must be thinking, “Ohh cool so many mentorship programs, but where can I actually build my prototype?” We even have a solution for that: 4D LABS. They offer state of the art equipment for prototype development, material testing, and analysis. These ventures have helped platforms such as ArtsAllY, an online portal which helps community to meet their local artist, Addictive Ads, a mobile ad agency that delivers innovative performance-based advertising, and many other student-led businesses.
If you want to make great achievements in life, then you have to take the first step and the world will follow. By asking the right questions, you will find the answer you are looking for. Life is all about learning and implementing, and sometimes those implementations will not yield the expected result. When that happens, don’t let disappointment follow your path. Let it be another learning opportunity, and let it be another chance to stand again.