When you start a business you spend a lot of time thinking.
You think about whether the idea is viable, whether you should quit your day job, whether your business model is right and sometimes you can feel like you are going round and round in circles.
Here are 5 mental knots to avoid:
1. Know WHEN to ignore people
When you start telling friends and family about your business idea, you might find your idea meets with some resistance. Big, bold ideas challenge people and sometimes those around you don't want you to change. They like the status quo, they like who you are right now and not who you might become.
Sometimes those closest to us, who should be our biggest supporters, can hold us back. Know when to ignore the naysayers.
2. You've got to put in the hard yards
It's not all about the idea; it's actually about the execution. You can have the best idea ever, but it's of no use to anyone if it never gets actioned. You may become discouraged because someone has a similar business idea to yours, but the successful individual is usually the one who shows up day after day and slogs away at making the idea a reality.
You'll be amazed at how many brilliant ideas die because of no follow-through. Don't underestimate the stamina required.
3. Drop the Prop
There's no link between equipment and creativity. You won't write better with a new computer, you won't take more creative photographs with a new camera. Don't get into the habit of hiding behind props. You are usually the asset you are selling.
4. Avoid crowds
If you're trying to work out how you can stand out from the crowd, you're asking the wrong question. You need to find a market where there is no crowd. Find your niche!
5. Know when to walk away
When you put a price on your art, you may find you need to make some compromises. A client likes blue instead of red; they want your report to align with their way of thinking - those little compromises can add up and take away your enjoyment of what you do.
Sometimes your art should stay your art because the minute you put a price on it you have to compromise.
About Lighthouse Business Innovation Centre
Lighthouse has a strong track record of supporting entrepreneurs, researchers and inventers on the path from concept to commercialisation. Since July 2008, Lighthouse has worked with over 990 distinct enterprises and provided group and peer based services to over 3400 enterprises and individuals. For over five years Lighthouse has successfully delivered business advice, education, mentorship and networking opportunities to help these businesses commercialise their ideas and grow their companies. Lighthouse also delivers programs such as the ACT Microcredit Program for the ACT Government. Visit www.lighthouseinnovation.com.au for more information.
