One can compare the conception of a business idea to the conception of a pregnancy. Conception is filled with excitement, passion, romance and dreams of the future.
Thinking of a business idea is a time of overwhelming excitement and passion. Your mind will race with thoughts filled with hope and love. Your idea has been born. CEO and Founder of Group Homes Australia and AusMumpreneur of the Year 2017 Finalist, Tamar Krebs shares how you can successfully launch your business from home.
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Nurturing and fleshing out your idea
The next stage of a pregnancy is the gestation period where the baby needs to be nurtured. The same is true with an idea. The idea needs to be nurtured, meticulously planned and well thought out.
Once you have crystalised your idea, pitch it to those who’s options you value. Aim to get both positive and negative feedback so that you can mold and shape your idea.
Coping with negativity
At times you may get despondent. You may feel scared that things can go wrong. You may be shot down by people who don’t believe in your idea. You will want to throw in the towel. You will think this is a bad idea. What am I doing? How am I going to juggle this with life?
Being persistent and positive
Don’t give up. Stay focused. One day you will meet someone who will believe in you and your idea. You will find an investor. Stay focused and believe in yourself.
I had to attend 62 meetings and presented 38 times. My aim for every meeting was that I had two get two more referrals or introductions which could lead to at least two more meetings. My motto was: “If not you then who?”
You have to also grow a thick skin even if yours is paper thin. Cold call to get meetings with investors. You will get hung up on, receptionists, PA’s and gatekeepers will shut doors on your calls. Try to email the investors directly to bypass gatekeepers. Message investors of interest on Linked In. I even showed up directly at their offices.
You will meet a lot of kind people that will help you and believe in your idea. People will believe in you, in what you want to do, in the way you want to change an industry or fill a gap in the market.
After pitching 38 times and attending 62 meetings, I found an investor that believes in me and in the model of aged and dementia care that I wanted to bring to Australia. Make sure that your pitch flows with your story. We are wired to love success stories. Everyone wants to hear a story that has a happy element.
I remember driving back from my 38th meeting in Maitland. I had finally found someone who believed in me and my business idea. My idea had become a real business. At times I was scared. I felt like an imposter going into huge board rooms, fiddling my way through many questions.
I later learnt that this is completely normal and it actually has a name called imposter syndrome. I learned to speak with confidence, fake it until you make it. I knew that there was a need for the service that I wanted to bring to Australia.
You need to learn to fake your confidence and to always make your business idea sound bigger and better than it is.
In 2012, I remember people calling me on my land line. I was at home in my PJs.
Advice for entrepreneurs and start ups
Find mentors and coaches who believe in you and help you implement your business idea. A good mentor will keep you on track, guide you and help you navigate the course which you embark upon.
A mentor is not a friend or a colleague. It is someone who you have an existing relationship with. Someone who has succeeded in both business and life. Someone who you can confide in, troubleshoot with and brainstorm with.
A mentor will cheer you up when you want to throw in the towel.
Create time for yourself to think. You will need time out without your phone or computer. Head talk can be scary but you need to listen to your inner voice, face it and confront any negative thoughts.
Set up processes and systems that can take your idea and business from theory to practice.
Believe in yourself, believe in your business idea, surround yourself with people who believe in you and never give up.