Have you ever heard about a new business or service and thought, “Wait, I had the same idea years ago!” It can feel like you lost a million—or a billion dollars.
In the book Start. Scale. Exit. Repeat., I share the story of how my business partners and I had a great idea—but failed to take action. While on a business trip in Ukraine in 2006, we were lamenting how difficult it could be to find a taxi while traveling, especially in a place you don’t know so well.
Eureka! The idea struck us: What if we created an app that could use GPS technology to find the nearest taxi, hail it for you, and then you could watch its progress on the app? No more wasted time at a street corner!
We called our imaginary app “MyYellowButton” and even bought the domain name. But we ended up spending our time on other businesses, and the idea fell by the wayside.
Then, lo and behold, Uber came along and re-invented ride-hailing. I can finally laugh about it now, but when Uber was really blowing up, I felt so stupid for not taking action on our own idea.
Contrary to what many think, it’s not difficult to come up with new business ideas if you’re observing the problems around you. Where most people struggle is taking action on the idea. They get busy and distracted, or they think, “No one else would care about this,” or they simply don’t know where to start.
So, how do you prevent this from happening to you? How do you avoid regretting not having acted on your idea?
Here are five easy actions you can take right away to move from Idea to Action:
#1. Vet Your Idea by Sharing It With Others
Simply start discussing your idea with people you trust. It might be a great idea—but it might not be. You won’t know until you’ve vetted it with a trusted group of people—not the Naysayers or the Yaysayers, but people you know will be truly honest and helpful.
Talking with others will save you from wasting time on a bad idea—or, better yet, if you see enough people with the same problem, identify your target market.
#2. Join a Local Business Incubator
As part of your vetting process, connect with a local business incubator. Many of them are free and can help you receive mentoring and even connect with grants to fund your idea. On our show about this same topic, Startup Club contributor Augustín Gonzalez pointed out how you can avoid “analysis paralysis” by “sharing with a support network and trusted advisers,” which also “makes your idea more risk-tolerant.”
#3. Develop a 4 Sticky Note Business Plan
I use this exercise in my own companies and also to help other startups get their ideas to the planning stage. Take 4 sticky notes and label them Story, People, Money, and Systems. You can read more about what goes on each sticky note here. This will help you form your first strategic steps to make your idea a reality.
#4. Come Up With a Name—and Grab the Domain Name
Part of your Story sticky note should be developing your purpose and a name. Some people may see this as putting the cart before the horse, but naming something makes it go from not real to real. Even before you develop an MVP, you’ll need a name to help establish your brand.
I remember when we put in an offer to buy a property on North Captiva for a vacation rental. Even though we did not know whether or not we would get the property, we had a lot of fun driving back with the family and trying to come up with a name. We ultimately settled on Sunset Escape because the house faced the Gulf of Mexico.
Brainstorm about 20 or so names and see which domain names are available and affordable so you can narrow the list. Then, head over to the free US Trademark website’s database to see which names are clear for trademarking. This way, you don’t waste time building a brand around an unavailable name, which can end up costing you a ton.
Once you’ve got your winning name, register the domain name and be sure to trademark it when the budget allows.
#5. Create a Logo
Once you have a name, go out and have a logo made. Visualization is key to success, which is why logos hold so much power. Within hours of picking the name for Sunset Escape, we had a logo designed.
It’s worth paying a few dollars to a professional to do this because this will be the first thing customers and investors see in forming opinions about your company. Sometimes I wonder, had we made a logo for MyYellowButton, what could have happened next?
All five of these are literally actions you can take immediately to move from Idea to Action. Don’t let your business ideas gather dust in your head. You might have the next billion-dollar idea, so minimize your entrepreneurial regrets and take that first step!
