Wikipedia defines an entrepreneur as a person who organizes and operates a business or businesses, taking on greater than normal financial risks to do so. It further defines Entrepreneurship as the process of designing, launching, and running a new business, which is often initially a small business offering a product, process, or service for sale or hire.¬† After the business is up and running, what happens next? Stagnation is the death of any business, so the business owner must come up with new revenue streams, new ideas to implement. But how do you do this? Once your business is going, how do you know the direction to take it? Who will help you? Who will listen to your ideas and give you honest feedback? Who can you reveal your innermost thoughts to?
As I was watching Shark Tank, Mr. Wonderful and Lori Greiner were battling out an offer with a candidate. Both commented that though the product had one use as presented, with each shark, they could open the entrepreneur up to several new revenue streams with subtle changes. And it hit me. This is where a roundtable discussion group can help the small to the medium-sized business owner. There are times we are so buried in the details of what we are doing, that we forget there are new revenue streams for the same product if we looked at it in a different light. Or there are ancillary products that can be brought to market to support current products to enhance them or to distinguish them from others. How many times does an entrepreneur think of a new product, new revenue stream, or new methodology, but keeps that idea in their mind? How do we extract this idea, put it down on paper, create a market for it, create a budget and business plan for it and then execute the plan?
An idea is only an idea until it is placed into action and acted upon. Where do you want your business to go? What new ideas and revenue streams have you thought of? Are you solving all your customer‚Äôs needs and pain points or do they seek other companies to complete their purchase of your product? Call me for a free questionnaire to help sort out new ideas and revenue streams. Here‚Äôs to a great finish of 2017 and an even greater 2018!