BBC Correspondent Matthew Davies attended the Future in Review (FiRe) Conference in California last week, where he caught up with some of the most prolific angel investors in the U.S. as well as entrepreneurs with some incredibly exciting ideas.
The Conference is made up of FiRestarters and FiRespotters, who use the retreat as a chance to network, pitch and develop business plans for tech based companies. After chatting with several entrepreneurs and investors, he saw some recurring themes on how to successfully make a business out of a great idea.
1. Believe (Act)
People have thousands of ideas every year, but most people are too fearful to move the ideas into anything profitable. Risk is a part of life and entrepreneurship most certainly has large risk associated with it, but being fully aware of that risk help you overcome your hesitations.
As Timothy Mitchell, former Microsoft Director come entrepreneur explains, «You have to understand what the worst-case scenario is and be comfortable with that. For me, the absolute worst scenario was, I’d spent what I’d built up and I’d have to go back to work. Once you understand that, it’s much easier to get over that initial fear of starting.»
2. Team Up
Make sure you team up with someone who is business savvy enough to see you through the obstacles that will come in making a business. You could have the best idea in the world, but if you don’t have a knack for business, you’re not going to get very far.
3. Be Patient
A large majority of start-ups take a few years before the big bucks start coming in. You have to have a lot of tenacity and perseverance to see your company over the hurdles and bumps that come while you’re building a foundation for your business.