One of the biggest challenges that entrepreneurs face is being able to review and get feedback on the ideas or opportunities that they are considering. Most entrepreneurs have several ideas on a daily basis, what they sometimes need is a critical and experienced reviewer to help them to shape and fine tune their ideas. They may have different ideas that they want to pursue. Even the most successful entrepreneurs may come up with ideas that may not necessarily work, but if you have the support or someone with extensive knowledge of the market, it might reduce your chances of getting things wrong.
I have developed a process of sanitising good ideas from just the normal ideas. Over many years of running my own business and helping others, one of the things I have found is the ability to review some of the ideas that entrepreneurs come up with. It is interesting and challenging for somebody to be able to stand back and review the ideas that you are coming up with and in some instances help to modify them. Entrepreneurship is a very slow and lonely business, so you do need somebody who can independently help to review, modify and sometimes just to help you channel or validate your ideas and bring new perspective and energy from other areas to let you know if you are on the right track.
In the past, I have done the same myself by finding people that I trusted enough to help me analyse my ideas. Unfortunately, not everybody will have the skills you are looking for and be able to help you get the desired result.
As an entity, you should know if you are not coming up with several ideas a day just to keep your business going then you are not trying hard enough. So with all those ideas actually coming through to you, how do you select how pick the best ideas from the multitude that you must be thinking about every day. But if you’re not thinking about those ideas because you are firefighting, then it means that like most businesses you will end up being stuck in a rut and that it’s not a good place to be.
You need to be constantly improving your business and looking for new opportunities, you need to get up in the morning and constantly focus on how you’re going to make your business better every single day. Many businesses are constantly trying to improve and keep ahead of competition. Sometimes, the main difference between large organisations and small organisations is the ability of the business to think 5, 10, or even 15 years ahead of their competitors.
Some of the most innovative companies in the last few years have been the ones that have managed to think ahead of everybody else such as Google, Facebook and Microsoft. These are some of the best and the most innovative companies in the world with a research budget in excess of US$10billion a year. Smaller companies are only able to compete with these organisations by out thinking and keeping ahead of them through direct contact with their customer needs with the help and support of somebody with experience and knowledge of working within organisations where people are used to thinking strategically ahead.
My experience from Hewlett Packard is always to keep ahead of the game because we know that the competitors are trying to dislodge our position in the sector.
You need somebody with experience of working in such an organisation to help you develop your business and in your corner and making sure your company is in the best physical shape.
Dr. Ade Otukoya B.Sc, LLB, FCCA, MBA, PhD