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How to Turn Ideas into Viable Business Development Projects
If you are a business leader in your company, you may stumble across several ideas that you believe to have great potential, but only a small portion of these ideas turn into real projects. Many projects fail to materialize because ideas and their executions are not bridged in the right manner. Here is how you can maximize chances of your business idea succeeding.
- Visualize your goals clearly: Many business ideas are abandoned because their goals are not defined clearly. If you do not know what you want from the idea, you may not get valuable results. To make your business idea a reality, having specific and realistic goals is the key. Define your expectations from the project in a clear manner to allow your team to understand the main goals of the idea.
- Answering the hard questions – what, why, how, and when: It is important to highlight and effectively communicate the purpose of this project to your team. Apart from talking about what needs to be done and how to go about doing them, you should also address why the project is important. When you explain the purpose and strategic decisions of the project, your employees gain a deeper understanding of your idea, and actively participate in the project.
- Be honest about what you know and what you do not: To make any business strategy work, you need two important things – knowledge and skill. As a business leader and project manager, it is very important for you to honestly assess your strengths and limitations. Do not assume that you know everything and proceed without caution. If you feel that you need assistance in a specific field of execution, you can seek help from employees, or hire external consultants.
- Assemble the right core team: It is important to have a leadership team that assesses the project details in an unbiased manner, and views your idea from all sides, to ensure that it becomes a success. Hiring the right leadership team can help you find weak areas in the idea and fix them, before your idea is ready for execution. Choose a qualified, experienced, and non-biased team, which is not afraid to think out of the box, and shun ideas that are risky or impractical.
- Expect the unexpected: Monitor the project closely, be open to feedback, and improvise on your existing business model to minimize the damaging risks. You should also be flexible enough to change the execution process, and even be ready to abandon the project if it is not shaping up as you expected. Above all, ensure that you share your success with each member of the team when your idea becomes successful.