Turning the hypothetical into a fulfilling business is often considered as ‘dreaming’ or ‘thinking big’. Both of these descriptions have connotations of chance, luck, and suggest an unrealistic expectation of how working life can be. Despite that, many businesses are built from realising opportunities for innovative improvement and as a result, they can have huge success.
The journey from idea to business is one that Live Tech Games knows all too well.
Now a pioneering industry solution to customer engagement, co-founders Nathan and Samuel initially started Live Tech Games by identifying the gap for live, competitive, inclusive gaming with low-commitment and high reward.
So, what are the realities that entrepreneurs such as Nathan and Samuel face during this journey from idea to business? In this blog we will discuss some of the pitfalls to look out for when building a business, and how you can overcome them.
Take Off the Rose-Tinted Glasses
Let’s face it, everyone likes to fantasise about how their idea is going to be the next great business venture that even a dragon from the den wouldn’t blink before investing in. However, reality can bite all too quickly. This is where objectivity becomes an asset in an entrepreneur’s quest for success. Despite wanting your idea to work out, you must recognise areas of weaknesses through testing. By giving sufficient time to that testing, you can deliver results, instead of simply believing in them. Furthermore, it is important that you act on your results instead of burying your head in the sand; it will pay off in the long run.
“…when people say bad things about your idea, or early tests show it won’t quite work, it is easy to ignore those in pursuit of your inevitable billions of pounds because of how great your idea is.”– Nathan Moore, CEO
When the Going Gets Tough, Try and Try Again
You’ve got clear lenses on and are taking an objective approach to transforming your idea into a business. Yet, the tests are showing that something just isn’t working. Whilst being ‘all-in’ is a well-known trait in building a business, being faced with clear and sufficient evidence that it is not possible means that pushing forwards is only going to create a difficult process. Re-group, re-think and give yourself another chance.
“From our experience of having multiple ideas in our 20’s, we have learnt one thing above all else: test rigorously and be willing to stop trying if the tests don’t show the results you expected.”– Nathan Moore, CEO
Don’t Ignore the Red Flags
Initial testing might show your idea to be on track to becoming the business you want it to be, but not paying full attention to external factors such as competitor analysis means they can be overlooked. Again, objectivity is key. Well-rounded analysis of both the internal and external aspects of the business will enable you to establish areas of ambiguity as well as potential issues. Evaluate whether they can be resolved or need to be re-thought all together.
Lay Solid Foundations for the Future
Two words: preparation and anticipation. You want to think about your business booming the way you had hoped, so make sure you are ready for it. Ensuring the initial logistical work is accurate and well-developed will only make things easier the closer you get to reaching your business goals. For example, consider the company formation, share issuance, bank opening and financial management.
Unfortunately, (like most things in life) it’s all easier said than done. Live Tech Games is a defining example of when you can learn to embrace these important points – whilst remaining devoted to your entrepreneurial attitude – an idea can be transformed into a market-leading business.