I hear many executives and professionals in large corporations talking about their dream of jumping ship, and starting their own company. What they don’t realize is that the longer they wait, the more big-company habits they are acquiring, which will make their eventual decision harder and entrepreneurial efforts less and less likely to succeed.
Think big. Thing new. Think again. In other words, make sure your solution will scale up. Professional investors will tell you they look for business plans that can credibly project revenues of at least $20M within five years, or they won’t justify an investment.
Find a niche to help real people
Look for real problems to solve, like losing weight, staying healthy, or gaps in a popular product line. “Nice to have” sites like Facebook and Twitter look attractive, but they are much higher risk, and a thousand fail for every one that succeeds.
Thailand has good infrastructure with modernized transportation facilities, as well as upgraded communications and IT networks that ensure optimum business and living conditions. World-class industrial estates boast sophisticated facilities and support services to meet the needs of multinationals and SMEs alike.
The Million Dollar Idea, and how to make it work
When entrepreneurs come to me with that “million dollar idea,” I have to tell them that an idea alone is really worth nothing. It’s all about the execution, and investors invest in the people who can execute, or even better, have a history of successful execution. Execution is making things happen, and for startups it usually means making change happen, which is even more difficult.