What is the first thing to do after getting a business idea?

September 24, 2017 | By Alan

There are over 2.4 billion people on this planet that are in the age range of 18-64 years, which approximates the working years in most countries. Among this 2.4 billion, about 12% or 297 million are active in trying to get 192 million businesses past the initial launch and through the initial three years of operation.

If you were to consider that there are at least 2 people with ideas for every idea that gets launched… there are at least 472 million people with ideas. To quote Dr. Paul D. Reynolds, Director, Research Institute, Global Entrepreneurship Center:

“… using the formula above, I think this means that with 472 million entrepreneurs worldwide attempting to start 305 million companies, approximately 100 million new businesses (or one third) will open each year around the world. I think we can safely say that this stat is the best we can find today.”

If there are over 472 million people each year around the globe that want to start business and they all have some ideas… we can safely assume we have over 472 million ideas percolating around the world. That’s a lot of entrepreneurial ideas but only a few of them are able to successfully execute that one idea that makes all the difference.

Idea execution has always been the key to starting a successful business and if you are fortunate to have found that killer idea, these are a few things you can do.

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