The Process of Four “fys” is not complicated to move through, but it does take a commitment to follow through the method. The process needs persistence, partnerships and most of all passion to fuel the commitment to take an idea forward. To succeed at this point in the concept process of starting or expanding a business look back at the three previous “fys”. A potentially prosperous entrepreneur has IDENTIFIED that their idea is viable and theoretically needed in the market place, has QUALIFIED themselves as the person that wants to take the responsibility and risk to take it from mind to marketplace and they have JUSTIFIED their product idea as a profitable idea by formulating a proper business plan. Now the entrepreneur needs to SOLIDIFY the idea to move forward.
The final “fy”, SOLIDIFY, is the end of the means. In this step you are pursuing that one key resource that every business needs, no matter what stage they are in, CASH! The saying from a movie, “money makes the world go ‘round,” is unfortunately true when it comes to starting a business, and maintaining one too. Unless you are using personal wealth for the investment, a bank or other stakeholder, they will all want to see by this point that the idea has been thought through, a market has been identified and a most of all plan has been thoughtfully and genuinely put together.
Once the investment has been made personally or externally, an entrepreneur is on their way to actual start-up. That is a whole different process in itself. This is a process that takes more risk, but can very rewarding to complete. The BCEDC is a local resource in Buchanan County that maintains great relationships with individuals and institutions that exist to help people move business forward, resulting in a growing economy. If you have questions about how BCEDC can help your business or your concepts please contact us, I will be glad to visit with you.
Nate Clayberg – Director (nate.clayberg@growbuchanan.com)
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