There is no magic formula for success. Starting a company takes dedication, hard work and perseverance. In fact, not everyone is cut out to be an entrepreneur. But for those who are, the rewards can be vast, literally changing the world.
At the heart of every successful business is an idea. This idea grows into a revolutionary company. Whether it’s a small company that makes a minimal impact or a Fortune 500 company that sets out to transform the world, every entrepreneur has the same goal: to share their great ideas with others.
So how to entrepreneurs begin their companies? There is no systematic formula for success. In fact, some CEOs look back and had inspiration from a wide variety of sources, including innovative ideas, everyday puzzles, childhood dreams, deep rooted passions or simply something within their subconscious minds.
Below are other ideas that successful entrepreneurs recommend.
What is bugging you?
Most startup companies begin with ideas for problems that need to be solved. These types of problems tend to reveal themselves while working on something else. For example, an exemplary space-saving solution was the automatic clothes washer and dryer combination, which was invented in 1954 and is popular throughout Europe and Asian countries. These simple innovations can be the result of practical solutions to everyday problems.
Age is Not a Factor for Success
While Bill Gates, Steve Jobs, Paul Allen and Mark Zuckerberg all rose to fame in their younger years, this is not necessarily the standard in the technology field. The average tech entrepreneur is middle age and uses his/her savings to begin their own start up company.
The average successful entrepreneur entering high-growth industries, such as aerospace, computers and health care is 40. There are twice as many successful entrepreneurs that are over the age of 50 than under the age of 25 years old. Additionally, there are twice as many successful 60 year olds than those under the age of 20.
Look around at Present Life Problems
Instead of brainstorming problems that do not pertain to personal life, invest in problem solving issues that that are practical and entrepreneurs have a personal investment in.
Entrepreneurs need to tap into their creative sides, because many potential innovations are right in front of them.
Entrepreneurs may experience difficulties finding traditional financing. Optimal financing for these types of endeavors includes business lines of credit, working capital loans and business cash advance.