An intrepid entrepreneur who goes it alone is impressively confident, but perhaps a little misguided. These days, so much of what makes an idea take off and becoming financially valuable is putting together the right pieces. Media and technol
ogy are varied, cross-disciplinary, complex. It’s impossible for one person alone to master the skills necessary to come up with, pitch, and execute a plan that will spread across the world like a wildfire. You need to brand your idea and invest in the necessary infrastructure before you incorporate, not after. In other words, you need a team:
Get your legal ducks in a row. One of the most important steps an entrepreneur must take in the development of a new business idea is to make sure you are legally protected with copyrights, trademarks, patents, and other necessary precautions. You need legal aid to help you with this as well as someone well versed in contract management for when you must hire vendors and partner with merchants.
Get your idea online. Not just a blog, or a Facebook fan page. You need a full-blown interactive website pitching your idea. This is the best tool you have for selling your idea to millions of venture capitalists at once. You’ll need a programmer and a rock star SEO
and social media expert. Don’t underestimate the power a great website has in connecting with people.
Crowdsource. For both money and ideas, one of the best tools out there is crowdsourcing. Social media has created a fresh universe for this age-old practice, allowing people to network with like-minded entrepreneurs while raising startup money. Sites like Kickstarter and Indiegogo are a great way to build a campaign for your idea (and raise some seed money) while peer to peer lending sites like Lending Club, Prosper, and GreenNote are a great way to network with lenders who may want to funnel VC money into your idea.
For these reasons (and many more), going it alone is no longer the best option for an entrepreneur with a great idea. Great ideas are everywhere. Virtually anyone you meet on the street has a great idea. The modern entrepreneur is looking for more than just great ideas—he or she is looking for ideas with wings. The modern entrepreneur should be looking to turn great ideas into actionable business plans that draw talented professionals in who can expand the idea and bring it to fruition.
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