I am sure that today there aren’t people without business potential in them. It doesn’t matter if you don’t have your business or startup. You already have your business potential energy.
How much business potential energy you have? What are the key success factors that can skyrocket your small business?
This is one of the most important questions you need to ask yourself before you continue to utilize your potential.
Do you know enough yourself?
I know that you are sure that you are the best at what you are doing today. But, now it is the right time to learn something more for yourself.
It is because I am sure that you have much more hidden business potential energy than you can imagine now. Yes, it is true, and if you learn, or start observing yourself, you will approve this. The question is, what makes your business potential energy?
Here I want to share with you important things that will help you to unlock your business potential. It doesn’t matter if you are a “would be” entrepreneur, startup entrepreneur or you already own and manage your small business. You will always need to do something to utilize your full potential. Your current or future business will depend on it.
1. Full business potential: You have many business ideas, but you need to take the first step
I have seen many entrepreneurs full of different ideas for their small business. From startup ideas through improvement ideas to totally innovative ideas that will change the world how it looks today. But, you know what? They still don’t have implemented 99.99% of their ideas. They are simply trapped in their current position, maintaining what they have today without preparing their route for the future.
Your ideas are worth only for you and for nobody else. You can’t find a person who will pay you for your ideas. They are simply the results of your imagination and creativity. This doesn’t mean that it is not your potential, but currently, your ideas are only your hidden potential.
Your creativity is your potential that will need to be unlocked, or as I have said many times before here, transformed into your business kinetic energy.
Your business kinetic energy, unlike your business potential energy, is something that creates your movement forward. It is something that brings results to you and your business.
So, you have many ideas, but they are only the potential for you and your business, and you need to unlock that potential to ensure the success of your business. The question here is what is the first step or steps you need to take to start unlocking that potential for you.
Here are some action steps that you can take today:
1.1 Write your ideas on a piece of paper
Yes, this is the smallest step that you can do, but a critical step to unlocking your business potential. Simply, with this step, you will not allow losing your ideas. Even they are not important for today, they are still the result of your creativity. Your creativity is your uniqueness compared to your current or future competitors. You don’t want to lose this advantage. So, always start with writing your ideas on a piece of paper. If you don’t like to write on a piece of paper, use tools such as Drafts or Evernote to ensure that you always have a place where your ideas will be recorded.
1.2 Look at your ideas and think what you can implement today without impacting your current tasks
In many cases when I work with entrepreneurs full of ideas, after the first step they already have hundreds of ideas ready for implementation. But, some of them can be implemented in less than an hour, and some of them will require months or years. So, in my experience the best what you can do when you find yourself in such a situation is to clean more than a half ideas implementing them in the next several days or weeks. You will be impressed when you see that on the same day after you write your ideas on a piece of paper, you will implement most of them on the same day. In such a way you immediately start unlocking your potential into something as I call business kinetic energy that will move your business forward.
1.3 When you remove more than a half ideas from your list of ideas move the rest of them into your business ideas book
The rest of the ideas after these two steps are something that will require more efforts from your side and something that will bring more results in the long run for your small business. So, the best thing you can do right now is to put them all into your business ideas book. When you do this, you will start thinking much deeper about your ideas. Simply if you use our business ideas book template, you will have a brief description of your idea, current market practice, future activities possibilities of realization and quality of the idea. As you can see at this stage, you already do something related to your ideas, and they are ready for more complex implementation in the future.
After you finish these first three steps, you will already have something done from one side and ideas in some order to be implemented on the other side. Now it is time to continue with the next things related to unlocking your full entrepreneurial potential.
2. Full business potential: Turn your knowledge, skills, and experience in real actions
To unlock your full entrepreneurial potential, you need to unlock three The three most important elements that compile your business potential energy:
- The knowledge you already have and will have in the future. What you know to do now, and will know to do tomorrow? This part is more about how much you have invested in your knowledge until now, and how much you are ready to invest in the future.
- The skills you have and will have in the future. What you can do now and will do tomorrow? This element is different from your knowledge because it asks do you know to translate your knowledge into practice with doing things.
- The experience you have in doing things. What have you done previously that nobody else has done? This is the potential you have accumulated through your working experience. These are your past records or proves that you are special at something you will need to do in the future.
The combination of these three elements is something that will increase or decrease your business potential energy as current or future entrepreneur.
As you already know your business potential or better said the entrepreneurial potential is stored in your knowledge at the beginning. Simply, you know something through your formal and informal education. You increase your knowledge through learning by reading books, articles, newspapers, etc. Observing your environment also bring additional knowledge for you as a current or “would be” entrepreneur. So, from the beginning of your life, you continuously build your knowledge potential.
But, your knowledge potential doesn’t guarantee that you will use it to do something. You may know something, but you simply don’t use it to achieve something important for you or your small business. As you can see from the figure below, your knowledge construct only 20% of your full potential. You need to transform your knowledge into skills, and then your skills into the experience to unlock your full potential.
Here are some action steps that you can take today:
2.1 Combine your ideas according to your knowledge
Because you have a list of ideas that you want to implement, the first thing you will need to do is to combine them into the groups based on your current knowledge. If there are some ideas that you think you don’t have enough knowledge leave them on the side. You will develop your knowledge in the future for them.
2.2 Start implementing experiments related to the implementation of your ideas
The best way to transform your knowledge into skills, and skills into the experience is to start experimenting. As I already write here using experiments you will base your decisions on facts, not on assumptions, the feedback from them will develop your competence, and you will start learning from failures.
2.3 Validate the outcomes of the experiments you have implemented
This is the important step if you want to unlock your full potential. The validation of the outputs if you design the experiments through systems approach will bring you new knowledge for you. This is continuous improvement process when it comes to unlocking your full entrepreneurial potential. Do you achieve what you have expected from the experiments? Why you achieve and why you don’t achieve according to your expectations? What do you need to do to improve future action steps? These are questions you will need to answer.