Techblog
IndoChine founder's 4 factors for transforming business vision into reality
As a small and medium enterprise (SME) owner you already have a vision for your business. You put in the focus, determination and persistence to reach your business endeavours. Yet you may encounter times where you have difficulties realising your new vision. Here’s how to turn any vision into reality.
According to Michael Ma, one of Asia's most well-known entrepreneurs and founder of the IndoChine chain of restaurants, bars and hotels, business success becomes simpler when you know what formula works for you. Take your next business idea from vision to reality by following Michael's simple steps:
Test your vision
Everything starts with a vision, things you see in your mind’s eye. To get started, crystallize what you would like and create a clear picture in your mind. Imagine what your business would look like if you had all the means to transform it. The first and most important part of turning your vision into realty is testing your vision. it.
Michael already had a vision of becoming an entrepreneur at a young age. For him everything starts with testing the vision.
He says: “When your vision is blurry, then you’ve got to test your vision further. You see more, question more. You see your competitors, who’s doing it, why they are doing it and ask yourself whether you can out-do them.”
Plan out your strategy and learn how to sell
Having a vision is important and it will help paint the picture. However only the right strategy and action will breathe life into your vision. So it’s important to write down your strategy and test it.
“You can be a great inventor but still fail, because your communication is wrong, your marketing is wrong. So having the right strategy is key,” says Ma.
With the right strategy in place all aspects of the business should fall into place, selling being one of the most important parts. Mastering the art of selling and analysing people as well as trends should be an important part of your plan.
“If you are at a meeting and you can’t sell an idea to the next person, how do you consult the rest? As a young trader, when I was trading commodities, I didn’t know anything about the market. To learn how to sell, use your intuition and read body language. You can be a great scholar, but if you can’t sell and read other people’s reactions or whether the market needs a particular product, you’re doomed to fail. People skills are important,” Michael adds.
Get the right knowledge
To take serious steps you must acquire the relevant knowledge needed for your vision. You can take extra classes while working on your current business or an intensive training course. But one thing is clear: do whatever it takes to get the knowledge, Michael Ma suggests, says Ma.
“I’ve always been surrounded by entrepreneurs since a very young age. My grandmother, my mother, my father, they’re all entrepreneurs. At the dinner table we always talked about how to make an extra buck. If you’re not born like that, then you study more, you test more, and you go out and work for somebody you think is good. I was lucky, when I came to Singapore with nothing and I met the chairman of [global palm oil producer] Wilmar today. I listened to him and thought wow, what an insight. I learnt from him.” “
Be ready when luck strikes
You may or may not believe in luck, but we all need to accept that some outcomes are outside of our control. So it is essential that you are prepared when things happen unexpectedly.
“You need people skills, analytical skills, knowledge and of course luck as well, that will help. You always need luck. You need preparation and to be there when luck turns up. A lot of the things are a combination. You position yourself, when luck turns up, you’ll make a really good success out of your idea”
Summary:
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Have a clear picture in your mind of what your business would look like if you had all the means at your disposal.
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Write down your strategy and learn how to communicate it to others.
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Do whatever it takes to gain the knowledge to turn your vision into reality.
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Prepare for the moment when luck presents itself.