We’ve all had those moments – that point in your career where you want to give it all up so that you could launch that amazing business idea that has been lodged in your brain for sometime now. For those of you interested in taking that leap, we’ve decided to give you some helpful hints on the fundamentals of business development.

#1: Think of THE idea and take it a few steps further

This initial stage is easier said than done. Don’t just settle for your first good business idea. Brainstorming is key. Forcing yourself to develop different variations of an original idea can transform a good idea into a great idea.

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#2: Test out the water

The easiest way to gauge a business idea is to test it out on different individuals. Pitch your business idea to friends, family, potential clients, or even random strangers. Talk to anyone willing to lend their ears, opinion, and suggestions. Sandy Jen, founder of Meebo.com, an online instant messenger that allows you to log into multiple IM networks simultaneously, suggests, "Try to get the idea to circulate among the popular bloggers to see the online response. If others seem to be as excited about your project as you are, take the plunge and start developing your idea.”

#3: Do your homework early on

Even if the verbal feedback is mostly positive, don’t be blindsided from the importance of conducting market research. Jeannette Fernandez is the founder and editor of VidaGirl.com, an online magazine that celebrates young Latinas and multi-cultural women. She said, “Once I decided to pursue my idea, the first thing I did was get online to research what was out there and what wasn’t.” It is important to understand your competition and the market you are trying to break into. Business publications suggest consulting trade journals, government reports, and chamber of commerce marketing profiles to understand the spending trends and demographic characteristics of your target market group. Put yourself in the target user or buyer’s shoes and determine if your product caters to market demands.

Neal Talapia, co-founder of Easybib.com – a very popular bibliographic tool and Website – says, “We didn’t have any concrete plans when we first started the website, but what we inherently knew was that every student - including us - would want to use the service that we created.”

#4: Sponge off of others

Make The CulturalConnect.com your online bestfriend. Shameless plug? Yes, of course. Utilize the 300+ interviews that have been done through The CulturalConnect and its family of four online weekly magazines. You can learn, get motivated, inspired and connected with Young Professionals that have been there, done that.

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#5: Address the four C’s

If market research affirms the potential of your business idea, BusinessWeek online suggests looking at the idea from the following four perspectives.

1. Company: Does your business idea effectively reflect the overarching vision of your company? Ensure that your idea incorporates the importance of product/service care.
2. Customers: From the purchasers (who write the check) to the influencers (those who influence the purchasing decision) to the end users (those who directly interact with your product or service), have you accounted for a wide range of customers? Without strong customer service, your company is doomed to sink.
3. Competitors: Have you created a system to determine which companies are your biggest threats? Try separating your competitors into three different groups (primary, secondary, and tertiary) based off the degree of competition.
4. Collaborators: Are there any organizations or people who could contribute to or benefit off your success, even though they are not an employee or directly paid?

#6: The Business Plan

This stage varies among different entrepreneurs. For those inexperienced in the business world, many online publications offer quick tips and inspirational success stories to carry you through initial hurdles of entrepreneurship. We recommend Entrepreneur.com’s “How to” guides or the list of 75 start-up secrets and 100 management tips.”

For those who are looking for in-depth advice, BusinessWeek online offers a wealth of outlines, articles, and guidelines for more specified business endeavors. Sign up for BusinessWeek’s free four-lesson entrepreneurial guidance course or learn about top-notch consultants who can help you develop your business plan.

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#7: Going in for the kill

While there are a multitude of factors that you should consider before diving into a business idea full force, many successful professionals encourage investing more energy in the actual product than the long-term planning.

“People always say they will start their company after money is set aside and they leave their current jobs,” Fernandez said. “If you are really passionate about an idea, don’t wait and just go for it.”

In order to achieve greatness within a competitive market, Santosh Govindaraju, CEO of Paragon Mortgage, gave shared with us a bit of advice that stuck with us: Require your team to have a PHD mentality - to be Poor, Hungry, and Driven. It is the mentality that has enabled many entrepreneurs to achieve great things.

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Rupa, 20, was born and raised under the warm sunshine of the Bay Area, California but decided to pursue a BA in English and Sociology at the University of Illinois, Urbana Champaign (and yes, she enjoys living in the cornfields).

The views and opinions expressed in these comments do not necessarily reflect the views or opinions of The CulturalConnect.

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