It took twelve months to make the final decision to invest in this great project. I consider it to be the key point of my interview with businessman Luis Clachar, a tourist entrepreneur who innovated using buffaloes from India to protect the wetlands on the banks of the Tempisque River in the province of Guanacaste, Costa Rica.
When the possibility of developing this project was presented to him for the first time, this idea was presented to him by a well-known expert engineer in the field. Even so, Luis Clachar, already "walked" in the business world, did not allow himself to fall into the arms of desperate love, which captures new entrepreneurs.
For a year he devoted himself intensively to studying, reading, researching on the Internet, talking with other professionals, looking at what was happening in other countries with similar projects, since there was not yet a project like that in Costa Rica.
This is one of the keys to success or, at least, one of the necessary and mandatory processes that every entrepreneur must put into practice when he has a business idea that is taking shape in his head.
The conviction should not come from emotion, or from the innovative, adventurous or novel spirit of the matter. The conviction must be born from a growing knowledge based on study and rigorous research.
When the entrepreneur begins to value that business project in this way, he is doing it in the right way.
When you spend weeks and months in that process, you will gain enough information to determine the true feasibility of the project and potential for growth.
I do not even advise starting to invest in market research, until you have sufficiently researched the business concept you are thinking about. If you spend money on market research or financial studies, you could be losing money.
You must develop a Business Plan until the idea in your head is sufficiently clarified and documented through this rigorous process of study and analysis.
In a couple of weeks we will publish an article called "5 tips not to fall in love with a spectacular business idea", wait for it and follow this technique step by step. If you are subscribed to Fundapymes you will receive the notification when it is published.
Luis Clachar's project could have been an “ecological romantic dream”, like many that are born today in universities and research centers.
I think I have written to you about those four young engineers who, after winning second place in an entrepreneurial contest in Panama, came asking for advice to obtain financing for five hundred thousand dollars. They were blinded by love, by the "glamor" of having won a contest and by the noise of the applause that said "it's a great project, they're going to protect the environment, go ahead, they'll be famous." But these bright and intelligent young people failed to answer the five basic questions to determine the profit potential of that business.
I have not heard from them since; but I hope you are investigating more about the project. I believe in the project; But they need to do a lot more research on it and its earning potential.
The banks did not believe in Luis Clachar, when he started with his innovative project. It wasn't until they saw the project taking its first steps that they shyly approached to offer something.
The bank will not receive payments with good intentions. You can have a project in your hands that will eliminate famine in the world; But if you don't pay the debt, the bank will finish you off.
Follow one of the proven trail secrets:
“ The successful entrepreneur investigates, asks, talks, studies, looks for experts, and gets advice. He takes his time before taking the plunge. He doesn't wait for the right moment to start, but when he's ready he launches into his new project. When you have enough information, you prepare your business plan, when you are sure of the profit potential and the feasibility of the project you launch, even if no one else believes in that. He is now convincing and that is enough. Nothing will stop him ”.
Avoid falling in love with a spectacular business idea; But don't be skeptical because good projects can happen to you. Listen and judge, know how to choose, know how to discriminate.
For an entrepreneur to be successful, he must know how to choose a business that has real potential to generate profits. Those earnings must have the ability to be converted into cash flow. Cash flow allows you to recover your initial investment and generate wealth.
Once you choose your business, marry him and give him your soul, life and heart. That business should be your passion, your obsession. That business will be the means to achieve your goals and live that lifestyle that you want so much that you know you deserve.
Remember: your business is "the means", it should not be the goal.
