Have you ever had an idea that you think is a good one and you want to turn it into a business?  Well, that happened to me in December 2007.  I had an idea to create a better way to bank, especially for young people.  I started with a whiteboard writing out all my ideas.  Over the course of the last 3+ years, I have taken an idea, to concept to product.  Now, I am in the process of trying to launch the product.  Along the way, I have made mistakes and hit milestones, and will continue to as we move forward. 

Once you decide to "go for it" there is some much that needs to happen to get from Point A to Point B to Point C and so on.  Here are three useful tips that I believe have helped me stay on track.

1.  Stay Focused: It is so easy to stray off course, especially when you don't really know what path you should be on in the first place.  Hone in on what you are building and stick with it until it reaches a breaking a point.  The hardest thing is knowing when to tweak, when to let go and when to evolve.  You will meet with a ton of people and everyone will have an opinion: strategic partners want to compliment their existing business; current investors want a return; potential investors want to learn about you with an eye on their existing portfolio.  It's all great, but it's your job not to lose your vision and you do that by staying focused.

2.  Network:  One of my biggest mistakes is that I didn't network early on.  It cost me a lot of time and money (and probably finding a technical co-founder).  It wasn't until 2 years into building Kiboo did I start attending NYC tech meet-ups and other tech community events.  I also joined Astia in November 2009, at a difficult time for Kiboo.  We had lost a strategic partnership and I had to lay people off, scaling back from 8 people to 3.  Astia was able to prepare Kiboo for fund raising, as well as prepare me as an entrepreneur.  Most of all, being around other female entrepreneurs in similar situations helped to create a support network.  

3.  Know Your Market & Competitors:  It's easy to be the smartest peson in the room when you know something the others do not.  Be an expert in your space when it comes to your competitors and your market.  This is something that will set you apart when it comes to meeting with investors, potental partners, customers, and building a better product.

These are a few of my top tips I have learned as I look backward on a ride that is still in progress.

Lisa Halpern, Founder & CEO

www.kiboo.com
@kiboomoney