More women entrepreneurs are taking center stage as founders or co-founders of successful ventures. Tales of successful women are often celebrated, yet those who don’t make the cut are left to wonder, “Where did I go wrong?” So how can we help budding entrepreneurs avoid common pitfalls and succeed?

Here is a step-by-step guide to turning your brilliant idea into the next big thing:

Step 1. Ask The Right Questions
Always have answers to possible roadblocks that may arise in the course of planning:

• Can you identify a specific and niche customer base with a problem that your offering can solve effectively?
• Can your offering retain, engage and grow online and mobile applications?
• Have you studied customer insights and feedback from similar segments?

If you’re still unsure, crowd-source some advice or feedback (without giving away your idea) via social channels to gain more perspective. 

Step 2. Attend Tradeshows and Startup Accelerators
The recent formation of the GEC 2016 community and the government’s big push to boost startups are opening new channels and forums to encourage participation and interaction. Moreover, keep close track of the MAVCAP and Cradle Fund for events and updates that can help expand your business network. Getting your product to the right people, at the right time while gauging market sense, is crucial in the early stages of product development.

Step 3. Choose The Right Funding
The source of funding is the most critical factor that contributes towards the overall success of any startup, but the decision to crowd-fund or to opt for bootstrap funding can be a dilemma. An investor or VC will have the funding available for your product, but bootstrapping will mean you have to dig into your personal savings and limited resources. The latter makes your spending more disciplined, as you would focus on what’s crucial.

Step 4. Create a Prototype
Prepare a basic model that will be refined over time. The purpose of this prototype is to figure out (in steps) how your idea will work. It need not be fancy or expensive. Developing a prototype gives you the opportunity to tap the creativity that encouraged your idea in the first place. It’s also the first step to see your idea transform into something tangible and real.

I would recommend entrepreneurs to not opt for the easy route of investor funding, unless your business model demands that approach. The hallmark of a true entrepreneur is to intrinsically understand the risk to reward ratio and be able to adapt to the changing environments to create more business opportunities.

Take that plunge and make a mark!