In the fast-paced world of entrepreneurship, turning ideas into action is often the hardest part. many aspiring entrepreneurs they find their business ideas stuck in endless dinner table conversations or coffee break conversations, never moving beyond their initial idea. Making the leap from discussing a business to building a business can be daunting, full of uncertainty and potential obstacles.

In fact, business applications do not always result in business formations. Of the 20.4 million business applications submitted between 2020 and 2023, only about 1.9 million businesses were actually formed, meaning less than 10% applications are made. This highlights the significant gap between intent and execution. To bridge this gap and help you turn your business idea from small talk to a tangible reality, here are five steps to guide you.

Connected: Do you have a business idea? Here's how to put it into action.

1. Remember what prompted you to act

My journey to entrepreneurship began with a shock. After being unfairly let go from a job I had given my all to, I felt a mixture of anger and determination. I was going to cut their costs in half and increase their revenue, but there I was, out the door. It was a wake-up call – I didn't want to feel so helpless anymore. Not long after, I received multiple job offers, one from a Fortune 100 company and another from a hot Silicon Valley startup. I got both, working crazy hours and traveling, but soon realized that wasn't sustainable. That's when I decided to hire help and fully commit to my software development business. The main takeaway? Embrace what drives you. Use those intense experiences—whether you feel wronged or just want more control over your life—as fuel to push through doubt and hesitation. Turn that passion into productive action.

2. Carve out the time

Many aspiring entrepreneurs wait for the perfect moment to start their business, but the truth is, there is there is no perfect time. Successful entrepreneurs often start their journeys later in life, like Vera Wang at age 40 and Ray Kroc at age 52, proving that it's never too late to start. The key is to prioritize your venture and set aside dedicated time to work on it. Whether it's early mornings, late evenings or weekends, find a consistent place in your schedule to focus on your business. Treat this time as sacred and non-negotiable. By making your startup a priority and consistently devoting time to it, you will steadily progress and bring your vision to life.

3. Start small and grow

Many aspiring entrepreneurs make the mistake of starting out too big, which can be overwhelming. Instead, focus on the smallest viable version of your idea that solves a problem. Start with a simple one MVP (Minimum Viable Product) and test its appeal before thinking about scaling. Devote a consistent amount of time each week to your startup, even if it's just a few hours. Simplifying tasks and achieving small victories will build your confidence and keep you going.

I take this approach when capital increase, which can be scary, especially with the dangerous risk of rejection. I dealt with this reluctance by taking small steps—reviewing previous investment materials, making initial edits, and practicing steps with trusted friends. This process gradually built my confidence and motivation, allowing me to improve my plan and business plan effectively. Breaking the task down into smaller steps helps you build momentum and overcome those initial doubts.

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4. Get your first user fast

Getting yours the first user or customer as soon as possible is crucial. Early feedback is invaluable for refining your product and making sure you're on the right track. Start by developing your MVP, even if it requires external funding. If you don't have the funds to hire developers or build the initial version, consider taking out a small loan or seeking investment from friends and family.

The goal is to launch a “bare bones” but functional product to gather real-world feedback. This early information will help you make the necessary adjustments and improve your offer before a larger presentation. Plus, having real users validates your idea and can make it easier to secure further investment. Take Airbnb, for example. The founders launched a basic version of their website during a conference in San Francisco to test their idea. This early response was critical in shaping the platform into the global giant it is today.

5. Find mentors and network effectively

Finding mentors and networking with other entrepreneurs can be a game changer for your business. Mentors offer invaluable advice and help keep you on track, drawing on their experiences and expertise. Networking with other entrepreneurs provides motivation, knowledge and potential collaborations. However, focus on building informal connections over attending formal networking events. Informal settings tend to foster more genuine interactions and meaningful relationships. Find out where successful entrepreneurs congregate—whether it's local bars, industry meetups, or casual events—and make an effort to connect organically.

These authentic relationships can provide support, inspiration, and practical guidance as you navigate your entrepreneurial journey. According to The UPS Store, 70% of small businesses that receive mentorship survive for more than five years, which is double the survival rate of businesses that do not receive mentoring.

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Get inspired by successful entrepreneurs like Ryan Estis, who pushed through self-doubt to build his business. Estis' journey shows how crucial resilience is and learning from mistakes are. As one of his mentors told him, “You're going to make mistakes. It's the ability to overcome those mistakes that is the litmus test of a good entrepreneur.” By embracing these steps and tackling the journey with determination and consistency, you can move past the small talk and start building the business you've always dreamed of.