“Don’t look to invest too much time or your hard-earned $$$ on your Idea before making sure it’s a good “valid” Idea for a Startup”. Peter/CXO Wiz4.biz
Startup Topics: Brain-Storming, Evaluation, Research, Presentation, Muster, Share, Attack, Life, Test, Pricing.
A Startup can only succeed if it has a good Idea. “All success have their beginning in the core idea.” If you’re someone who has dreams of launching the next Facebook, Apple, or Google, but doesn’t know how to come up with a promising idea, the key fundamentals for this process are discussed below.
#1. Storm your Brains out.
Invite family, friend, etc, to Brain-storming to determine the viability of your Idea. Have someone write down everything that comes to mind, regardless of how absurd or mundane the suggestions are.
#2. Evaluate your Storming ideas.
Now that you’ve collected an assortment of ideas, you must analyze each one and assess its strength of helping you basic Idea, before moving on to the next one.
#3. Do your Homework [Research].
By this point you should have one or more potential Startup ideas that survived the Storm. Research the market for each of the remaining ideas (ie, check the latest & future trends of each marketplace you are interested in. Look at the competition – who’s succeeded in that marketplace and who’s failed, as well as “why” they succeeded or failed. The goal of research is to help you make informed decisions and reduce your risk of failure with a Startup. Once you have the information that you need, define your idea in more detail.
#4. Prepare a Presentation. (with Hand-outs) . . .
so you have the Idea clearly & concise described. Then you can make a presentation to Family, Friends, Network, etc, to get their feed-back & then they can look at it later and maybe give you some more ideas.
#5. Does the Idea pass your Mustard?
- Is the Idea simple and easy to explain?
- Does it Solve a significant Problem
- Is the Idea “unique” or significantly better than what is out there?
- Are you Passionate about the idea?
- Can you see yourself working on it for a few years – until it succeeds?
- Will people pay $$$ for it?
#6. Share your Idea with Family, Friends, Network, etc.
(anyone who will listen) Startup with the best; One-on-one. Get their feed-back and modify you Idea – if advantageous. Now, move on to the next person and repeat the process. The Blessing of your FFN in your endeavor is invaluable. Ask your FFN to help you spread the work about your Idea and get feed-back.
Potential Customers: From your Research, you uncovered these. Now contact a few of the key ones and ask for an Information Interview. You can determine if they want your product or service and use their feed-back – if appropriate – to improve.
#7. Plan your Attack on the Business community.
This is the crucial stage of any business Idea. You need an Executive Summary that involves setting up the strategies & stages for your Startup+ how you will execute everything, because “Ideas are a dime a dozen, execution is everything.” Again, have it reviewed by an Entrepreneur – who’s been thru it – in your Network.
#8. Bring your Idea to life.
The Development stage can be a time & resource challenge in a Startup. Whether it’s Code, Chips, Components or Communications, your Project is a newly “created” Idea. It can take longer than you expect to materialize your idea. Do you have the Resources to get thru this period?
#9. Test to make sure it meets your Expectations (& those of your Customer)
In this phase, your project is nearly complete and it’s time to begin putting the project into the hands of real people. This product Testing phase can be scary. You’re finally releasing your brilliant Idea to potential Customers to evaluate. This should result in good feedback and lead to overall improvement – if needed. The end goal is “Product-Market Fit” – which happens when the right product of a Startup reaches the right customers. Similarly, your testing will help you hone, tweak, & pivot your product – as needed – to arrive at what people are willing to pay you for.
#10. Pricing your Product.
Most Startup Entrepreneurs charge too little. They’re afraid of rejection – if the price is too high. Since you have a new, unique product, there’s no formula for setting the “right” price. Start out promoting an “Introductory Price to get a lot Product out to the Market. Maybe it’ll create a little buzz. It’s always much easier to lower your prices after launching your product than it is to raise them.
Comments: Do you know of any other Factors to “qualify” a new business Idea for a Startup?
from INC.com Zine 10/18 enhanced by Peter/CXO Wiz4.biz
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