Coming up with an excellent idea is just not enough. Agreed... a good idea can turn a dream into reality but only if it is thought and evaluated comprehensively before you make an action plan and start executing. Remember VC's just don’t invest on every nice sounding idea but they choose to bet only on something which is really capable of being successful. There are many people out there who are waiting for innovative ideas to invest in and your well-articulated plans might well be something they would like to back. So what are you waiting for? Let’s do it.
First of all, you have to find the real goal behind developing an idea. Think carefully what is the most important thing that has pushed you to prepare a plan for your idea and that would be your goal. It may be a product or service which will help people meet their needs in the most innovative manner. So, the goal is the destination that must be defined before you start your journey. The second critical aspect is the time commitment needed from you to achieve this goal. This is a factor which can’t be replaced with anything else in this process of moving ahead and ultimately turning your idea into a successful and money making reality.
If you are clear about all the above mentioned angles, then your basic plot is ready and you should start focusing on other important aspects that are equally important for the success of your idea. Undoubtedly, the most crucial is the market potential to get your idea enchased. Any good concept needs an available or potential market to turn into a successful business. There could be two scenarios - One, that there is a market already available to pitch your idea and the other that you have to first create a need for your idea. The latter surely is more challenging and therefore this ground study is very crucial before entering the market.
If you see a clear market potential for your idea, then there could be a great possibility of alternatives already present in the market. If they exist, you have to study them really well. They may not be a similar set of services or products exactly matching with your idea, but be in a position to cater the market needs as well as your idea intends to do, although in a different manner. These alternatives can be potential threat to your idea and its future success. These alternatives make it a certainty that there are some existing players who are working on the same lines. The challenge now is to add such unique features to your idea which would help it differentiate from others and come out on top. These unique selling points help forge the identity of a next generation idea and help your target customers to change the way they usually look at things.
People will certainly take interest in your idea if you are able to connect them with it using the right marketing tricks. Now, here’s the opportunity to bring forth your skills to convince people to at least give you a chance and this is the golden opportunity for you to give them an extraordinary user experience. Remember the age old proverb, “first impression is the last impression” and, it works wonderfully in any business. You prove your idea’s worth and you have won half the battle of making your product or service indispensable.
Do let me know if you found this article informative.
Contents of this blog / published on any of it’s pages is copyrighted and the sole property of the author of this blog and copying, disclosure, modification, distribution and / or publication of the content / photographs published on this blog without the prior written consent of the author is strictly prohibited.