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You think you have a great Business Idea?

09 May

Ok, so it’s all about an idea…as a famous tagline for one of the telecom giants in India goes on to say, ‘An idea can change your life’…well for sure it can, but do you think your idea is indeed a ‘Great’ “Business” idea? What does it take to have your idea a successful business implementation? What are the measures you should run your idea through to see the light at the end of tunnel? The very first question that you should be asking yourself is;

Do you have the passion to see your idea through?

If you don’t, well then you should re-think. Because you should do what you love! If you’re not passionate about it, don’t even attempt it! Say you are passionate, but passion alone will not help…

Do you have the knowledge, required skills, and experience?

If you don’t have these, well networking helps you here…you should stick to what you know, and then try and gather support for your idea! Say you are passionate, and have the required skills too, but

Do you have a goal? What is that you want to get from your business and how will you achieve this?

If you don’t know what do you want out of your business, how will you achieve this…well you need to know that. Because there is no point having a map in your hand, when you don’t know where you are! Ok…so you now you have your goals also…wonderful, and things seem to be coming in shape here…but wait a sec…

Who are your customer? Any idea?

Hmmm, you should get your head immediately in to market research See here Because whatever you do…but if you don’t see or have a good customer base, you are bound to fail! Now comes the cracker…

Do you think your idea is big enough that people will pay for it?

Did you say ‘No Idea’? Well, Start Again , well if you are a millionaire you may not actually, but if you are not…your idea has to make money for you!

Ok, so good to hear that you know who your customers are, but

Have you tried it out in front of customer…even as a trial run?

Well here is an old advice…’Test the depth of water before you plunge in! Test the water with your product or service with a limited trial to gain valuable feedback. The most important measure for me to device the value of your idea is:

Are you making something which is filling the void? Which is able to fill a demand, meet a need or solve a problem?

Did you say NO? Well then why bother even starting with the idea…you should know what you are addressing, what the needs are! And this is my favorite

Can you define your product in 25 words sales pitch?

You said you can, wonderful. Ideally it should not take more than 25 words to define your product. Because Complicated won’t sell.

How about the resources?

Do you have the resources that you would need, the skillsets and knowledge that you are lacking? Where will you source your people, and/or offices? You should have answers for these if you want to have an ideal implementation.

The idea which is yours…is it similar to some other feature or product in market?

Your product must have features that set it apart: it needs unique selling points (USPs) to lure consumers away from competitors! Here is a brilliant video

Another very important thing in managing product is, do you know what are the limitation of your product!?

If you tell me…”No, my product is the best”, well I am sorry, it’s not…even the great iPhone has its own flaws…better you find yours…before your competitor does so… We would come to the logical conclusion of this article in next post…till then Happy Thinking 🙂

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One response to “You think you have a great Business Idea?

  1. Pranay

    May 10, 2013 at 5:19 am

    “Did you say ‘No Idea’? Well, Start Again .. ”
    Nailed it.

     

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