However, most aspiring entrepreneurs face challenges when they have a winning idea. They get excited for a while but then forget about it or leave it in the drawer of pending tasks. Until finally, they see their idea on the internet or on PlayStore or AppStore designed by some other entrepreneur.
Unfortunately, we have all been through this.
Ideas fail because the process of bringing them to life seems very complicated and costly. But in reality, if you validate your idea beforehand and demonstrate its value before investing a lot of money, the process becomes simpler.
What if there is? It doesn't mean you have to give up on the inspiration. But it may mean taking a different approach. Can I improve the existing product? Can I offer a different value than my competition? Could the market be more satisfied? Could I provide value to the business that already produces it? If the answer was affirmative, go ahead, you can still continue the process.
3. Build a Prototype. If your idea has support, it may be time to develop a MockUp or prototype to determine if it's a product that you and other people would really use. There are many ways to create a functional prototype, and it can help you validate your business idea without investing in complex development.
Once you have your prototype, use it, test it, and have other people use it too. If it turns out to be a product that no one would use, it's time to change the idea. But if you realize there is a lot of interest in it, listen to their opinions, take notes, and move forward.
4. Start building your identity. If all the previous steps have been successful and you believe the idea could be the right one, it's time to start building a brand.
At this point, some fear that "exposing" their idea might lead someone to steal it. This is a valid concern, but these days, you must assume that someone will steal it or develop a newer and better iteration eventually. So the key to success will be to be the first to market.
Although patenting is an excellent way to protect your idea, it is also a very costly process that doesn't guarantee protection. If you have the resources, hire a patent attorney and seek protection, but if you don't, focus on building your brand.
Start by choosing a name and securing the website domain to create, at the very least, a website. Next, secure your company name across as many social media sites as you can. Even if you don't use them, it protects you from others claiming and using them, and it will ultimately improve your search engine optimization.
5. Build an MVP or Minimum Viable Product. Your idea may be a winner, but what's most important is that it should be scalable. Building a very robust application with many features can be costly and time-consuming. If your goal is to enter the market quickly, it might be better to enter with a simpler application that addresses the main challenges of the idea and can grow as it gains a foothold in the market.
This will help you reduce the initial investment and also be very helpful in listening to users and expanding the functionality based on the feedback from people who are already using it.
6. Develop a customer acquisition plan. The main question you should ask yourself at this point is, "How am I going to get my customers?"
You can have an excellent business plan, but if you don't have customers, the idea will not succeed. Plan a realistic customer acquisition plan and a marketing strategy focused on your goals.
Don't look for an agency that only promises social media posts, but one that can convert your investment into real customers.
In today's innovative business movement, an idea that is validated today can be rejected or even obsolete tomorrow. Don't waste time and get started right away.