You have got a business idea, now what?
So you got a technology business idea which you think will be hot. That’s great. Now what?
I meet so many early stage entrepreneurs those who want to turn their technology idea into business by developing a software application or a new generation e-commerce system to make money. Since it’s their idea, they are self-determined and sure that their idea is unique, nobody is doing it and if this comes to market; everybody will jump over it. If that’s so with you too, there is nothing wrong with your thoughts. But, before you start investing your money in building your idea, find out what you should be doing and how.
Step 1: Expand your idea: Find out real problems your idea is solving
List down the problems on which your idea is based. Find out all the relative problems what people / businesses are facing for which you are planning to build your business idea. This will also help you to sell your product in future.
Step 2: Validate your idea: Make yourself sure if there is a business around your idea
Now when you know the problems you are solving with your business idea, are you sure they are the real problems with people and not just your illusion. This step focuses on validating your problem statements and understanding if they do exists and people are ready to pay for.
Step 3: What’s a solution: Let’s prepare solution to your problems
You have got the reality of problems been faced by people and know, who could be your target customers. It’s time to prioritize those problems and prepare solutions for top 5 problems. This will also help you to build your business & technology feature plans.
Step 4: Technology Team: Finding team and not developer
Remember, business is about team and not individual. Don’t depend on a cheap or a freelancer developer for your business idea to take it to maturity. You need a team, experts, advises, consultations, brainstorming during your build process. Find a team who also feels enthusiastic in bringing your business idea to the market.
Step 5: Build Concept / MVP: Building miniature of your vision
I’ll warn you from developing the whole system in one go and not being releasing it at intervals. Systems & Solutions always go through revisions, re-factorization, enhancements and feature drops. So, build a minimum viable product and release it for early feedback, market study / feel and being early into revenue.
Step 6: Post MVP Plans: Revisit above cycle & re-enhance
No, your job is not over at Step 5 or just by closing your eyes and going back to continue development with what your initial plans were. Along with building your initial outcomes of Step 1 to 3, keep going through the cycle again and again. Why? To find feedbacks on your application, more problems which you can fix, areas where your solution is still lacking (and is still a problem rather than a complete solution).
Based on my 20 years experience, technology solutions are never complete. Even Google, Twitter, Facebook, LinkedIn etc you name it and everyone is still making changes with their UI, algorithms, features, functionalities & business plans. So don’t be dis-hearted if you are making changes to your initial idea in order to reach to a best, tested and validated version to build a next successful business.
Good Luck to all entrepreneurs for building their ideas!
I’m just a click away for any expert consultation you might be looking for in making your idea successful. You can reach out to me on +91-09811336614 or write to me at email@example.com