Anybody can have a million dollar idea but turning your dream into a living and healthy startup needs a lot of efforts and dedication. A venture starts with a good idea, evolves through amazing ideas and ends up as successful venture, with luck. Though it might not be the same for all startups. Many face the disastrous execution while others fear with the growth of success and end up being a pessimist! It is always very crucial to have a big vision of your idea. However how can you take this idea into a successful business? Here it is:
1) Define the difference.
You should be able to demonstrate the difference between your product and competitors. The quality of the product shouldn’t be neglected either. Suppose you want to create an e-commerce site wherein you provide all the items to the to the peop le. Is it different from Amazon, Flipkart, Alibaba, Snapdeal etc? You need to set yourself apart.
2) Look for the solution of problems, needs and wants of the target market.
Always try to broaden your idea as to problem-solving. How will it be useful to customers? Does your product serves any needs? Can it make something more exciting and functioning? All these questions needs to be asked before coming to the final stage of your product development.
3) Use Strong and Clear words
Never throw irrelevant and heavy words at your customers. All they need is just one mistake from you and that can be the last time you have chat or meet. Its not the time for “It’s kinda like this….”! talks. Be creative in your description that can reach beyond the customer’s imagination.
4) Do your homework.
If your idea is set up by someone else then it is a waste of money and time. Research online whether your idea is new to the market or you may have competition? Visit Conferences of your industry..meet experts and talk to them, find mentors.
5) Dont compromise on quality.
Never compromise on the quality of your product. Trying to release the product in an unfinished way or faulty way is the worst any entrepreneur can do. Be patient and complete the product fully and functionally.
6)Define your customer base.
There is always a targeted market for each and every product.If you say “everyone,” you’re just being lazy and you’re kidding yourself. Will people accept your idea and if yes, why? Try to make your customers more passionate about your product. Which people will really, really want what you have to offer, and who will have to be educated or talked into it?
7) Determine your resource requirements.
Always make a list of things that are needed for a startup. Can you build it in your office using standard tools and materials? Does everything depend on a website that distributes the service? Can you handle the startup alone or do you need a team? If yes, then who all? friends or unknowns? and soo many needs to be answered.
8)Build a prototype.
A physical prototype should be working and include a clear understanding of function, reliability and production requirements. Prototype is very essential if you provide any service as it becomes the roadmap on how to encounter your customers. If you cant build a prototype at least have computer-aided designs with detailed specs.
9) Do all the financial work
A startup always needs careful and true financial analysis. How much investment do you need? How are you going to pay your co-workers? How much are you going to pay the outsource company? And after all that how much will be my profits? all theese questions needs to be answered. If you need help on this part, get it. A bush-league financial statement can kill even the greatest idea.
10) Write your plan
Plan does not mean your startup plan.. It means internal plan. How are you going to take your dreams ahead? It is important for you to know for yourself. As you wake up next day, you know what are you working for. It’s ok if it changes, as long as flexibility is concerned maintain it in your plan.
Some startups fail some succeed. It’s the potential of the entrepreneur that keeps the ship from sinking. If you have a big vision, it’s either gonna bounce back, fly high or fall down. But one thing is sure, you will never find it out until you don’t take action!