How do I make sure that my business idea actually makes it to the materialization stage?
I have a business idea which deals with viral marketing campaigns over social media. I need some advice on how to build upon my idea and start my own venture. What do I need to do to make this happen and materialize my idea? Any suggestions would be helpful.
To get yourself started:
You have to set timelines for each milestone and then stick to those, people have ideas but as they are not working with any definitive timelines, they keep procrastinating and never get around doing it. The specific list and order of activities will depend on your idea and can be accumulated from various sources
On the Idea itself, it is very important to make sure that you:
First - identify the problem you are trying to solve. Do not have a solution in hand and then start looking for a problem that can be solved with it.
Second - Bounce-off your idea/thought with friends, family, experts. Do not hold on to your idea for too long, you are more likely to fall in love and not willing to course correct.
My first advice to you would be to work on building or developing a "MVP" Minimum Viable Product or Prototype. Why?
One of the most common problems I see with entrepreneurs (and I was guilty of this in my early years) is their ability to focus on everything thing else that makes their business idea look and sound grand but then having nothing to show, no "real" market research to back up the product/service, and I'm not talking about the idea.
You see, before you can realise the business, you need to be able to demonstrate what the business does and how it does it. A business plan is good but a product or service that people can see, touch, feel or use is better and gets more traction. This will further help you refine your idea and test it against the market enabling you to understand how and where your product or service is placed in the market - value proposition.
Secondly, if it's a virtual business as I assume your business is, the prototype will enable your potential customers to test the product/service and give you feedback. This is where social media and marketing comes in.
Hope this helps. If I can of further help, feel free to connect.
Unless you have a product/services with a patent or a "non-exposed" trade secret, your efforts will be public as soon as you start ergo, expect competition. In such cases, if you are going to test market, be prepared to "Go Big" as soon as you testing proves out your ROI.
Have you created a business plan? This will help you determine your unique selling proposition. Along with helping you determine the key resources you need to get your venture started. From there you can meet with a small business attorney and get your legal entity set up so you can begin operating your company. Best of luck!
Before moving further ...check your basic: your core driver come from where? product? technology? or passion to do business?
Once you got that answer, you will realize your own position at start instantly.
If you can produce some product fast to test your idea, you may either start selling before produce product or produce product to start selling - depend the nature of your business and product.
Than observe the market reaction.
I believe the above is the easiest way as market will tell you exactly your idea can work or not.
However if you have more complex idea and complicated products ...than the above method cannot use.
First thing I would say is just get started. Take the first step and go. Now, if you haven't built a business plan I would do that first. Google business plan template and see if you can answer the question that are typical.
If you want some consulting form my company just let us know. The Retail ThinkTank.
As you guys said, taking the first step is the hardest part.
Will make deadlines and then work upon them.
The most difficult part still is, to manage the current financial situation by continuing the job and work on the idea in the meanwhile.
You don't need anything other than what you currently have. How you start isn't important, it's that you start where you are with what you have. Scale your initial plan to run off the resources that are available to you, and make sure you're in it for the long haul.
Don't compare yourself to a slick marketing company with 300,000 employees around the globe. You have 1 employee: yourself. Figure out the most important goals, and set your employee to working towards them. Don't get discouraged, keep going forward and learning from your mistakes. You'll see that day after day with careful application of your available resources, it is possible to accomplish amazing things.
It's not the idea that is valuable in entrepreneurship, it's the constant hard work day in, day work, in any circumstances, and in the face of adversity. The only people I knew who got rich off an idea without the other factors where already rich to start with.
Work your butt off for as long as it takes. Know what you are willing to give up to get what you want.
First Step sign up as a Charter Member on www.V3WPerCloud.com use it as an "Entrepreneurial Resource Planner" for your idea and what you want to become.
Second Step invite (request) people who have interest in your idea into a conversation of possible possibilities. These contacts are important sharing knowledge mentoring or brain storming the possibility as co-founders.
Third Step after you have a committed core team of 3 to 5 people agree on creating the best tentative real-time pure-play game co-designing the alpha stage enterprise in the service/product/process delivery system your idea may interest in the current global audience.
Fourth Step launch your beta test as a learning community in a network of global conversations, an excited cultural team, and invite your customers as participating co-designers of productive improvements as a continuous feature of your ideal business culture.
Fifth Step your moving into cash-flow out of the garage and on your way to creating your 1st stage Wells Fargo Stage Coach with 12 horses (co-designing customers) on the Internet as a social entrepreneur.
The V3WPerCloud has been your ERP that has now turned into an economic RPG surfing the future Tsunami of opportunity in the game your idea invented. You are the only authoring core prime mover of an idea. V3WPC gets you activated starting today in conversations for actions not analysis paralysis stuck in fear, isolation and notions you have to do it alone. Nothing was ever created by anyone alone. Embrace the notion there is abundance of people waiting on your idea and want to participate. I promise you it works. I have 30 years of experience as a social entrepreneur in applied action research. Every human invention happens in communication of an idea creating a new dimension in action and doing something, not information. The social entrepreneur is a stewarding leader in a network of conversations offering a new dimension from the edge and is a normal consumer, rather sees what is missing?
Go for it and you make it happen in the profundity of simplicity in conversing about your own passionate desire in the idea. Your current expectations will never be fulfilled because as you enter into the game your virtual identity begins to change as the idea grows in interaction synthesizing a mutual ownership in an idea. And that my friend is fun. The core prime mover has the surefire attitude operating in a mood of joyful concerns and the V3WPerCloud creates that mood as a standard praxis. You are the key player.
When it comes to ideas you need to put plan in place, test it out to measurable results, analyze the data to see what is working and what is not.
The go through phases of launching out your product/services to make sure you can provide your potential clients the service they require.
This all comes down to
1) Proper planning
2) Working with a great team that can help you implement
3) Tracking and measuring the project as you test it out
4) Analyze the data
5) Make changes as needed
6) keep going.
Helped fortune 500 corporation increase their ROI/KPI and reduce LTD