If you ask any entrepreneur who has a successful startup, they will tell you that the whole thing stemmed from a single idea. No one is short of ideas as such. There is no denying the fact that everyone has daydreamed about an idea and thought about implementing it and making it a huge success, only to let it die in the process and not going forward with it. If you are capable to transform your idea into a successful startup then you are the ones who are successful in having a fully functional startup.
Here is the list of a few companies based on an idea which are going to be public in 2019:
While it is true that not all ideas can be converted into a multi-million plan in a jiffy, it shouldn’t stop you from thinking and sticking to a particular one. There are some ideas that sound nonsensical to you and do not have enough in it to ignite your passion while some definitely do. To look at it from a bigger perspective, the idea that you are going to work on is just the seed.
Before start reading this guide, I’d highly recommend you to go through these two articles:
Related: 7 Things to Consider Before Launching your Startup.
Related: How to Start a Business? A Step by Step Guide.
The success of the product surely depends on the seed but also on the way you nurture it. It needs a lot of maintenance and care which in the business world translates to a lot of dedication and market research with a plan that will help you go forward. Thus, it is clear that just an idea is not enough. Being able to nurture it and execute the plans related to the idea is as important, in order to transform your idea into a successful startup. Here are some methods of achieving the same.
Decide on one idea first
If you have like 10 ideas at the back of your mind, chances are that none of them are going to work out and be successful. If you are wondering about the negativity in the statement, it is simply because the approach is wrong. If you are looking to go through new ideas every day and see if it is going to work out, it is one of the biggest mistakes that you are going to make.
This is because this much research is never going to be enough. You will have to dedicate a lot more time to really understand where the idea is headed. So now comes the crucial part. So what is the solution to this dilemma? It is pretty simple. Decide on one single idea first, which will really get you going and which makes you feel really passionate. Then stick to it. There are seven new startups which are accepted in the Silicon Valley this year- Click here to reveal the startups.
Go ahead with it till the maximum limit possible and stick to it, no matter what. Unless you reach the breaking point, you won’t really know if it was worth it. Only then you can be absolutely sure if this idea is the million dollars one for you or not.
Look for validation
It is good to have an idea and think about all the possibilities and outcomes and not actually have any factual reference to tell if it is the one. You will be making the biggest mistake if you keep the idea at a completely theoretical level and not test it out on actual customers.
The first step that you need to do is plan out market research. Yes, projections on a screen and all is helpful but none of it is as good as doing an objective experiment on a test subject. Now, it might not be feasible to do the whole thing at one go as the expenses might be too high. Instead, build a prototype and see if that is working. That should at least address the core problems and give you a perspective of the main principles of your startup. Here are 10 highly recommended tools which surely help you grow your small business fast.
Share the prototype with as many people as possible and gather maximum information. The response will give you proper feedback on what your idea is like. Do people get really excited about seeing it or is the response pretty dull and submissive? This validation is invaluable.
The idea should be a must-have instead of a nice-to-have
You may have thought about a project which you have built for the benefit of the people and expect it to sell like hotcakes and make you a millionaire in a jiffy. There is one aspect of it though that you really have to keep in mind. Is the product that you are developing a thing of luxury or does it have an absolute necessity tag attached to it?
There are no second thoughts on the fact that the second one will fetch more interests than the previous one and rightly so. Thus, categorize your product in one among the two and see where it lies, so that your expectations become more conducive to reality.
Plan a proper execution to transform your idea into a Successful Startup
Imagine Facebook. If Mark Zuckerberg had kept his idea to himself or decided to use it for some other menial purpose, we would not know Facebook as it is today. It was only because he knew how to execute the idea that he had developed that he became so popular.
Do not waste any time contemplating. Just develop your startup product and launch it into the market. Let the users decide if it is good or bad. If the whole setup is going to be too costly, go for at least a prototype version, but make sure that it is out in the open. You have to figure out the complete execution plan and stick to it no matter what.
Find an appropriate market for your product
Another important aspect of making sure that your business is a success is understanding your customer niche, knowing what kind of people will be your customer in chief and who will gather most interest in your product. The most common differentiation can be done on the basis of age but there are a few other agendas as well, gender being the most common one. Do your market research and identify the one that is going to most conducive for you.
Related: 5 Tech Markets You Must Invest in 2019 for Maximum Return.
All of these tips are certainly going to be helpful to transform your idea into a successful startup, although it does need to be backed up by a little bit of luck.