The First Steps to Developing Your Business Idea.

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So, You Have an Idea.

I have been reading over the holidays, the excellent book by Andrew Keen, “The Internet is Not the Answer”. This is incredibly thought-provoking, and in it he relates the story of Kevin Systrom, who developed the idea and concept behind Instagram while sitting on the beach on the Baja Peninsular in Mexico. 25,000 users downloaded the app on launch day and one month later it had over a million users. The success for that idea has obviously continued and Instagram now sits inside the Facebook family. But developing your business idea may not be so easy.

We all dream of business success with an idea that just takes off. Instant success! How good would that be?

Most success, and most ideas don’t happen like that. Even Systrom had several attempts at the big dollar pay-days of silicone valley, but the idea behind Instagram was an idea he had been toying with for a while and the addition of filters into the application, created the differentiator for the idea to explode.

Developing Your Business Idea.

If you ever happen across an idea as strong as Instagram, please call me, but for most business ideas the initial stages should follow a basic system. In developing your business idea, the initial steps are important.

I often see people with an idea to create a business from it. Their partner thinks it’s great, their friends think it’s great and maybe even their parents think it’s great. Often, these people are the worst barometers of business success. This is where a trusted adviser comes in handy. Bounce your idea past your trusted adviser and listen to their advice. Your trusted adviser should have a background of helping and building businesses and can see an idea for what it’s worth.

Ask yourself, does this solve a problem and what problem does it solve. People are more inclined to purchase products and services if they solve a problem. Does your idea do that?

Research the market. Are others doing it already, how are they faring? Is the idea covered by Intellectual Property protection? Does this prohibit entry into the market? What is important is the level of research needed and then allow your trusted adviser to work alongside you in taking the next steps.

The last thing I want you to ask yourself. How emotionally invested are you in the idea? Emotion kills business and for some people with what they consider brilliant ideas, they get too emotionally invested. This causes problems when emotion outweighs fact and reality, refusal to take in advice, surrounding yourself with people who agree and in the end losing lots of money amongst other things. Be objective.

Take These Steps to Develop Your Business Idea.

The initial steps are:

  • Bounce the idea past your trusted adviser
  • What problem does it solve?
  • Research the market and the idea.
  • Take emotion out of it.

Summary.

This blog post is the first of a series of advice commentary for businesses to go from start-Up to survival and onwards to success.

When you have an idea, you need to act quickly in determining the potential of the idea, prior to committing investment in turning the idea into reality.[/vc_column_text][stm_post_bottom][stm_post_about_author][stm_post_comments][/vc_column][vc_column width=”1/3″][stm_sidebar sidebar=”527″][/vc_column][/vc_row][vc_row][vc_column][vc_cta h2=”Looking for a Great Business Coach?” h2_font_container=”font_size:20px|line_height:24px” h2_use_theme_fonts=”yes” shape=”square” style=”flat” add_button=”right” btn_title=”Click Here!” btn_color=”theme_style_2″ use_custom_fonts_h2=”true” el_class=”third_bg_color” btn_link=”url:http%3A%2F%2Fthinkandgrowbusiness.com.au%2Fcontact-us%2F|||”][/vc_cta][/vc_column][/vc_row]

How Can I Help You?

If you are looking to develop your leadership, career and your business contact Tony to see how best he can serve you.
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