4 Tips on how to succeed in turning your business idea into a viable business. - Turning your idea into a viable business is a very rewarding journey if done correctly.
|
|
Business Related Topics...
Entertainment, Recreation & Sports Related Topics...
Health & Fitness Related Topics...
Home & Family Related Topics...
You are here: DIME Home > Entrepreneurs > 4 Tips on how to succeed in turning your business idea into a viable business.
Turning your idea into a viable business is a very rewarding journey if done correctly.
Author: Kynthia Melissa
Date: May 28, 2011 - 8:13:11 AM
Printer friendly page
The journey from idea to viable business is most often complex frustrating and sometimes rewarding. Understanding some of the pitfalls before you set out should make the path a little smoother
Tip 1 – Setting your idea free
Contrary to popular belief, business ideas are not valuable. Great business ideas are everywhere, but most every great business ideas never become a great business. The journey from idea to business is often longer and more difficult than founders anticipate. A fundamental assumption that most founders have is that everyone is looking to steal your idea. The reality is quite different. People are busy and unlikely to have the conviction in the concept that you do. Whilst it is natural to want to try and protect your idea, often doing the exact opposite brings the new insight required to make it a reality. A business idea is usually just that and requires a substantial level of input from a wide range of sources to turn it into something of value.
The more feedback you can gain in the early stages, the more time and effort you are likely to save in taking that concept to market. If you can, test your assumptions early. It is often your assumptions about the idea that are wrong. Identify the assumptions you have made that are fundamental to the business success of your concept. Test these assumptions.
Identifying the customer problem is at the core of successfully translating an idea into an enterprise. An inherent difficulty of this process is that it is difficult for an “outsider” to clearly understand the exact customer problem.
As an example of this, I was recently advising a new start-up venture that thought the problem they were solving with their business idea was to fill seats for events. Their business model meant that they took a commission on all seats sold via their platform. Whilst on the surface, this sounds logical, when you dig a little deeper; there are substantial issues with this assumption. The existing players already sell the majority of seats required. Engaging with a third party makes sense for clearing unsold seats, but not for selling all seats, as this will eat into overall margins for the event.
When you think you have identified the customer problem, try to validate it with a potential customer to ensure you have the right positioning.
Tip 2 – A start-up is not a business
There is an old saying that if you give the same idea to 10 different entrepreneurs, they would each commercialise the concept in an entirely different way. Particularly in the early stages, the best you can hope for is a foray into a number of different entrepreneurial endeavours around your idea.
As an example, in the launching of our new business planning toolkit, we undertook a number of entrepreneurial endeavours to determine which of these might become a viable business. These included: Google Adwords, Display Advertising Online, Magazine Advertising, Public Relations, distribution via accounting firms. Until you have identified which of your channels to market can provide a consistent formula for business success (Revenues Exceed Costs), you do not actually have a business.
In business start-up phase you are undertaking a journey to find the business in your idea.
Tip 3 – Iterate Iterate Iterate
Build iteration of your business model and channels to market into your business plan. Don’t put all your eggs into one basket. Whilst you might assume that a single marketing method will deliver results, don’t put all your funds behind that faith. Keep some funds in reserve for iteration. By iteration I mean the ability to try many and varied approaches. This may involve trying different channels to market, different marketing methods, different product positioning and even changes to the product or service itself.
Tip 4 – The best product doesn’t always win
Simply having the “best product” isn’t enough. People don’t like change. Lets assume for a minute that you invented a better type of aircraft. How long do you think this might take to get to market? Will you have the funds to cross the compliance issues associated with the innovation. Even if you make it past these hurdles, will customers switch? If you require changes to airport infrastructure, landing strips or customer boarding processes, you might find you are in for a very difficult journey.
Don’t assume that just because you have a “better product’ that you will be successful. There is a substantial amount of supporting physical and intellectual capital that goes into making a product or service successful from a business perspective.
Blog Url:-
http://chart-gantt.blogspot.com/
For more information about Microsoft Project Gantt Chart please visit http://www.chartgantt.com/tips.php
View all articles by Kynthia Melissa
4 Tips on how to succeed in turning your business idea into a viable business.May 28, 2011 - 8:13:11 AM The journey from idea to viable business is most often complex frustrating and sometimes rewarding. Understanding some of the pitfalls before you set out should make the path a little smoother... [Read the full story] |
Creating The Best Home Based Business Ideas To ImplementApr 13, 2011 - 6:21:08 PM Most people relegate themselves to a spare bedroom or kitchen for work when they start their home based business. The best home based business ideas to implement for additional revenue comes from being creative, and often due to lack of resources. The high priced office furniture is usually not affordable, and most work within much simpler means. There are other ideas that can be used to get things going as well.... [Read the full story] |
Internet Marketing Consulting: the Hot Money-Maker for 2011Apr 12, 2011 - 8:05:48 AM These days everyone seems to be searching for the Key to successful Internet Marketing. This is a broad field that can encompass everything from using social media sites to submitting regularly to article directories in order to market a client’s product or service.... [Read the full story] |
29 Ways To Make Money Online For FreeApr 4, 2011 - 6:57:46 AM Although there are about as many ways to make money online as there are people, I honestly believe that there are really only four: your own products, someone else's, MLM, and services. You combine these products with various marketing techniques, and you have a business. Below are some of the most effective ways to make money:... [Read the full story] |
| Search for articles: |
|
|
 Putting Up a Small Commercial Printing Business |
| So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now |
| Meditation and Mindfulness: Dealing With Emotion |
| CPA Websites: Five Essential Ideas for Composing Convincing Articles |
| Set Goals In Order to Come Up With Your Action Plan |
| Is the Air in Your Home Safe to Breathe? |
| Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod |
| Section 1031 Exchanges For San Diego Real Estate Investors |
| Phoenix Real Estate Investing For Highest Possible Earnings |
| Legendary are the Volk Racing TE37 Wheels |
| Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study |
| What are step down transformers? |
| Introducing Sharehype, the Revolutionary Tool for Online Marketers |
| Rewards To Shopping For Austin Real Estate On The Web |
| Hydroponics for Beginners |
Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.
|
| Dime-co.com Home |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About
Featured Authors
Subscribe to our RSS feed for immediate alerts