Jan 18, 2018
With the beginning of a new year, begins the ‘Resolution’ phases. Most people probably think about losing weight, quitting smoking…
Some people are very good with execution and some others with ideation. To create a great business you need both skill sets. Though some people emerge with awesome and fascinating ideas, most of these ideas lack validation and people lack the ability to execute. It is an exciting, tedious and long journey to take an idea, add details and amend it to make it a full-fledged business.
So let’s take you through a process that dives deeper into answering “how to turn an innovative idea into a business?” –
● STEP 1 – Even before you know what the final idea is, you’ll have some variations to the idea. You will be speculating among those. To eliminate the speculation, you need to eliminate your options and boil down to the final one idea. The way you should eliminate is based on a few elements that you are ready to trade-off with. You won’t be ready to forego a few things in order to execute an idea. Evaluate your strengths, weaknesses and passion area. Match them with the ideas on table. Start eliminating them and working towards that one idea we can commit to. Pick that one idea, which fits your needs and skill sets.
● STEP 2 – Then, run customer surveys, know your customers and see how mature your idea is.
Though everything looks green on paper, you will discover pitfalls and get introduced to real-time fumbles when you meet potential clients. You could create a prototype case of your offering and approach people to discover their opinion. This will help you fix your offering before you hit the market hard.
● STEP 3 – Create a 12-month plan with pros and cons about your idea. Include financial and other resources that get consumed into the idea. This plan needs to be reviewed and accordingly revised every month, once you begin your action plan. This plan is not sacrosanct, but will be your bench-marking mirror that speaks about your true performance.
● STEP 4 – All ideas don’t succeed and all ideas don’t fail. You could end up in either of the cases, for a lot of unknown reasons. Think through and give yourself ‘the time-frame’ you give yourself for this and how long would you stay committed to this idea. Pen down your responses to, how long would you stay wedded to this idea? What will you take home from this experience? How would you see yourself five years from the time you start? Why are you pushing yourself to execute it?
● STEP 5 – Chalk out a goal chart and target time-frame. Either of it independently doesn’t show you a path. Add deadlines to your to-dos and stick to it. This will take you through a path that is more known than unknown.
● STEP 6 – Keep measuring your targets and get as close to it as possible and you will see your business blossom by itself. Measuring benchmarks and continuous feedback are imperative to see your idea evolve into a successful business.
Having shared this 6-step process, feel free to share your thoughts and ideas on how you succeeded in creating an awesome business with a tiny spark on a lonely day at your coworking space. Please share your innovative business idea story with us.
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