All great establishments or businesses started with an idea, a good idea is a strong foundation for any venture, but even a great idea without action is worth nothing. The world is a global digital village that currently grants unimaginable access and allows for collaborations across continents constantly churning out ideas and turning them into businesses. Not all ideas are viable but if you happen to have the next ‘Air B‘n’B’ or Uber there are a couple of things you need to cross off your list before taking the next step.
Make sure your idea solves a problem
In Economics, there is a term known as demand and supply, does your idea solve a problem or is it a disruptor like ‘Netflix’ that is worth exploring? Do you see a real demand for a solution that your idea will supply? These are just a few questions to run by when fleshing out your idea.
Do your research
You have to make sure your idea is realistic enough to be achieved, this is where research comes in. Your research should cover; the market you want to enter, businesses striving currently in that field and their business models, estimated capital, estimated operating cost and the roles required to create a team. It is easy to get caught up in the excitement of a new venture, but it is important to bring yourself down and do your research.
Protect your idea
This is probably the most important part of the process, once the decision has been made to move forward, you have to protect your idea which in turn protects your prospective venture. You can have new team members sign NDA’s, trademark your name, get all legal aspects that protect you and your venture sorted.
It is important to familiarize yourself with the intellectual property rights in your country, seek advice from legal counsel to help you navigate the law.
Get experience on your side and build a strong team
If your idea is going to propel you into a new field it is advisable that you get a supervisor or a mentor that can guide you and possibly connect you to the right people within the field. You also need to assemble a team that will cover the key roles such as marketing, finance, and communications, even if you want to work with a small team to start with, these roles have to be the first to be filled. If you are aware of your own strengths and weaknesses it will be wise to hire an individual who can cover your weakness.
Get your elevator pitch ready for investors
It all boils down to how you present your idea, investors deal with numbers and not passion, you have to be able to give a condensed version of your idea to a prospective investor that’ll at least get you a sit down where you can lay it all out. For example, your condensed format could be; 1. Stating the problem 2. State who it affects 3. Introduce your product as the solution 4. State how it will be beneficial for the investor. The internet is at your beck and call, you can research how to give pitches, and how to present your data in a clear, concise manner in order to get money from investors.
There you have it! The world is full of people with a million and one ideas, what separates you from them is that you have started to take action and this blog post is your first step. Well done.