A business idea can be successful if it differentiates, competes in your market and works as a solution to a problem. For this reason, it is important to develop it effectively so that it meets the proposed expectations.
It is clear that in order to undertake, much more than an idea to execute is needed.
- 1 Below, we share some considerations to successfully develop what does not let you sleep:
- 2 1. Find a problem
- 3 2. Investigate the market
- 4 3. Determine your differentiating agent
- 5 4. Build your dream team
- 6 5. Identify potential customers
- 7 6. It’s time to test
- 8 7. Analyze your mistakes and adjust the necessary
1. Find a problem
It is said. You can have a tremendous business idea, but in reality what you need is to have a problem to solve. For Sebastian Vidal, executive director of startup accelerator Parallel18, it is about finding a problem that is worth solving and that directly affects society, private or public entities. If you have not yet decided, start here: a study conducted by the financial analysis company Sage works determined that among the best industries to start a business are: online shopping, software publishers, designs of computer systems and services of security, as well as consultancies and services to the engineering, architecture, sciences, administration and communications industries.
2. Investigate the market
Many people had your idea. It was time to investigate thoroughly, not only in Puerto Rico but what they are doing in other countries to solve your problem. “The markets are global, therefore, your research must be deep and international. There may be 10 solutions around the world that do the same thing that you want to do. However, do not be discouraged; this is a sign that there is a market in your field and validates your idea, “added Vidal.
For example, if your idea revolves around renewable energy, look for cases in countries where successful initiatives – such as Sweden, Denmark or Costa Rica – have been developed to see what solutions they have managed and how they were implemented.
You can go further: contact the proponents of these projects so you can find out how their experience can support your idea.
3. Determine your differentiating agent
What makes you different? It is time to find this answer. “You must find that unique element that characterizes you. Search your previous work experience, for example. Which of the tools did you learn in that place differentiate your business idea?
“He said. Remember that unique differentiator are what make your business idea interesting and relevant.
4. Build your dream team
As an entrepreneur, you should not take the selection of your work team lightly; these people will be allies to develop your idea. Consider people who come from different cultural and business backgrounds, and give you the opportunity to have a multidisciplinary team.
“Ask yourself what are the capacities that the partner should have and what are yours,” explained Vidal. Reflect and be honest about your strengths and weaknesses. Maybe you are an excellent creative, but you need support in the administration area. Do not pretend to do everything; allow others to help direct your idea in the areas that need reinforcement.
5. Identify potential customers
In the face of current economic challenges, the undertaking is a response that requires commitment and perseverance. At this time, you should make calls and validate if the problem you initially raised exists, and if the clients are willing to resolve it, the expert suggested.
Ask for recommendations: through social networks, you can get specialized groups that will help you contact people related to the field you wish to enter.
6. It’s time to test
Using a pilot plan can help you visualize if your business has an outlet in the market and if there are people willing to buy your product or service. This pilot plan must have the minimum investment, so you do not spend so much at the beginning and you can validate your idea, said Vidal.
Vidal established as an example a bakery that wants to launch a new product. Before making a mass production, the bakery locates the product in its showcase and evaluates if it captivates the customer. “The owners of the business will want to be clear if their product will have an outlet and they want to know without having to invest too much money, this is when they resort to a test,” he said.
7. Analyze your mistakes and adjust the necessary
After having developed your business idea, perform a self-examination to establish where there were errors that require a new look, another resource or an adjustment. The time has come to eliminate what has not paid off and given life to your idea. If it turns out that your business idea is valid, it should be developed and your product or service launched on the market.
You may also like 5 Key points to start in the fashion business