“Why didn’t I think of that?” is usually our reaction to a seemingly simple business that turns into big profit. If you have an idea in your brain and think that it could become a big business, you might be wondering how to achieve that dream.
One Business Idea
We get lots of different ideas. Going through them every day and picking one that you feel has the most potential is a waste of time. The best way to stick to one business idea is to choose one that really moves you and that you feel most passionate about. Stay with this idea until there is no other left and give it your all. This is the only way you will know if your idea is worth pursuing.
Your idea could be worth a million bucks but is still not worth anything until you validate it by using real customers. Writing a business plan that outlines your objectives and projections is a good idea too, but nothing beats real customers using your product or service.
A good way to validate your idea and test it with actual customers is by building a prototype and testing it. A minimum viable product or prototype should be able to solve your customer’s problems and tell you if you have something to sell.
An idea will forever stay as an idea unless you execute it. Companies like Facebook did not become a billion dollar company overnight. Ideas become products and then evolve through constant consumer feedback and improvement. Once you have your prototype, you have to let your customers decide if the idea is valuable or not.
Some people waste their time perfecting their products before taking them to market. This can take time, and before you know it, somebody who had the same idea is selling your product out there. Save yourself the grief and trouble, and build a product that your customers want right now.
Find A Large Market
For new businesses, they want to take their small idea and expand later on. This makes sense sometimes. However, it is better that your idea solves the needs of a large number of people rather than a few. Your idea should be scalable to the next hundred or thousands in order to build a business. Always think big or global if you can. Your idea should be able to solve the problem of the masses, not just yours or your neighbor’s. Base your idea on a large target market with the potential to grow larger.
Business ideas can be classified into two: nice-to-have products and must-haves. In order to really succeed in business, make your product the latter. Nice-to-have products are novelty ideas or are not really compelling enough to buy or own. If you want your idea to become successful and become a big business, make your ideas must-haves instead of nice-to-haves.