Is Your Business Idea Worth It?

Marketing & Branding
July 21, 2017 By Craftive Studio Editor

 

“A single idea from the human mind can build cities. An idea can transform the world and rewrite all the rules” – Cobb, Inception.

Everything starts with an idea. Anything that looks great now was once an idea perceived by amateurs. Some ideas were so great that they instantly captivated undue attention while others struggled for acceptance. Whether you are building an application for business purpose or looking to create a solution for a problem, every idea must be able to connect with its users to sell and earn a profitable return in the market. According to AngelList platform, around 17,621 start-up companies were founded in the US in 2016 alone.

Amidst this traffic and rush, you are bound to face severe competition that can either make you or break you. However, let’s just take a step back. Being in the initial stage, it is an ideal time for you to experiment and test the potential of your business idea. This is where you are leveraged to commit mistakes to your advantage. Let us consider few elements that can help you out in validating your business idea.

Discuss & Determine

It is always a good idea to share your thoughts with your friends and family and get their feedback on the subject. Understand their perspective, ask for their opinions and hear out any criticism that they have to offer. However, to gain a broader outlook, it is necessary to do research.

Research, survey, talk to individuals (outside your friend circle) and discuss the prospects of your idea. Are there more people like you that face the same problem? If yes then will they be interested in using such technology if developed? What are the chances that the business will be able to help the people instead of creating a nuisance to operate?

An easier way to go about it can be to make a questionnaire on Google form or Survey Monkey that can be quickly circulated on social media channels. This will allow you to access the target market and even evaluate the current market standing.

Minimum Viable Product

A serial entrepreneur Guy Kawasaki once said that “Market research and business planning are overrated. The best market research is putting a product out and seeing if people will buy it”. Reaching out to your target audience is great, but a smarter move would be to demonstrate them your idea instead of giving them a verbal explanation.

This is exactly what a minimum viable product or a prototype can achieve. It can be a fully functional model or a web design with enough features for the user to understand the core value of the product and give appropriate feedbacks.

Landing Page

A landing page serves as a promotion or teaser of your actual product. Making an aesthetically pleasing landing page that asks for user sign up will elicit interest and curiosity amongst users. Asking for an email id in return of updating the user regarding the web application is a deal too good to bargain over.

Developing a technology may not be that hard as it is to make people understand its usability. A new idea always takes resistance before acceptance. However with so many options available it is easier and cheaper to connect and comprehend your user’s mentality now than it was ever before. The trick is not to work hard but to work smart.

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