Back in the days of jotting down your idea on a cocktail napkin, the excitement seems so overwhelming that you need to capture that ‘magic’ moment to the next million dollar dream. Like sugar rush, ideas can also crash.. because you haven’t had time to find out if it’s viable. For a gifted few, imagination comes so easy. But reality is, one need to lay down the foundations of a plan, to have a clear idea on what makes your product unique, on how to build a demand in the marketplace for it. So, the real question is this: How can you turn that big idea into a profitable business? Can you manage without having a partner, taking a loan or writing a business plan?
Going Beyond Your Unique Value Proposition
It’s starting to feel a lot like summer and I can’t stop thinking of this beach vacation under a beautiful weather.. and yet, I have to keep my focus somehow as I prioritize my list to making this new idea a reality. If there’s one good advice I’ve read today, it’s this post on military training techniques you can apply to business. I love what Louis wrote, “Intelligence is a Key to Staying Ahead”. Nowadays, everyone’s on the rush to come up with a new product or service that they often forget to do market research. The data you can gather will prove invaluable in determining the success or failure rate of your plan. This is why we often see many aspiring entrepreneurs waste dollars in activities that lack direction. You don’t simply state what makes you unique, but you need to have a road map to follow in making sure that your research will help you fine tune that idea into something a customer will want to purchase. Even before you think of innovation when it comes to brand development, try to see the SWOT of your idea ( as in strength, weakness, opportunity and threat ). Your analysis based on these will help you fix flaws before people try it out.
Challenges in Brainstorming: Where Traditional Meets Digital
Sometimes, it is better to get less advice because the more you do, the more distracted you will be. Should you just ignore everybody instead? It’s just that the more unique your concept is, the harder it is for you to get like minds to help you brainstorm ideas. There are those moments when solitude works best though, where all that brainstorming sessions and focus groups do more harm than good. What intrigues me most is that in this digital age, those who collaborate using new technologies often come up with creative ways to work on ideas. When there is time pressure on compiling data and predicting trends, the very same idea can be burned through overthinking. The challenge, therefore, is how to run a criticism-free session that’s free from fear, stress, ego, beliefs, absolute truths, conformity, doubts and bad habits. The very process of sharing becomes the very problem itself, don’t you think?
Is There Really a Market for Your Idea?
This is a very crucial question to answer. The problem with running surveys is that quantifying results based on a few number doesn’t really justify the target market as a whole. How can you really solve your customers’ pain points? When you present an idea to a group, things become interactive and participants are free to share their thoughts about your idea. Sometimes, it is how we question things that define what we observe and this can be very limiting. The marketplace is crowded and having your slice off the pie means creating the ultimate hook where fishes bite the bait. It all comes down to making things simple and sticking to your promise. If you build it right, the right customers will come..
There is chaos in the creative thinking process. Things can get out of control. Don’t panic. It’s only normal. Pay attention and just do things better this time.