How to develop Business Ideas – From Idea to Business

How to develop Business Ideas – From Idea to Business

It is said that every single thing in the world started with an idea, and can there be any denying that? And do you remember the story of Newton’s apple? It best illustrates what we’ll be discussing further in this blog.  As rightly quoted by the brilliant author and cartoonist, Ashleigh Brilliant, “Good ideas are common – what’s uncommon are people who’ll work hard enough to bring them about.”

To explain the point further, ideas are ubiquitous and most of them are available for free. It just requires a certain amount of energy to propel them forward and give them a concrete shape, structure and function. Strangely, many ideas as such go either unutilized or under-utilized. Thus, they lose their vigour and what they can achieve if they are brought to fruition. So, let’s never lose a business idea, if, as a business owner, you think it could be a ground-breaking or an earth-shattering idea. Let’s get down to the process of generating an idea, refining it, and realizing it in the form of a potential product or service. Who knows, your product or service can be the next big thing in the marketplace. And you can be the next Steve Jobs or Jack Dorsey in the making! Here’s how:

  1. WRITE DOWN as many ideas you capture. Always keep a journal with you for recording these ideas. Don’t be too realistic at this stage. Some ideas work and some don’t. Never bother about ideas that don’t work. Keep generating ideas, and this should be the objective now.
  2. SELECT the best idea that you feel will work best. Remember you haven’t done any research still. Don’t delete the other ideas. If the selected idea doesn’t work, you may well have to look for other choices.
  3. Now RESEARCH your selected idea. Find out how it is being used in the current scenario. What is the competition level—easy, moderate or difficult? Who are the major competitors—offline &online? What are the short-term and long-range goals to turn your idea into reality?
  4. REFINE your idea. Any idea can be improved in any way you want, either for commercialization (if it’s a business idea) or positive impact (if it involves social engineering).  Keep improving your idea until it’s capable of delivering the desired result.
  5. TEST the idea in terms of commercial value, maximum impact, and more importantly if it is scalable from the current level to the next one.
  6. REITERATE it if it performs suboptimal. Reiterate fast so that you can quickly change gears and move on with another if it fails to fit into your overall vision.

Looking to translate your idea to business reality? Let’s talk and build your dream venture with us.

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