How Can An Ordinary Business Idea Be Turned Into a Million Dollar Startup?
| 3 minutes read
Raise your hand if you know someone with a million-dollar business idea.
Raise your hand if you are that person with a million-dollar business idea.
Okay, now take a look to your right. Great.
Now, look to your left. Great. Now, did you notice something strange?
That’s right…everybody raises their hand.
Not just me. Not just you. Everybody!
Everyone has some idea. We get a dozen ideas every single day. Ideas can come anytime and anywhere, like brushing our teeth or driving to work, or reading an article. To be true, it does not mean that all can be converted into a million-dollar business. But, some ideas are worth it.
You don’t need innovative ideas to start a business. Let me explain why.
Ideas are just that, a human idea. An idea is the seed of a successful product or service. Without care and maintenance, it will not flourish. Ideas require in-depth research of the target market and a good strategy, without which, thoughts cannot go ahead.
If you want to start a startup and make a go of it, you need more than just an idea. To begin turning the startup dream into a million-dollar business, consider the following advice.
Settle on one specific business idea
If you’re mulling over several ideas, the odds are good that none will see the light of the day. Why do I say that? Because your approach is all going wrong. Skimming through various ideas every day and figuring out whether they motivate you or work won’t get you anywhere.
The sum of time you’re spending on them will likely be less. And you’re probably not passionate about any of them. So how do you manage it? Take one specific idea that moves you, something you feel most passionate about, and stay with it. Stick with one until you can’t go any further. Until you’ve given it, you’re all. Only then will you know whether the business idea is worth a million dollars or not.
Validate your business idea
Your idea is absolutely a waste if you keep it to yourself and do not test it with real potential users.
Planning a business with projections through market research is an ideal way for a startup doomsday. Nothing beats actual users using your product or service.
So how do you get to potential users when you’re at the idea stage and don’t want to spend a huge amount building something they don’t want?
Develop a minimum viable product or a prototype. The idea is to merely put out something that offers your startup’s primary value or fix your real users’ core problem.
The prototype might be a PowerPoint slide, a dialogue box, or a landing page. This is something that you can build in a day or a week.
Share this within your network and check the response. Are people excited to use it? Do they feel their problems are solved by using your product and services? Is it easy to use?
There is no such thing as a million-dollar idea. Social media like Facebook was not a million- (or billion) dollar idea until it saw the light of the day till it was executed in reality.
Ideas evolve into products that evolve over some time through constant customer positive feedback and use. You must establish a prototype, beta, or a minimum viable product and get it out in the customer’s hands. Let your customers decide whether the idea is of value or not.
The majority of the people don’t get their products out in time and utilize most of their resources to build a perfect product. Save time, money, and make on a product that your consumers want.
Find a large market
Try not to waste your time on an idea that does not involve a broad audience. You can start local and expand later, but is your idea of solving a few hundred needs? If not, you’re not establishing your business.
Validate whether the problem that you are trying to solve is genuinely the problem of the mass audiences. And not just your few friends or your network.
Ideas are good, but, Execution is the game.
And you know what? It’s true.
About the author
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Advancells Group is a multifaceted organization that focuses on cell culture research and stem cell therapeutics to encourage academic and industrial innovations in the healthcare domain. An offshoot of the same, Advancells strongly believes that stem cell therapy and regenerative medicine can change the global viewpoint of medical healthcare in the years to come.