Idea to Inception
| 4 minutes read
A long time ago—in a galaxy far away, someone invented a myth that if you have an excellent business idea for a startup, you need to keep it a secret. That you should cloak it in mystery, a few Non-Disclosure Agreements, and only share it with the appropriate person at a secret location at a prescribed time.
It doesn’t end there. The myth goes on to say that if someone were to hear your startup business idea—they would steal it! Ah, the idea of filches and their immoral ways. As soon as the sound waves describing your brilliant idea to reach their ears, it is believed that they will end up making billions. All while you lurch away into obscurity, ruing the day you made the fatal mistake of sharing it.
C’mon. You saw the Social Network. You know how this works. It’s true!
Except it’s not. At all.
In this article, we will discuss why it is essential to understand the whole startup stages and concepts.
Starting your own business – Does it solve any problem?
As long as consumers face problems, they will always try to find solutions. Customers always look for better, faster, and smarter ways to fulfill everyday tasks. And fortunately for entrepreneurs, there is still a chance for improvements in existing products. That said, the biggest issue for most entrepreneurs is finding these painful problems and matching them with the best solution possible.
Here are a couple of pieces of insight to get you started
Focus on building a must-have, not a nice to have a product. Consumers are overwhelmed with the inconsistency of choice. Attention holding is getting shorter in the age of multitasking, and only a limited range of products are getting the attention they deserve.
The demand for faster results makes it difficult to satisfy the needs of the consumers fully. You need to be doing something out of the box and better to make it in this world, as customers expect and demand more than just another product.
Solve real-life painful problems like, Google made the search easier and better. Amazon opened new doors when it comes to online buying and selling products. Netflix and Amazon Prime solved on-demand streaming media. Uber cab services, made it easier to travel from one destination to another.
What is the current painful problem you can solve without a struggle? To grab your customer’s attention, start by solving their needs, and wants. If your product is not a must-have, you could still find a path to repurpose it to solve a pressing need. If you successfully identify a crucial problem that you can effectively execute and deliver to the market, you will be able to generate a real business that matters.
Doing business should be your passion and determination. A few entrepreneurs look to solve problems, they identify with or feel passionate about. They choose this path because they want to solve customers’ problems and come out with a solution.
You will need inspiration, commitment, and persistence to be an entrepreneur, therefore start a business you’re passionate about.
Test your idea
This is the very beginning of the startup stages. You have a refined idea, and you are ready to work on it. The inception stage usually includes the ideation of the concept and formation of the team. The first thing that founders overlook is the startup business idea, at its inception, is probably entirely wrong. The only way to process the idea is to share it, break it down and beat it up.
You need to share your startup idea with customers, advisors, partners, investors, and anyone else who is nice enough to listen to your outstanding ranting and provide you with some honest feedback. Not until you’ve shared it with multiple people will you have any idea if you are even on the right track.
Share the Meal, not the Recipe
If you have discovered some secret recipe that you don’t want to share—then don’t. You don’t have to tell people how the product is made.
Later on, you can think about patents and Non-Disclosure Agreements and all of the other fortifications that might cost a fortune to both create and defend. For now, focus on whether or not anyone but you thinks this is even a useful idea.
Find the right people to work with, who have something similar to you
The title itself clarifies what we are going to talk about, but still, we would like to share short details. Working with the right people helps to accelerate growth. Not only this, the similar kind of hard-working people know what they have to do and how they need to deliver at the sweet spot. It is an outstanding feeling when you find the right people who can work with you. And also working with similar people who have an alike style of work culture or ethics. Overall, working with similar people also avoids a clash, arguments, and any other unexpected incidents that might disrupt your business operations.
Launch your product to a smaller audience for feedback
Generally, startups cover a small market in the initial days, but it does not mean you forget about your target customers. Launching your product and services to a potential customer for feedback delivers honest reviews, and as a result, you get an opportunity to improve your product and services.
When your product and services are analyzed and used by your audience, they know how your product responded as per expectations. Therefore, there are high chances of receiving an honest review of the product you offered to the limited audience.
But unfortunately, sometimes things go wrong, if you get a negative response from the audience, you should try to improve your product-by analyzing the reviews and consider fulfilling the needs of your customers. If you still face some issues, it is better for a startup to drop the idea and start working on a new product, it will help to save some costs and start investing in your new product.
You don’t start a business that may not survive till last. So, do your homework, research, validate your idea, and make sure you have a real market for your opinion. Don’t start another business but solve a real problem people actually have to increase your chances of success.