With millions of ideas floating across the globe, only a couple of these ideas would be turned into a great product.
If you’re a fan of TV shows, you’ve probably watched Dragon’s den and Shark tank.
Every week, thousands of aspiring entrepreneurs match into the den (and tank) to make their pitch, only a handful of these folks leave the den (and tank) with an investment.
Why?
Well, it’s probably due to a couple of reasons.
First, the idea — investors rarely invest in ideas; they invest in a viable business.
Also, some of these folks don’t know their numbers.
Numbers are the lifeline of a business. And great numbers implies that you’re killing it in the business world.
Finally, no patent protection. The patent is the only way to identify that your idea (and product) is genuine. If the product is truly yours, then getting a patent won’t be an issue.
Therefore, when you’ve got an idea, before blabbing around to every Tom and Dick across the street, patent the idea, and then develop it into a great product.
Here are other ways to help you turn your idea into a great product.
- Treat your idea as a business
If you desire to turn an idea into a product, then you’ve got to treat it as a business from the start.
There are no short cuts in the business world. You’ve got to tweak, analyze the market size, and know the production cost.
2. Understand your market
It’s your idea, and you’d love it. Therefore, it’s quite normal to have a blind spot for it.
Imagine that you worked for Apples.inc, and your role is to advise the CEO on the best product that would generate the most money for the company.
What would you do?
Simple — hit the market and ASK!
What are customers willing to pay for? And which product would be of great benefit to them?
Use the same strategy for your idea. Hit the market and identify if your idea would help people solve their problems.
3. Keep it simple
Many aspiring entrepreneurs make the mistake of including numerous fancy features in their products — fancy bells, irrelevant whistles, and lots of other non-essentials.
Here’s the thing; these fancy features would drive up the production cost.
Therefore, to minimize the production cost, you’ve got to design your product the right way — no fancy features and lots of irrelevant tweaks.
4. Raise money
We are living in the best times. Everything is possible in our generation.
If you want to raise money, you can use microloans, credit lines, and crowd-funding.
You should also check out Opportunity Fund, Accion USA, and SoMoLend.
5. Patent the idea
Granted, it’s not the best option to patent a fresh idea.
You should opt for a Provisional Patent Application (PPA). A PPA would buy you 12 months. This way, you get the time to fully validate your idea, develop it, and file for a utility patent.
6. Develop a prototype
Start small, develop with time, and use your prototype to figure out if your idea works.
7. Develop a business plan
Some folks don’t plan. But if you’d develop a business plan, it would help you refine your focus, gain clarity, and build confidence.
Conclusion — Enjoy your journey
The entrepreneurial journey is a hard one. You’d have some wins, and meet setbacks.
Learn to enjoy your journey as you build your dream life.