How to build your company with that million dollar idea
When a business idea strikes you, do you do something about it or shrug it off as merely a dream? Experts suggest that you take an action and turn that million dollar plan into a business opportunity.
"The value of an idea lies in the using of it," said Thomas Edison, General Electric co-founder of Click to Tweet.
We have seen quite a handful of personalities in the Indian business world that have turned their startup ideas into a stream of lakhs and crores, as featured in anarticle by the Economic Times.
But how did they do it?
This article will walk you through the steps on how to successfully turn that business idea into a prosperous company.
The initial step is to have a firm and clear reason why you want to start a business, how you plan to execute the idea, and the goals of your company. The product or service you want to provide needs to be something you genuinely care about, so that it's easier for you to personally invest time to build the company and to reach your long-term goals. There are ways on how to evaluate your business idea. JessicaMai wrote on the Business Insider the following tests:
1. Lifestyle test: What does your ideal day look like? How does each idea fit into that ideal day?
2. Circumstances test: What are your startup costs? What does the industry look like for your business?
3. Feedback: Under what conditions would you buy it? What price would you pay?
The startup market is saturated. So, how do you stay competitive? Being unique will help you successfully break the market. It pays to research ahead and find out who your competitors are, what they offer, and how they execute their game plans. From here, you will then have to define what sets you apart from the competition. It may be your product or service, the business process, or even the values you put into the company. These unique features will be your selling point. The clearer you are about who you are and how you want to do business, the greater the chance of succeeding.
Technology is your best option to tap into the market and successfully run your business effectively. According to abusiness inspiration post by O2, "There's more technology than ever to help you get started out in the business world." There are tools and platforms that you can leverage to start and manage your business as well as solutions to keep you and your data safe in the cyber world.
Social media and online marketing can be your platform in reaching the mass audiences to promote and build your brand. Never underestimate the power of technology in building your business, but, of course, human connection is just as important. By blending these two elements, you will be able to get to grips with the market and build relations with consumers.
While some are blessed to have a business idea already, some are struggling to get their creative juices flowing. It helps to look for something that bugs you. The solution to your frustration, according to Jane Porter ofthe Entrepreneur, can inspire your business idea.
Once you finally have that million dollar idea, you are now ready to find ways on how to make this into a reality with the aforementioned tips in this article. Good luck.