Everything starts with an idea. Business is no exception here.
Generations of novice entrepreneurs were inspired by the whole concept of an idea beyond everything, as it was giving them hope for success. They used to believe that a good idea and a piece of fortune is enough to become a winner. However, there is way more than just an idea and fortune to reach success.
A vast number of startups were created from great ideas, but, fascinated by the expected success, were defeated by competition or fell apart without being able to get sufficient response.
Well, good ideas aren’t always unique. Moreover, a good idea has, indeed, the potential to bring money to a startup of their environment. As Bill Gross, the founder of Idealab once explained, there are many more factors you need to keep up, than a plain idea as a concept. In addition, that does not guarantee that someone has not already developed their version of the same idea. We are all living in the same world, mostly surrounded by the same technologies, information, trend, and pop culture. Therefore, the chances are equal.
A small qualitative in-depth study of market and level of competition can protect you from the risk of developing the already existing products or services. Please, be sure to check our manual about Market Research for more details on this topic. But If you failed the previous step and managed to find a competitor with a similar idea, you basically have two options:
1) Drop it before you make too much investment
2) Adapt it to stand out by itself.
Obviously, you always need to be careful. There may be a competitor that compromise your business at any moment. You have to remember that when you identify the strengths and weaknesses of an idea.
Thus, It is crucial to analyze the current situation on the market. You should study your buyer, his needs, motivation, and objectives. This algorithm and marketing tools will help to develop your business successfully.
Time is the most crucial aspect. Many factors are responsible for business success, but time is considered to be the most important. The realization of a good idea for the market, which is not ready for it, expects to lose in 99 out of 100 cases.
We have seen the cases when there is a product on the market, but consumers are not ready for it. We also know the outcome. The same story is with the idea that comes out too late. It is essential to determine the right time for the implementation of your business idea.
A serious approach to implementation is as important as a planning approach.
Here comes the moment when we meet with the plan “on paper,” which does not always correspond to reality. The embodied idea will be as good as the team working on it. Moreover, to make a good team, you need a good and well-experienced operations manager. They will control all the key processes of the future project.
Creating a working team is a critical step for any business. Without qualified support and advice, even the coolest idea could fail.
Business is challenging. There are obstacles on the way to success. But do not throw everything down the road. If you have an exciting idea and you believe in it with all your heart, be sure there are always professionals to help you through all the trials.