First, it is important to get a clear concept for both terms. On one hand, according to the common definition accepted for “startup business”, it is a term developed to name a business venture of recent creation, focused on the development of a viable business model to fulfill a vacant space or need in the current marketplace. On the other hand, a business idea is usually centered on a product or service used for financial gain, commonly linked to its creator and launched into market.
So far, it may seem pretty simple indeed but some certain things must still be taken into consideration before making up one’s mind about this. So to continue, henceforth is left at your criteria a list of :
- Identify the actual customer needs
- Distribute resources
- Target customers
- Evaluate how innovative, unique, problem solving, profitable and unrepeatable your idea is
- Set a period of time
Identify the actual customer needs
To be able to identify an actual customer need, first you must take some time apart to stand still and listen to what is around, in this case, the society you live in. Everywhere, there is always “something” someone needs, and if this “something” is needed by more than just one person or a group of persons, then, a possibility is at sight. The larger the group, the bigger the opportunity is. Use your experience and knowledge to ask the right questions and always consider more than one need from those floating around.
Once you have finally sorted out the customer need that you estimate is the “one”, make a list of competitors and study their strengths and weaknesses in order to see if you have enough resources to dig up a hole for your idea in the area and if once you have earned a place, your solution will be powerful enough to match up with their technology. Always keep in mind that in the current marketplace, it’s of the utmost importance to have cutting-edge technology available to compete. If that is not the case, then it will not even make it to the startup date.
Whether your idea is a digital one or not, once it is finally created, it has to be sent out into the market and the distribution means must be properly assessed in order to have a successful product launch. In any case, technology is the best aid available nowadays to spread out the product in the most adequate manner. Some are free digital resources which can be easily accessed by anyone on the net, but most importantly, no matter how you decide is the best way to distribute a new product, first, as usual, the smartest move is to create a plan following steps such as:
- Decide the type of placement that best matches your wishes
- Make a profile on what would be your best distribution partner
- Create a target list
- Proceed to distribution
In any case, as previously mentioned, it doesn’t matter if the product is a digital one or not, always rely on technology to put it into the specific market.
Here are a few things to consider:
- What is the target public for the product?
- What geographical territory will it cover?
- Is there any quantitative criteria to be applied?
- Is there a respectable technological level available at every place where the product will be distributed to?
- Is it necessary to count on hyper-connected customers?
All of these and maybe much more questions must be asked, but one thing is for sure, the more connected customers are targeted, the higher the chance for the business to succeed.
Evaluate how innovative, unique, problem solving, profitable and unrepeatable your idea is
A compelling business idea is always distinguished by these five characteristics. Why is it innovative? Simply because as stated earlier, it has no actual match since it emerged to fulfill an existent need with no prior solution, and if there is a previous solution, this approaches the issue with a fresh point of view.
Its uniqueness comes hand in hand with its innovative aspect, regardless of the fact that maybe a previous solution was already out there. Obviously, its acceptance in the market has to go through the sieve of problem solving, which of course has been evaluated since the starting steps.
Its profitability has a separate section because not always the existence of a wonderful product is tied to profit achieving, sometimes they do exist for humane reasons.
Finally, a decisive spot: its repeatability. Why is it so important? Because as soon as the product hits the market, and is proven to be a good one, competitors will try to duplicate it and taking the appropriate measures to prevent this from happening is completely up to you.
Set a period of time
Finally, as with everything else, a period of time must be set as soon as it hits the market to be able to see whether it will be a success or not. At Lagash a team of professionals is well aware of all this matters, and their work will not let you down for sure.