How to get from the idea to action?
We all have ideas of business, most of them coming to us as an Evrika moment in an informal environment when we are having a drink with the boys, or we are at a resort with the family. Statistics show that 55% of the people from the USA believe they can become entrepreneurs, and we know that people with ideas must be much greater than that.
What is happening with all those ideas, what stops them from even being tried out? The answer is simple, they do not get in action, and this is due to a lack of structure in the implementation process.
So how do we get from a brilliant idea to a profitable business? Six big stages create a habit for any business that wants to evolve constantly.
The first and most crucial part is to emphasize the target group. Most of the ideas are problem solvers, but our problem might not be the problem of the significant majority, or it’s not such a struggle for a niche to invest enough in solving this problem. Therefore, it is essential to build different customer journeys of the present situation and to identify all the pain points. It is crucial to identify all the possible costumers, that also includes the extreme users (the perfect user and the impossible user).
Customer Journey is one of the most efficient tools. In the first part of the customer journey, it will be described the persona that will go into this journey; then the process needs to be split into stages of the action.
When the journey is built, we have to take into consideration the perspective and values of the persona, and the high and low points have to be established accordingly. In addition, it can add a section of opportunities that will be helpful in the next phase.
In the define phase, it will be explained in great details the pain points of the costumers. It is vital to collect all the pain points, no matter if it is connected or not with the initial idea. It is indispensable to have a full perspective of the problem, as additional services can rise for future development.
The point of view statement can be an easy tool to use to define the issues identified in the customer journey.
In this stage, the opportunities found in the first stage could represent a shortcut, but it should always be confronted with the problem statements. For this stage, classic brainstorming could be the right way to go. For a step forward, you could try a bad idea strategy.
The scope of this exercise is to have only bad ideas; this could serve as inspiration for the final concept. Another way of ideating is by asking why five times until the problem gets to the essence of the problem.
Once the final idea has been selected, it is essential to create a prototype. The prototype can be very complex or very rudimental (this depends on the way the business will be financed). A simple prototype will be very easy to manufacture and very cheap, but the implementation could be very different, which means it will affect the final product.
A complex prototype could serve as an example for the potential investors and sometimes can lead to a quote from the company that establishes the prototype. For the complex prototype we recommend, to do a discovery process, this will usually help to improve the idea and identify an external opinion. Some of our partners are offering this service for tech-based ideas, and they will also offer a quote that can be used in discussions with potential investors.
In this stage, the sampling strategy is fundamental to obtain insights from the customers that can improve the implementation of the idea. There are two main sampling strategies, the random one, which allows any user to access the prototype, in this case, you will need to ensure a big number of testers in order to have results that matter, and the specific one, which allows a more qualitative type of research for different kinds of people.
The second strategy of sampling requires to create a list of different characters that will interact with the prototype; the diversity of the sample will also allow the number of testers to be smaller.
For the implementation of the idea, our recommendation is to start by outsourcing the factors that require specific skills. Especially in the tech industry, a significant advantage is represented by starting your business with a talented team. According to smallbizgenius.net, 27% of entrepreneurs consider that the biggest challenge is to find competent staff.
This stage needs to be repeated from time to time to have a healthy growth of the business.
When it comes to Tech-based businesses, we can help buy finding the right outsourcing company that will serve your project from the prototype phase until the implementation and maintenance. Schedule a consultation with 112Hub, and you will be able to start your project.