Everyone comes up with great ideas. Some are dreams, others are visions. Coming up with the idea has never built a startup or a great company, what comes after the idea is what matters.
- Research your idea: There are many people who have ideas out there. Many of those ideas have been implemented. Some were implemented but you might have never heard of them and more have been implemented and failed. It is crucial to start by conducting research about those who have implemented a similar idea, and asking questions such as: Were they successful in bringing it to life? If so, do I have reasons to believe that I can do it better? Or did they fail? And if they did fail, am I capable of doing it better? Building on the experience of others is a key factor for us as a society to move towards a better future efficiently.
- Talk about it with people around you: Talk about your idea with people you know or meet, whether with your friends, your relatives, or anyone that you might think can give you valuable feedback. Surely not every feedback is relevant, so it is your job to filter valuable feedback from noise. The point of this is to give others a chance to kill your idea, if you can defend it and stand still, or if their questions and arguments don’t convince you to give up on your idea then it’s worth investigating further. Keeping the idea to yourself is the worst thing you can do, as you might be blinded by the love and ownership you feel towards your idea, which might lead you to waste a lot of effort on working on something that could be of no real value.
- Test with a Minimum Viable Product (MVP): A minimum viable product is a version of your product built using the minimum resources fulfilling the basic premise of your idea (for example, if it’s an application-based marketplace for cars, you could start with a facebook page and try to sell cars through it and see how people react). The MVP is a critical step in testing the validity of your assumptions before spending too much time or money on a product that might not be wanted by your customers.
- Develop a Business Plan: The business plan will make sure you cover all the key components that you need to think about as a startup founder, whether the market size, competition, financials, team resources etc. It is a good guide to ensure you are thinking about everything as you move forward.
We are here to support you and help you through your entrepreneurial journey, apply to our acceleration program on pilotlabs-me.com and if you have questions don’t hesitate to reach out on firstname.lastname@example.org.
The PilotLabs team